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 | By: Jeffrey M. Fetter
There are many forms under which a person can make a charitable donation or contribution to their favorite organizations. Many of these are rather complex planning strategies, involving Charitable Trusts or Family Foundations. But, many individuals just want to make a simple gift to their church, college, or other organization at the time of their deaths. Nothing fancy, just a little something that is to be left for the organization in their memory.
To read the full story, click here: [Charitable Gift 2016]
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Southern Tier Farmers Offered Assistance through "On-Farm Enhancement Grant Program"
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By: Steven A. Walker
If you are a farmer in the Southern Tier, you may want to consider applying for a grant under the "On-Farm Enhancement Grant Program" from the New York State Department of Agriculture and Markets. The grants, ranging from $20,000 to $100,000, are available to farmers located in Chautauqua, Cattaraugus, Alleghany, Steuben, Schuyler, Tompkins, Chemung, Tioga, Broome, Chenango, and Delaware counties.
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 | Wait! I Thought that New York Didn't Have a Gift Tax?!
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By: Anthony J. Grizanti
If you thought that, you’d be right…..sort of. Here’s the story behind the story.
Until 2000, New York imposed a tax on the gratuitous transfer of property. This tax was separate from and in addition to the federal gift tax scheme. The New York gift tax was repealed in 2000 and remains so today. However, in 2014, New York completely revamped its estate tax law. In addition to gradually increasing the exemption level from $1,000,000 in 2014 to $5,000,000 on January 1, 2019, the new law requires that any gifts made by the decedent during the three year period ending on the date of death are included as part of the decedent’s New York gross tax estate. These gifts, however, are not included in the decedent’s gross tax estate for federal estate tax purposes and do not qualify for the federal deduction for state death taxes. Excluded from this rule are gifts made before April 1, 2014, and after December 31, 2018, and those gifts made at such times as a decedent was not a resident of New York.
To read the full story, click here [New York Gift Tax]
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