MARCH 17, 2017
Common Administration Mistakes in Your 401(K) and Profit Sharing Plans
By:  Carol A. Christiansen
One of the most common plan errors that we see is the failure to use the correct definition of compensation to calculate participant deferrals and employer contributions. There are many different types of compensation that can be included or excluded from the definition of eligible compensation.
To learn more - click here [Compensation Calculation Mistakes]
Digital Assets
By:  Meghan McGrattan Pompo
You’ve got mail! What happens to your email, online banking and investment accounts, Facebook, etc., after you die? Is your spouse or executor authorized to access your accounts?
In September, 2016, New York State added a new section to the Estates, Powers, and Trusts Law. The legislation provides guidance and direction on how fiduciaries can gain access to digital assets after an individual dies.
To learn more, click here [Digital Assets]
Jeff Fetter to Speak at the Annual Meeting for Dairy Farms of America
On March 20, 2017, Jeffrey M. Fetter will present at the Dairy Farmers of America 2017 Annual Meeting in Kansas City, Missouri. The program, titled "Securing the Next Generation," will focus on structuring the farm for the next generation.
Boomers - Be Advised and Be Aware
By:  John S. King
Speaking as a young Boomer myself, I'm not sure I know how this could have happened, but the first of the Baby Boomer generation reached age 70 ½ in 2016. Does that mean the phrase "Don't trust anyone over 30" now should read "Don't trust anyone over 80"? I'm not sure about that but what it does mean is that Boomers have to start thinking about taking their "required minimum distributions" (or "RMDs") from their IRAs and other retirement accounts.

To learn more, click here [Boomers - Be Advised and Be Aware].
Does Your Business Have a Buy-Sell Agreement in Place?
By:  Thomas Bezigian, Jr.
The main objective of Buy/Sell agreements is to minimize uncertainty, and corresponding disruption to the business, in the event that an owner’s interest becomes transferrable to other owners. A well-intentioned "handshake" understanding between owners welcomes uncertainty and potential conflicts among family members and co-owners.
To learn more, click here [Buy-Agreements]
General Obligations Law § 5-905: Certain Lease Provisions Inoperative Without Express Notice to Tenant 
By:   Douglas J. Mahr, Esq., Frederick J. Alfreds, 2L S.U.
        Law School, and Kelly Woytowich
General Obligations Law §5-905 is a statute often overlooked and applies to leases in residential and commercial settings. The law states that an automatic renewal clause in a lease is not operative unless the landlord, at least 15 days and not more than 30 days before the lease requires, gives written notice to the tenant, served personally or by registered or certified mail.

To learn more, click here [General Obligations Law § 5-905]
New York State Estate Tax Alert
By:  John S. King
Effective April 1, 2017 the New York State "applicable exclusion amount" (the amount of one's taxable estate tax that can pass free of NYS estate tax) increases to $5,250,000.
To learn more, click here [Estate Tax Alert]
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Scolaro, Fetter, Grizanti, McGough & King, P.C.  •  Franklin Square - 507 Plum Street, Suite 300  •  Syracuse, NY 13204

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