Volume 6 No 5    |    Read Article

By Rusudan Shervashidze and Nina Krauthamer

Generally, Federal estate and gift taxes are imposed on a person’s right to transfer property to another person during life or upon death. State rules may differ from the Federal regime, imposing either an estate tax, inheritance tax, or gift tax or some combination of these taxes. New York State limits its taxation to an estate tax on the transfer of property at the time of death. There is no gift or inheritance tax. But, as of April 1, 2014, gifts made by a N.Y. resident between April 1, 2014, and December 31, 2018, were clawed back into the taxable estate if the gifts were made within three years of death. The clawback has been extended to cover gifts made through December 31, 2025. Rusudan Shervashidze and Nina Krauthamer explain.    See more →