In 2014 New York enacted estate tax legislation which added back to the taxable estate the value of certain gifts made by a New York resident if the gifts were made within three years of his or her death. The law applied only to estates of New York residents dying on or before December 31, 2018, and only with respect to gifts made between April 1, 2014 and December 31, 2018. The 2014 legislation expired on December 31, 2018. However, the 2020 NY Executive Budget reenacted the three year add back rule so that it applies to New York taxpayers dying after January 15, 2019 and prior to January 1, 2026. The Alert can be found here.
Client Alert: New York Extends Three Year Add Back Rule Penalizing So-Called Death Bed Gifts
