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Under the prior law, deathbed gifts were an attractive estate-planning opportunity because New York doesn’t have a gift tax and it didn’t require any addback to the estate-tax space if an individual made a lifetime gift. So if an individual had a $10,000,000.00 estate and two days before they die they gave away $5,000,000.00, they would have reduced their New York tax space from 10 to 5.
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New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery discusses how deathbed gifts were a good option under old New York law.