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Leaving Assets to Your Heirs: Income Tax Considerations

An inheritance is generally worth only what your heirs get to keep after taxes are paid. So when it comes to leaving a legacy, not all property is created equal--at least as far as federal income tax is concerned. When evaluating whom to leave property to and how much to leave to each person, you might want to consider how property will be taxed and the tax rates of your heirs.

Favorable tax treatment for heirs

Roth IRAs

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Rural Outreach Center Turns to Public for Help Meeting Financial Challenge

Rural Outreach Center Turns to Public for Help Meeting Financial Challenge

 

Would it shock you to know that nearly 20 percent of the rural population of Western New York lives in poverty? 

It not a surprise to Frank Cerny, executive director of the Rural Outreach Center (ROC) and pastor of Pathways Christian Fellowship in South Wales. That’s because Pastor Cerny and the staff and volunteers at the ROC work every day to offer free medical care for the uninsured, home appliances and furniture for those without the means to pay for such “luxury” items, a Weekend Snack Pack program for students who may not receive a nutritious meal at home, and much more. They also supply the basic necessities of life — such as toiletries — to those who often do without.

Retiring and Relocating? Don't Neglect State Taxes!

If you're retired, or about to retire, you may be thinking about relocating to a state that has low tax rates or provides special tax benefits to retirees. Here's a survey that may jump-start your search for a tax-friendly state in which to spend your golden years.

State income taxes in general

State income taxes typically account for a large percentage of the total taxes you pay. So you may consider yourself lucky if you live in one of the seven no-income-tax states: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. (New Hampshire and Tennessee impose income tax only on interest and dividends.)

But if you're considering a state that does impose an income tax, as a retiree you'll want to know how that state treats Social Security and retirement income.

State income taxes and Social Security

Buffalo Niagara Heritage Village Announces New Adopt-a-House Initiative

Buffalo Niagara Heritage Village Announces New Adopt-a-House Initiative

 

Buffalo Niagara Heritage Village is proud to unveil its latest development campaign, the Adopt-a-House Program. 

On Sept. 16, BNHV and the Amherst Women’s Interclub Council unveiled many updates that were made to one of the museum’s 11 historic buildings located at 3755 Tonawanda Creek Road, Amherst. These updates were made with funds raised at the Interclub Council’s annual fundraising luncheon and raffle. 

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Celebrating Constitution Day and Citizenship Day in the United States

Celebrating Constitution Day and Citizenship Day in the United States

 

Each year in the United States we celebrate Constitution Day and Citizenship Day. This is a federal observance that recognizes the adoption of the United States Constitution and those who have become U.S. citizens. We celebrate each year on Sept. 17, as this was the day the Founding Fathers signed the Constitution in Philadelphia in 1787. 

The origin of this day is said to date back to 1911 when several Iowa schools first celebrated Constitution Day. Constitution Day received its first national recognition with help from a committee known as “The Sons of the American Revolution,” formed to promote the Constitution. The committee included well-known figures such as Calvin Coolidge, John D. Rockefeller and General John Pershing. 

Daemen Veteran’s Center Named for Alumna, Long-Time Supporter

Daemen Veteran’s Center Named for Alumna, Long-Time Supporter

Daemen College’s newly refurbished Veteran’s Center, which provides a welcoming campus space devoted to students who have served in the military, has been named in honor of alumna Nancy Haberman Gacioch, a long-time supporter and friend of the college.

The 500-square-foot Nancy Haberman Gacioch Center for Veterans was officially dedicated at a Sept. 12 ribbon-cutting celebration attended by Daemen President Gary A. Olson, veterans and others from the college community. Bill Gacioch, who surprised his wife with the event, was also in attendance along with their three children and family friends at the dedication for the center.

 

Buffalo Niagara Heritage Village Plans Spine-chilling October Events

Buffalo Niagara Heritage Village Plans Spine-chilling October Events

 

You know Halloween is right around the corner when events such as the Victorian Séance Series, Halloween Trick or Treat, and Tales of Terror on the Niagara Frontier start popping up on the schedule at Buffalo Niagara Heritage Village!