PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
Today President Bush signed the Housing and Economic Recovery Act of 2008. The eagerly anticipated housing-rescue law is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures
As a proponent of Family Limited Liability Companies (LLCs) for asset management, creditor protection, and ease of gifting, I was pleased to read about the U.S. Tax Court’s decision in Mirowski v. Commissioner, T.C. Memo 2008-74. March 26, 2008. Mrs.
On February 19, 2007, following the New Jersey Supreme Court’s decision in Lewis v. Harris, New Jersey effectuated the Civil Union Act (hereinafter, “the Act”). The Act grants couples in same sex civil unions equal protection and equal rights to
Many people today have a large concentration of their wealth in their IRA accounts and/or retirement plans, such as Pension, Profit Sharing and 401(K) plans. As a result, for married couples, it may be necessary to utilize these assets to
New Jersey Estate TaxesThe New Jersey estate tax was revised on July 1, 2002, and made significant changes to the previous New Jersey estate tax scheme. The changes apply retroactively to decedents dying after December 31, 2001. The New Jersey
In our previous issues, we have been following the Ashby family in order to address various issues that arise when a family member passes away.When we last left Jillian Ashby, she was compiling a list of the estate’s assets (i.e.
Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure
By Scott Goldstein 6/2/2008 NJBIZ magazine Owners of closely held companies—especially family businesses—have a lot on their minds, and it often doesn’t involve what happens if an owner or partner dies or leaves the company unexpectedly.“To fail to plan is