Sale of Real Property from an Estate

There are some special issues to consider when the seller of real estate is the estate of a decedent. Real estate held by a decedent’s estate is subject to liens for the payment of any New Jersey Transfer Inheritance Tax,

Anna Nicole Smith: A Model for Bad Estate Planning

Anna Nicole Smith rose to fame as amodel for Guess Jeans and Playboymagazine. Now, her death has givenher newfound fame as a great model forterrible estate planning.Forget the fact that you can’t visit asupermarket without seeing gossip abouther life and

10 Most Frequently Asked Questions and Answers for Stretch IRAs

What is a stretch IRA? Stretching an IRA is simply the ability to have an IRA live longer than the account owner. A stretch IRA is an IRA that uses beneficiary designations to enable assets to continue to grow tax

Estate Planning for Families with Special Needs Children

Families with special needs children must exercise extra care in making their estate plans. This is true whether their special needs child is still a minor or now an adult, and particularly so when the child is – or in

Selection of the Trustee of a Special Needs Trust

There are obviously many important considerations to ponder when designing an estate plan for a beneficiary who has special needs. But the most important issue in the planning process is picking the person or persons who will be in charge

Asset Protection – Don’t Do It Yourself

Jonathan Alper in the Florida Asset Protection Blog has a great post on how standard off the shelf LLC and estate planning forms by non-experts will generally not protect your assets from lawsuits. A well-conceived asset protection plan can fail

Watch Out: The NJ Inheritance Tax

New Jersey imposes a transfer Inheritance Tax, at graduated rates, on property having a total value of $500 or more which passes from a decedent to a beneficiary. If a decedent’s death occurs on or after January 1, 1985, property

Asset Protection Mistakes – 13 Tips

These days, just about everyone should take care to protect their assets from possible lawsuits or other problems. Here are 13 things to watch out for: 1. Don’t keep money in a joint account, even with a spouse. 2. Don’t

How to S T R E T C H Your IRA

The stretch IRA concept is a wealth-transfer strategy that can help you extend the period of tax-deferred earnings on your retirement assets. After the owner of the IRA dies, the beneficiaries will also have the longest allowable period of tax-deferral

American Bar Association Publishes Article Entitled “Tax Law” in the October/November 2006 issue of American Bar Association’s GPSOLO magazine

American Bar Association Publishes Local Tax Attorney’s ArticleTax attorney Parag P. Patel, Esq. published an article entitled “Tax Law” in the October/November 2006 issue of American Bar Association’s GPSOLO magazine. The GPSOLO magazine is nationally published and widely circulated by

Evaluating the Special Needs Estate Planning Attorney

Consider the attorney’s:Education, Certifications and Memberships e.g. Special Needs Alliance (SNA); National Academy of Elder Law Attorneys (NAELA); American College of Trust & Estate Counsel (ACTEC); American Bar Association (ABA); and State Bar AssociationsTime/experience in trust, estate, and disability practiceCommunity

Stretching Your IRA to the Next Generation

It’s no secret that retirement accounts come in all shapes and sizes … from the account that is strictly set aside to generate retirement income to an account earmarked for heirs. For those intending to bequeath their individual retirement account

Special Needs Planning

One of the best parts of my practice is when I have the opportunity to assist parents of a child with special needs. A concern of all parents, (but especially parents of special needs children) is what will happen to

Discriminatory Taxation: Greencard and H-1 Estate Planning

By Parag Patel Esq. Non-US citizens (greencard holders or H-1 visaholders) are severely discriminated against by US estate tax laws. Since estate taxes are based on the size of your estate. It is estimated that without proper planning, you will

Estate Tax Marital Deduction: Don’t “Overqualify”

By Parag P. Patel, Esq. This article is for my clients who mistakenly believe that they do not need estate planning advice because they plan to leave all their assets to their spouse and will have no estate tax liability

Keeping Tax Papers

By Parag Patel, Esq. Keep anything related to your tax return for at least three years after you file. Keep anything related to your tax return, such as W-2 and 1099 forms, and receipts and canceled checks for deductible items,

Estate Planning: Not Only for the Rich

By Parag Patel, Esq. Estate planning is not only for the Rockefellers of the world. Increasingly, Indian Americans who think of themselves as comfortably middle class are accumulating enough personal assets to make their heirs liable for estate taxes. In

Estate-Planning Preserves Medical Practice Value

By Parag Patel, Esq. SUMMARY: Exposing a medical practice to probate often costs the heirs of the assets thousands of dollars due to the practice’s diminished value since the patients find new doctors before the practice can be sold and