Adult Children Need Estate Planning Too
The greatest fear for any parent is hearing that their child is having a medical emergency. Whether it be a car accident or a physical or mental catastrophe, the parents are immediately notified and rush
NJ Division of Taxation Offers Offshore Voluntary Compliance Initiative
The New Jersey Department of Treasury, Division of Taxation announced today that it will offer a Second Voluntary Compliance program to complement the Internal Revenue Service Second Special Voluntary Disclosure Initiative to identify assets and
Probate of Estates in New Jersey
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers
We have reviewed the new 2011 OVDI FAQs and noticed that the Service has refined and streamlined the voluntary disclosure process. Our firm prepared dozens of voluntary disclosure applications in 2009 and the new 2011
2011 Offshore Voluntary Disclosure Initiative (OVDI)
On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts
Special Needs Planning Mistakes
1. Disinheriting the child. When a special needs child is disinherited, that child will need to depend on government benefits such as Medicaid and Supplemental Security Income (SSI). While these programs can be greatly beneficial,
Latest Medicaid Information for New Jersey for 2011
Protections for the Community Spouse: Community Spouse Resource Allowance (CSRA): Minimum: $21,912 Maximum: $109,560 Increased CSRA: Permitted. New Jersey follows the income-first rule. Annuities: Actuarially sound annuities are not permitted. Monthly Maintenance Needs Allowance: Minimum:
IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution
After a successful indictment of a New Jersey man with HSBC Bank accounts in India, the IRS introduced a new Voluntary Disclosure Program on February 8, 2011 for U.S. taxpayers with undisclosed offshore accounts. Last
IRS Targets Non-Resident Indians with HSBC Accounts
HSBC, one of the largest banks international banks in the world, is facing rough time with allegations on its holding bankers being involved with a New Jersey Indian American businessman in hiding his bank accounts
How to Limit a Executor’s Personal Liability for Taxes
There are three risk-management tools every probate lawyer needs to know...
New voluntary disclosure program for offshore accounts in 2011
The IRS...described the new program as “somewhat similar” to the prior program.
Is HSBC the next UBS nightmare?
clients with a foreign HSBC account should be seriously concerned about disclosure of the account to the government, which could result in criminal prosecution and significant civil penalties.