Top 9 Most Expensive Medicaid Mistakes
1. Mistakenly thinking it’s too late to plan. Even after a person has moved to a nursing home it is not too late to plan. Our law firm can assess your situation and provide you
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows
Do You Need to Revise Your Estate Plan?
If your will is over 5 years old, you probably need to revise the documents. Why Do You Need To Revise or Update Now? Because the laws that effect your estate plan change frequently. For
Letters of Instruction, or Ethical Wills
Most people are aware of the importance of establishing a will, but a legal document like that does not necessarily allow you to convey an array of important details and thoughts to your loved ones.
NJ Division of Taxation Announces Conferences and Appeals Branch Initiative
In an effort to address the large backlog of cases awaiting an administrative hearing pursuant to N.J.S.A. 54:49-18, the NJ Division of Taxation recently announced its reallocating resources in order to increase the number of
Adding Beneficiaries to an Irrevocable Life Insurance Trust
If the owner and beneficiary of the a life insurance policy is an irrevocable life insurance trust (“ILIT”), the proceeds from the life insurance policy would not be included in her estate and could be
Beware PODs and TODs
Virtually any bank or brokerage account can provide that it is paid on death (“POD”) or transferred on death (“TOD”) to named beneficiaries. And IRAs, 401Ks, pension plans and insurance policies are typically made payable
Estate Tax in 2010
The federal estate tax, or “death tax” is in the news these days. This year (2010) there is no federal estate tax. It was repealed, but only for one year. The federal estate tax will
Varieties of Powers of Attorney
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document,
Structuring: A Tax Crime
One of the most frequent criminal charges our firm encounters is the illegal structuring of cash transactions to evade the IRS reporting requirements of Section 6050I. Usually the taxpayers who break this law are not
Estate Tax Pitfalls Seen In Court Case
Few things get people madder at their estate planners than fights over who must pay taxes when someone dies. A big source of trouble: the patchwork of state rules that apply. Most states say those
New offshore account disclosure law
To pay for the hiring incentives in the recently enacted “Hiring Incentives to Restore Employment Act” (the 2010 HIRE Act), Congress passed several offsetting revenue raisers, including a comprehensive set of measures to reduce offshore