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Category: Estate Planning and Probate

Changes to Legal Documents in light of the Coronavirus pandemic

29 March, 2020

In light of the Coronavirus pandemic, all clients should immediately review their healthcare-related documents including living will, healthcare proxy, and HIPAA release.   Most client advisors are familiar with the need to have a current

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Planning in the Time of Coronavirus

17 March, 2020

The coronavirus is an illness that we cannot ignore. Older adults are especially vulnerable and those who have an underlying issue such as diabetes, heart disease, and respiratory conditions. Many such individuals are in a

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Planning for Dependent (or not Independent) Family Members

2 March, 2020

One in four Americans has some form of disability. In our law firm’s client base, it is very common to have a family member that is not entirely able to live independently. Even worse, adults

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Are You Ready For New FATCA Enforcement in 2020?

2 January, 2020

Banks and certain other financial institutions located outside the United States that have U.S. account holders are scrambling to meet a looming IRS deadline. These institutions, known as foreign financial institutions, or FFIs, must achieve

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Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court

19 December, 2019

  In the recent 2019 case U.S. v. Ram Agrawal, a US District Court rejected a taxpayer’s reasonable cause defense against foreign bank account reports (FBARs) penalties. It ruled in favor of the government to

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How To Limit An Executor’s Personal Liability For A Decedent’s Unpaid Taxes

27 March, 2017

Being an executor can often be a demanding and thankless task. In addition to coping with the loss of a close friend or family member, executors are routinely charged with navigating estate plans through an

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Individuals with disabilities can create their own self-settled trusts

28 February, 2017

The Special Needs Trust Fairness Act provides that individuals with disabilities can now create their own special needs trusts instead of having to rely on others. The Act was included as Section 5007 of the 21st Century Cures

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5 Estate Planning Tips to Avoid Disputes

29 October, 2016

Insert a no-contest clause When a will contest seems likely, an in terrorem clause may be beneficial. An in terrorem clause, also known as a “no-contest” clause, generally provides that a bequest will fail if

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Happy Birthday Streamlined Filing Compliance Procedure!

22 June, 2016

The Streamlined Filing Compliance Procedure (SFCP) was “born” two years old.  Two years ago the IRS publicly announced the SFCP, which has been used by many non-compliant US taxpayers with the disclosure of foreign assets.

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New Trust Law Enacted in New Jersey

4 March, 2016

On January 19, 2016, the New Jersey Uniform Trust Code (NJUTC) was enacted into law.  The new law will take effect on July 17, 2016.  The new law, based in part on model legislation prepared

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New IRS Forms Informs Beneficiaries of Asset Basis Values

8 February, 2016

Instructions to IRS Form 8971 for reporting the asset basis of estates have now been finalized. Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, tells estate executors and others required to file a

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The IRS publishes new proposed regulations for tax on transfers from covered expatriates

7 October, 2015

The IRS published new proposed regulations last week regarding the tax on gifts and bequests from covered expatriates last week. Section 2801 basically provides that if a U.S. citizen or resident receives a “covered gift”

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Recent Posts

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  • Parag Patel Esq. Speaks at Annual Convention of New Jersey Society of Certified Public AccountantsMarch 28, 2025
  • Parag Patel Esq. speaker at the National Association of Enrolled Agents (NAEA) Seminar “2025 Mid-Year Update”March 25, 2025
  • Navigating the Puzzle: Understanding Form 8938 Audit TriggersMarch 21, 2025
  • Navigating Inheritance: The Step-Up in Basis and Recognizing Implied Life Estates After DeathMarch 18, 2025

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