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
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