INHERITANCE TAXES IN NEW JERSEY RATES

- By : Parag Patel

…institution may release up to 50% of any bank account, certificate of deposit, etc. to the survivor, in the case of a joint account, the executor, administrator or other legal…

Buy-Sell Agreements

- By : Parag Patel

…the ex-spouse from owning stock). 6. Bankruptcy. Establishing the Purchase Price Establishing the purchase price is one of the most critical provisions of the agreement. Too often, a valuation is…

Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure

- By : Parag Patel

…says.“Without a plan, you can have a bank become a shareholder in the case of a bankruptcy,” he adds. “And you can have a wife become a shareholder in the…

A Change in Domicile to Florida Can Help Minimize Taxes

- By : Parag Patel

…and close out a New York box. Open a Florida bank account. Change credit cards to the Florida address. Execute a new Florida will, Florida durable power of attorney, and…

How to Stretch Your IRA Into a Family Fortune

- By : Parag Patel

…dollars — more than eight million dollars from the initial $100,000. how to do it Steps to make the most of your IRAs… Roll over funds from other retirement accounts

Quarantine Tips for Tax Savings

- By : Parag Patel

…numerous accounts, review of estate plan, update beneficiary designations, family meeting to go over estate/business succession plan, cancel unused subscriptions, renew expiring passports, apply for Global Entry, scan important documents….

Required Minimum Distributions Suspended For Retirement Plans and IRAs For 2020

- By : Parag Patel

The bipartisan COVID-19 stimulus bill just signed by President Trump includes welcome tax relief for retirees: The required minimum distribution rules for Individual Retirement Accounts and 401(k)s are waived for…

Planning for Dependent (or not Independent) Family Members

- By : Parag Patel

…parents, so they will be around after the parents have passed. Open an ABLE Account (Achieving a Better Life Experience) account. These are accounts that work in much the same…

Stretching Your IRA to the Next Generation

- By : Parag Patel

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…

How to S T R E T C H Your IRA

- By : Parag Patel

…and maintain separate accounts for your beneficiaries.If you have two or more beneficiaries, you need to set up a separate account for each one of them. You should also designate…

THE ABCs OF STRETCH IRAs

- By : Parag Patel

…“stretch” their Individual Retirement Accounts over generations, so that their heirs can receive IRA assets accumulated after decades of tax-deferred or tax-free growth. A stretch IRA can potentially create a…

Deferral is the Name of the Game: Funding a Trust With Retirement Assets

- By : Parag Patel

Many people today have a large concentration of their wealth in their IRA accounts and/or retirement plans, such as Pension, Profit Sharing and 401(K) plans. As a result, for married…

The Secret Stretch IRA

- By : Parag Patel

It may seem like a contradiction, but there is a way to leave a lot of money to your heirs even if you’re not rich. Individual retirement accounts (IRAs) were…

Stretch your IRA

- By : Parag Patel

…IRAs. Individual Retirement Accounts (IRAs) have been one of the most popular retirement vehicles for the past generation of investors. They let you enjoy tax-deferred savings over an extended period…

Citizenship renunciation fee increases as American expatriates flee FATCA

- By : Parag Patel

…rise in renunciations triggered by the US Foreign Account Tax Compliance Act. FATCA forces foreign banks and other institutions to report their US clients’ financial doings to the Internal Revenue…

Stretch IRA – How Your IRA Can Survive Several Generations

- By : Parag Patel

…3. Establish and maintain separate accounts for your beneficiaries. If you have two or more beneficiaries, you need to set up a separate account for each one of them. You…

Estate Tax Pitfalls Seen In Court Case

- By : Parag Patel

…will. He left the money to Schleis in two special accounts, one known as a “Payable on Death” account, and the other in a “Transfer on Death” account. A Wisconsin…

Passwords and Estate Planning

- By : Parag Patel

…all this in a safe place and telling key people of it concerns you because the key people have access to your accounts, you need to rethink the key people….

IRS Notices for OVDI Program

- By : Parag Patel

…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….

New Taxpayer Advocate Service Report Discusses Optouts out of the OVDI/OVDP

- By : Parag Patel

…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….

Supplemental Needs Trusts

- By : Parag Patel

accounts are pooled for investment and management purposes. The trust (or more accurately, an account in the pooled trust) may be created by a parent, grandparent, guardian, or court, and…

“Willfulness” When Deciding Whether to Opt Out of 2011 OVDI

- By : Parag Patel

…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….

Employee or Contractor?: The IRS’s New Voluntary Classification Settlement Program (VCSP)

- By : Parag Patel

…OVDI for foreign accounts and assets. Through these “voluntary” programs, the IRS has collected billions and is getting many taxpayers back into the IRS system in a major way. The…

New Trust Law Enacted in New Jersey

- By : Parag Patel

…of a trust’s principal place of administration. Enables the non-judicial settlement of trust accounts and other matters related to trust administration; provided, such action is not contrary to a material…

New Jersey Tax Amnesty program

- By : Parag Patel

…and prior to September 1, 2017. The Division of Taxation recently mailed a letter to all taxpayers who are known to have amnesty-eligible deficient and/or delinquent accounts. According to the…

Increased IRS Enforcement Expected Against High-Income Taxpayers

- By : Parag Patel

…that this is despite the fact that, unlike some other delinquent tax cases, these people have the ability to pay. This also means that group managers assign delinquent accounts without…