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Patel Law Offices Blog

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

Tax Bite: New Jersey Has Increased its Death Tax

Everyone has heard of the Federal estate tax, sometimes referred to as the “death tax,” but did you know that New Jersey also has an estate tax? And, did you also know that the New Jersey estate tax has recently

Estate Tax Is Repealed?

By Parag P. Patel, Esq. Last year, after ten years of debate, Congress passed legislation that will repeal the federal estate tax, a tax imposed on the assets left by the nation’s wealthiest residents. The full repeal, however, will not

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