Search Results for: estate planning
Passwords and Estate Planning
The best way to address concerns raised by assets in the electronic age from an estate planning and estate administration perspective is to employ some practical advice: •Each spouse keeps…
Recent Webcast to DC Bar Association on Post-Election Estate Planning and Audits: Tax Considerations For the Unexpected
Parag Patel last month co-presented a Tax Law Webcast to the District of Columbia (D.C.) Bar Association on “Post-Election Estate Planning and Audits: Tax Considerations for the Unexpected”. The program…
Why should you do estate planning in a down economy?
…exemption and estate tax rate is likely to be decided this year. The government does not want wealthy people dying in 2010 with no federal estate tax. The best bet…
Estate Planning for 2021 and Beyond: SLATs
The estate and gift tax exemption, which allows each U.S. person to pass a certain amount of assets free of the federal estate and gift tax, was doubled under the…
Estate Tax Marital Deduction: Don’t “Overqualify”
…have an estate plan, review your documents to ensure proper estate tax planning is in place. If you have no estate plan, you should talk to an estate planning attorney…
Administrator of a Probate Estate: Duties and Responsibilities
…fiduciary of the estate. This gives the administrator the authority to deal with the IRS on the estate’s behalf. Pay the Debts The claims of the estate’s creditors must be…
Estate-Planning Preserves Medical Practice Value
…find new doctors before the practice can be sold and attorneys’ fees for handling the probate. With proper estate planning, an estate can be protected from costly legal outlays. With…
Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue
…products. 3. Incorporate Asset Protection Planning Into Estate Plans: One of the great “missed opportunities” in estate planning is structuring a child’s inheritance in a way that protects the assets…
Asset Protection
…Estate Planning Trust,” discusses why and when it is used and offers a model planning structure. INTRODUCTION Today, asset protection planning is generally a concept familiar to wealth-planning professionals worldwide….
A limited opportunity for generous gift tax exclusions
…explores various tax planning opportunities created under the 2010 Act. Those hoping to make large gifts from their estates have a unique chance to do so tax-free during 2012. Through…
INHERITANCE TAXES IN NEW JERSEY RATES
…tax Form 706: If your estate is subject to Federal Estate Tax, you may want to seek professional assistance in estate planning. Consideration of tax aspects can save heirs money….
10 Costly Mistakes to Avoid in Helping Families with Special Needs
…that the advisor assisting with special needs planning include in the planning team: an attorney who is experienced in this planning area; a life insurance agent who can ensure that…
5 Estate Planning Tips to Avoid Disputes
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…
Adult Children Need Estate Planning Too
The greatest fear for any parent is hearing that their child is having a medical emergency. Whether it be a car accident or a physical or mental catastrophe, the parents…
Estate Planning in the Electronic Age
With the ever-growing presence of online and electronic documents, records and accounts, it is becoming essential to keep track of your passwords. Consumers have had access to military grade cryptography…
No Clawbacks for Gifts if Estate Tax Exemption Changes
Lifetime gift giving can be an effective estate planning strategy for high net-worth clients. Although the estate tax is imposed on the aggregate of the taxable estate and lifetime taxable…
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Webinar “What Tax Professionals Should Know About Trusts and Estates: Estate Tax Reform and the 2021 Planning Window”.
…Estates: Estate Tax Reform and the 2021 Planning Window”. Mr. Patel will discuss the new tax changes expected this year, including the possible lower estate tax exemption, increased tax rates,…
Why should I go to the trouble of planning my estate and writing a will?
…time consuming. An estate plan is your blueprint for where you want your property to go after you die. Estate planning lets you do the following: • Determine what happens…
Do You Need to Revise Your Estate Plan?
…much less? These are all good reasons to change your estate planning documents. However, the last minute change in the federal estate tax law makes reviewing and revising your estate…
What is a SLAT?
…your estate and minimize your potential estate tax, including the SLAT. It is best to talk to an estate tax planning attorney and determine if a SLAT is a good…
New Portability Election Extension Prevents Lost Estate Tax Exemption
…they qualify for the estate tax marital deduction. Any estate representative wanting to make a portability election for a deceased spouse’s estate must file a federal estate tax return, regardless…
Probate of Estates in New Jersey
…in estate planning and estate administration to review the steps necessary to administer the deceased’s estate. An attorney will review and organize as much information as possible about the decedent’s…
Obama to Keep 2009 Estate Tax Level
…about our heirs and beneficiaries having to pay estate taxes. That does not mean however that we don’t need estate planning. If we can help with your estate plan, contact…
Start 2021 with a few New Year’s tax planning resolutions
…carryback. Review estate planning documents. After 2020, if there ever was a time to review your estate planning, it is now. Estate planning documents are important documents to periodically review….
2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better
…and benefit from retirement and other accounts. With those changes now on the books, it makes sense to give beneficiary designations another look. Review estate planning documents. Estate planning documents…
A Change in Domicile to Florida Can Help Minimize Taxes
…an estate of $1,500,000. His estate will pay a New York estate tax of $64,400. There will be no federal estate taxes because of the $2 million threshold (i.e., equivalent…
Democratic Win Means Estate Tax Law Changes
…plans have been fully revived. As such, we anticipate tax changes impacting estate planning: Decrease in Federal Estate Tax Exemption: Perhaps the most significant change proposed under Biden’s estate tax…
Estate Tax Revisit
…completely exempt 99.7 percent of estates from taxation. If 99.7 percent of estates are exempt, shouldn’t the estate tax just be repealed? According to the Treasury Department, a permanent repeal…
Parag Patel Esq. speaks at the National Association of Enrolled Agents
…preparation from date of death to estate termination. Learning Objectives: Prepare estate, gift, and estate income tax returns. Assist their clients through the estate planning and administration process. Discuss estate…
Mobility of Estate Plan Documents
…anticipated relocation. Your estate planning documents should, at minimum, also include a Durable Power of Attorney and advance medical directives. Reciprocity may apply to these additional estate planning documents. Most…