Patel Law Offices Blog

Introduction to Special Needs Estate Planning

Special Needs Estate Planning focuses on the need to provide for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. It is essential that we start planning


You can plan to have your heirs inherit your IRA assets.   Can an IRA keep growing for a century or more? In theory, it can. Some people are planning to “stretch” their Individual Retirement Accounts over generations, so that

A Change in Domicile to Florida Can Help Minimize Taxes

The below article applies to New Jersey, as well as New York Retirees who have homes in both New York and Florida may be able to reduce or eliminate New York income and estate taxes, and also reduce the real

“Leave a Legacy” – Beneficiary Designation on your Retirement Plan

Published in the Robert Wood Johnson Foundation newsletter. By Parag Patel Esq. Your largest asset may be your retirement plan. But did you know that your retirement plan can be taxed TWICE at your death? When you plan your estate,

Supplemental Needs Trusts

Supplemental Needs Trusts, also called a special needs trust, is a trust in the United States that is designed to provide benefits to, and protect the assets of, physically disabled or mentally disabled persons and still allow such persons to

Problems with Joint Tenancy Property

Could joint tenancy, one of the most common forms of holding title to assets, lead to an estate planning disaster for your heirs? Joint tenancy, often called “joint tenants with right of survivorship,” is a form of holding equal interests

The Expensive NJ Inheritance and Estate Tax

Inheritance and Estate 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

New Jersey Inheritance Tax

The State of New Jersey imposes a transfer inheritance tax on property with a total value of $500 or more that passes from a decedent to a beneficiary. This is a tax that applies on the beneficiaries of an estate.

2008 New Year’s Resolutions: Keep your estate planning on the right track

Here are 10 things you can do in 2008 to keep your estate planning on the right track. 1) Last Will and Testament Make sure you have an up-to-date, professionally-prepared Will and/or Living Trust. Keep the original in a safe

2007 Year-End Tax Planning Tips

Year-End Tax Planning Tips Due to uncertainty over the pending “extender” legislation, this year may prove to be more challenging than usual.We expect Congress to provide another one-year patch to assure that moderate incomes are not entrapped by the Alternative

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