Page 21 – Tax, Estate Planning & Probate Law Center

Medicare and Medicaid Basics

04 Feb 10

Medicare Medicare Part A covers up to 100 days of “skilled nursing” care per spell of illness. However, the definition of “skilled nursing” and the other conditions for obtaining this coverage are quite stringent, meaning that few nursing home residents

New York Penalty and Interest Discount (PAID) program

02 Feb 10

In the state's press release, they mention they are increasing their enforcement efforts to collect unpaid bills.

New Jersey State Income Taxation of 2010 Conversion of a Traditional IRA to a Roth IRA

25 Jan 10

Therefore, New Jersey also conforms to the...provision regarding the Federal Income Tax reporting of a distribution from an IRA which the taxpayer converts into a Roth IRA this year in 2010.

INHERITANCE TAXES IN NEW JERSEY RATES

17 Jan 10

Consideration of tax aspects can save heirs money.

Conservatorship or Legal Guardianship?: How Do You Know When It’s Needed?

03 Jan 10

The appointment of a legal guardian is something that's not taken lightly

Pointers on the Yearly Gift Tax Exemption

28 Dec 09

When you give money or property to another person as a gift, you may have to pay a gift tax. The tax is paid by the donor. The person receiving the gift does not have to pay the tax The

2009 Year-End Estate Planning News

24 Dec 09

The year 2009 was marked by many changes affecting estate planning and related areas on the local, national and international levels, against a backdrop of continuing uncertainty as to how—or if—the federal estate and gift tax applicable exclusion amounts and

Year-End Checklist for 2009

19 Dec 09

Consider the following before 2009 is over: Make year-end annual exclusion gifts of $13,000 ($26,000 for a married couple). Make year-end IRA contributions. Create 529 Plan accounts before year-end for children and grandchildren, and consider front-loading the accounts with five

Year End Estate Planning Tips – Make Annual Exclusion Gifts

17 Dec 09

This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.

Foreign Account Tax Compliance Act – Traps for the Unwary

14 Dec 09

For anyone who has clients or family members that live and work abroad, the new Foreign Account Tax Compliance Act (FATCA) is a real problem. Although this Act is supposed to punish Americans who hide assets abroad to avoid their

The Need for Long Term Care Planning

14 Dec 09

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of

Conservatorship or Legal Guardianship: Which is the Right Choice?

13 Dec 09

Conservatorship concerns only the conservatee's financial matters when they need assistance.

New Jersey Transfer Inheritance Tax : How the Tax Works

07 Dec 09

New Jersey also has an inheritance tax. An inheritance tax means that when a New Jersey resident dies his or her assets will be taxed on the basis of who inherits those assets No Tax on Most Inheritances For most

What is an Irrevocable Life Insurance Trust (ILIT)?

02 Dec 09

Many people aren’t aware that all of the proceeds from life insurance policies that they own at death will be included their estate for estate tax purposes. This is because if the policy owner can withdraw the cash value and

Estate Planning Discussions: difficult, emotional and stressful

26 Nov 09

Delaying these discussions can lead to significant family hardship and a loss of highly prized and hard-earned assets.

Navigating the Step-Up Tax Basis Rule

13 Nov 09

Do not try this at home alone. Consult with your tax adviser to determine the best course of action regarding your entire tax liability.

Non-Resident Estate Tax Trap

28 Oct 09

If you aren't a citizen or resident of the United States, and want to own U.S. shares, don't hold them in your own name.

Estate tax future unclear

13 Oct 09

Many commentators do not believe that a permanent fix for the federal tax will emerge anytime soon.

IRA Beneficiary Designation Planning

13 Sep 09

When an estate or another non-individual is a primary beneficiary, the entire IRA must be distributed within five years after the original owner's passing.

BUSINESS SUCCESSION LEGAL PLANNING

17 Aug 09

By Parag Patel, Esq. If the U.S. Government is your favorite charity, rest assured, it will find a way to use your donation. But wouldn’t it be better to give your money to your children? Studies show that 60% to

15 IRS Audit Tips

17 Jul 09

1. In an audit, you must convince the IRS that you reported all of your income and were entitled to any credits, deductions and exemptions that are questioned. 2. Delaying the audit usually works to your advantage. Request more time

Naming A Minor as Your IRA Beneficiary

12 May 09

IRAs and qualified plans are great vehicles for saving for retirement. Contributions to the plans are not taxed, and the assets inside the plan enjoy tax free reinvestment and accumulation. The income tax is payable only when the assets are

Estate Planning for Non-US citizens

07 May 09

Estate Planning for Non-US citizens 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

Introduction to Estate Planning

23 Apr 09

Estate planning is concerned with the use, conservation and disposition of a person’s property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person’s property is passed to another either during

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