Search Results for: estate planning
Powerful Post-death Planning Strategies for Trusts and Estates
…powerful postmortem planning strategies: 1. Strategically Select a Fiscal Year End for the Estate The assets that earned income during a client’s lifetime will continue to do so after his…
Planning in the Time of Coronavirus
…prevent future problems. If you have any questions relating to estate planning, do not hesitate to contact our office. Our office has remote virtual consultations to facilitate safe planning. Together…
Tax Changes Due to the Election
…tax”, which can be achieved by a reduction in the estate tax exemption (a smaller exemption leads to more estate tax). The estate tax exemption’s current level is $11.58 million…
Action Required: New Jersey Estate Tax is Repealed
…will compare favorably to states such as Florida, Texas and California for estate tax planning purposes. In the Northeast, states retaining an estate tax include New York, Connecticut, Massachusetts, Vermont,…
Letter to Your Spouse
…__________________ whose telephone number is _______________. If the administrator is not clear about what our benefits are, consult with our estate-planning adviser. Miscellaneous. Until my estate is settled, you should…
New Tax Legislation Introduced: H.R. Bill 436 has Potential Changes to Estate and Gift Taxes and Available Discounts
…45% for estates under $10,000,000 – Set the marginal tax rate for estates over $10,000,000 at 50% due to an additional 5% surcharge that phases out when the estate reaches…
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…
A perfect storm for gifting…
…of gifting. Under these volatile economic conditions, the fair market values of real estate, asset holding companies and operating companies have likely fallen. For estate planning purposes, business owners can…
Now is the time to explore a Spousal Lifetime Access Trust (SLAT)
…can receive distributions from the SLAT even though it is designed to be excluded from the beneficiary spouse’s gross estate and not be subject to estate tax when the beneficiary…
What does divorce do to your estate plan?
…is important to have your estate planning attorney review your divorce decree or agreement. Your obligations under the agreement may effect your retirement plan. Your ex-spouse may retain rights in…
The questions most frequently asked about probate in New Jersey.
…value of the real and personal property in the Estate. The bond acts as an insurance policy on the Estate to ensure that the assets are distributed properly. The Surrogate…
IRA Beneficiary Designation Planning
…contender is the failure to name a beneficiary or naming the wrong beneficiary. If no beneficiary is named, the estate is the beneficiary. When an estate or another non-individual is…
The Expensive NJ Inheritance and Estate Tax
…estate, succession or legacy taxes allowable in the Federal estate tax proceeding. It did not increase the estate’s total estate tax obligation. For decedents with a date of death on…
After You Wash Your Hands Take Back Control
…our clients. While estate planning cannot prevent a healthcare crisis, it will ensure that you control who makes decisions. During these uneasy times, sometimes estate planning can offer clients the…
Quarantine Tips for Tax Savings
…(including ours) can email clients copies of their estate planning documents upon request. Basic estate planning is one thing that will allow concerned clients to rest easier. Of course, after…
Tangible personal property: plan well to avoid family disagreements
People who provide for their beneficiaries in their estate planning documents generally do a good job with their financial assets but are oftentimes remiss in providing detailed instructions regarding their…
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
…a timely filed estate tax return. Portability would be available after December 31, 2010. With the election and careful estate planning, married couples can effectively shield up to $10 million…
Still Beware of State Death Taxes…
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state…
Short Lived Planning Opportunities for the Rest of 2012
…the owner, the proceeds will be part of your estate and subject to estate tax at up to the maximum tax rate (which is scheduled to revert to 55% in…
Asset Protection for Physicians
…that the leasing arrangement is a sham. Integrated Estate Planning Strategies Family Limited Partnership or LLC – When properly done (which, by the way, is a rarity), a structure involving…
Living Wills in New Jersey
…become an essential element in the practice of Estate Planning Attorneys. Why? A Living Will permits the patient to communicate, in advance, the medical care decisions he or she would…
Year-End Checklist for 2009
…but also possible, is that H.R. 3905 or some variation that increases the estate tax exclusion amount will be passed. Planning Ideas for 2010 Regardless of Outcome of Estate and…
New Jersey Transfer Inheritance Tax : How the Tax Works
…Jersey law, the Executor of an estate is generally entitled to the following commissions: a. 6% on all estate income; b. 5% of the estate up to $200,000; c. 3.5%…
Asset Protection – Don’t Do It Yourself
…The planning attorney used llc forms typically used for operating business and standard estate planning trust forms. Standard LLC forms and estate planning forms are designed to provide current income…
Naming A Minor as Your IRA Beneficiary
…common estate planning disasters I see my years outright until they attain the age of majority. consuming proceedings, estates IRA. beneficiaries’ discipline to withdraw Beneficiaries and pay are can you…
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…lives.” practice_three_link=”https://www.patellawoffices.com/blog/wills-trusts-and-estate-planning/” practice_four_image=”353″ practice_four_title=”Estate Administration” practice_four_description=”The death of a loved one may be difficult enough to endure without having to worry about the ensuing estate matters.” practice_four_link=”https://www.patellawoffices.com/blog/estate-administration/”] [attorneys_slider_shortcode main_title=”attorneys” main_title_description=”Lorem…
What if You Missed the OVDI Deadline?
…with it the opportunity to engage in estate planning with respect to the offshore assets. The potential for meaningful estate planning has never been better. The gift and estate tax…
The Unknown Tax: New Jersey Inheritance Tax
While the New Jersey Estate Tax was abolished 5 years ago and the Federal Estate Tax applies to taxpayers with estates over $12 million, the NJ Inheritance tax is relatively…
Client Case Study: Tax Savings Now
…exemption is $1 million at death, if they would have died with these assets in their estates, then the estate of the second to die would face an approximate estate…
Watch Out: The NJ Inheritance Tax
…tax, New Jersey imposes a separate Estate Tax. An estate may be subject to the New Jersey Estate Tax even though there is no New Jersey Inheritance Tax payable. For…