Search Results for: estate planning
$3.5 Million Federal Estate Tax Exemption for 2009 Could Mean Higher State Death Taxes
…to postpone estate taxes until the death of the second spouse. For example, an amount equal to the federal exemption passes free of federal estate tax to children (or first…
Tax Planning Opportunities for Business Owners
…Which May Impact Planning Opportunities ■ Federal estate tax exemption decreasing and rates rising. ■ Federal gift tax exemption decreasing and rates rising. ■ Federal generation skipping transfer tax exemption…
BUSINESS SUCCESSION LEGAL PLANNING
…the reins. This leaves third-party sales, family limited partnerships and buy-sell agreements as the most likely methods of transfer if a business is to continue. Proper business succession planning will…
About Patel Law Offices
…administration, probate, elder law, and death tax planning. The firm has presented numerous seminars and written published articles on all aspects of tax, elder law, probate, trust and estate planning….
IRS attempts to demystify its new Form 8938
…am a beneficiary of a foreign estate. Do I need to report my interest in a foreign estate on Form 8938? Generally, an interest in a foreign estate is a…
Smart Planning for Expected Capital Gains Tax Increases
…the possible drastic change in rates, our smartest clients are planning ahead for future capital gains. Unconventional Tax Planning Conventional tax planning usually defers taxable sales into future tax years…
Our Best Net Investment Income Tax (NIIT) Tax Minimization Planning Strategies
…dividends, annuities, royalties, and rents. With investment income growing for most this year, reducing NIIT is more important than ever. Below are some of our best NIIT planning strategies to…
Upcoming 2013 Tax Provisions Which Will Impact Planning Opportunities
…income for Medicare surtax purposes. Federal estate tax exemption decreasing and rates rising: The federal estate tax exemption is scheduled to decrease from $5 million to $1 million on January…
Using the 65-day rule as an opportunity for income tax savings for estate
One of the tax planning tools available to executors of estates is the 663(b) election, also known as the “65-day rule.” Simply put, a 663(b) election allows distributions made to…
Tax Strategies to Explore Now
…the current estate tax exemption amount (“ETEA”). Some tax strategies that we recommend including gifting through a SLAT and residency planning: 1. The feared estate tax increase has likely been…
Probate Basics
…follow the necessary legal formalities in drafting his or her will. The majority of probated estates, however, are uncontested. The basic process of probating an estate includes: • Collecting all…
Parag Patel to be Speaker for Estate Administration at Practicing Law Institute’s NJ Basic CLE Marathon 2021
…attorneys practicing in Estate Administration and probate matters seeking to learn about probate procedures, including New Jersey-specific instruction and tax minimization. Topics to be covered include: * Managing the estate…
Key Issues in Business Tax Planning in New Jersey
Our firm presented in Lorman Seminars’ Key Issues in Business Tax Planning in New Jersey seminar last month. Seminar Overview Prevent costly mistakes by learning the essentials of New Jersey…
Review Your Guardian Nominations Periodically
Celebrity deaths often highlight various estate planning issues as prior posts have discussed. Michael Jackson’s death brought public awareness to issues about choosing your executor and trustees, pour over wills,…
Taking Advantage of Low Interest Rates
The Federal Reserve’s interest rate cuts have affected two important interest rates used in estate planning – the “applicable federal rates” (“AFRs”) under Internal Revenue Code §1274 and the “7520…
What Happens to Your Digital Accounts In Case of Death
We have completed over 1,000 estate plans for clients over the years. Recently, however, we have unfortunately probated a disproportionate number of clients’ wills after death. Through estate planning, many…
Naming Your Executor
…estate is entitled to a fee for services performed. Under New Jersey law, the executor of an estate is generally entitled to the following commissions: 6% on all estate income;…
Plan Now for Dynasty Trusts
…estate taxes until it reached its final recipient. Without using a Dynasty Trust, each generation would amass an estate tax to be paid. Rather than losing wealth on taxes, this…
Planning strategies for small settlements
MYTH: Where a settlement is small (less than $50,000.00), the client should not use a Special Needs Trust or other planning technique, but should simply allow himself (herself) to become…
Planning for Dependent (or not Independent) Family Members
…entirely independent) children outlive them. We strongly recommend that asset planning and support services need to be put into place to provide care for disabled persons. Here are some important…
Pre-Immigration Income Tax Planning
Since the United States has some of the highest tax rates and most complex tax rules in the world pre-immigration tax planning is very important (but rarely done). Various actions…
The Need for Long Term Care Planning
…Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate, whether for your spouse or for your children. This can be…
Important Provisions of the American Taxpayer Relief Act of 2012
…of the Act’s provisions, which are likely to be applicable to our clients, is provided below. Estate Tax The $5,000,000 gift and estate lifetime exemption has been made permanent and…
Two-day educational event focused on Trusts and Estate taxation
…Trusts and Estate taxation. Mr. Patel discussed the tax laws affecting trust and estates, and planning opportunities and traps to avoid. The National Association of Enrolled Agents (NAEA) is the…
Estate tax future unclear
Planning for the federal estate tax has been a challenge for many years. Observers have been confident that Congress will change the rules soon, but no one can say what…
“Leave a Legacy” – Beneficiary Designation on your Retirement Plan
…to be untaxed income. The income tax is in addition to estate tax on the retirement account balance. The result of this double taxation? For estates fully subject to the…
Deferral is the Name of the Game: Funding a Trust With Retirement Assets
…Federal estate tax is scheduled to be repealed, but only for one year. Starting in 2011, estates will once again be subject to estate tax at 2001 rates (top rate…
Increase in the annual gift tax exclusion to $14,000
…per year. New Jersey/New York State Estate Tax New Jersey or New York State Estate taxes have not changed. Gifting is an excellent strategy to avoid any state estate tax….
To Gift or Not to Gift? Gift.
For individuals and families who wish to pass assets to children, grandchildren, and more descendants as part of their overall estate plan, gifting now, rather than later, could provide significant…
New US-Malta Agreement Targets Pension Planning by US Taxpayers
…tax on the earnings of, and distributions from, personal retirement schemes established in Malta. The agreement is intended to address certain aggressive planning used by some US citizens and residents…