Search Results for: estate planning
Living Trusts Are Revocable And Not An Asset Protection Tool
This great post comes from Jennifer N. Sawday of The California Estate Planning Blog. Her post is titled: Living Trusts Are Revocable And Not An Asset Protection Tool and describes…
REPORTING FOREIGN ASSETS & ACTIVITIES: REQUIREMENTS AND CHALLENGES: Complimentary CPE Presentation
…WHERE: 1200 Tices Lane East Brunswick, NJ 08816 Speakers: Parag Patel, Esq. Mr. Patel is a New Jersey Super Lawyer by New Jersey Magazine for tax and estate planning. Mr….
IRS list of “dirty dozen” tax scams
…taxpayers to transfer assets into trusts. While there are many legitimate, valid uses of trusts in tax and estate planning, some highly questionable transactions promise reduction of income subject to…
Do You Have to Pay US Taxes on Foreign Inheritance?
…there are important legal considerations to review, including the Foreign Account Tax Compliance Act (FATCA), which directly deals with foreign compliance matters. This article summarizes international estate planning and tax…
What is an Irrevocable Life Insurance Trust (ILIT)?
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…
BE-10 Report: A New Overlooked International Reporting Form
…owns or controls a foreign affiliate. For the purpose of the survey, real estate located in a foreign country is considered a foreign affiliate. However, if the real estate in…
THE ABCs OF STRETCH IRAs
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…
The big question on a tax increases is not “if” but “when”
…second half of 2021 after taxpayers’ reasonable reliance on the laws in their tax planning and transactions. I also predict the returning the estate tax exemption amount to pre-Trump levels…
The New Jersey Civil Union Act: Tax Benefits?
…sex couples’ property rights, estate transfer taxes, and income taxes. Tax Advantages Under the New Jersey Civil Union Act A. Property Rights In New Jersey, civil union members can now…
Contesting a Will: Protect Your Parents From Undue Influence
Contesting a Will: Protect Your Parents From Undue Influence Ways to Avoid Will Contests and Estate Litigation In our estate litigation practice, inquiries from persons seeking to contest a decedent’s…
THE PROBATE PROCESS IN NJ
…appointing an individual for an Estate when someone dies without a Will. Probate is done when someone dies with assets in their name alone. The individual named in the Will…
New Tax Changes are Blowing in the Wind
…date of the bill’s introduction. Estate & Gift Tax Proposals The estate and gift tax exclusion and the generation-skipping transfer (GST) tax exemption would be cut roughly in half beginning…
All the Many FBAR Late Filing Procedures
…penalized if they filed the necessary delinquent forms. Our firm has still had great success with the old and new DIIRSP program. To learn more about DIIRSP go to: https://patellawoffices.com/blog/planning-for-tax-minimization/irs-revises-delinquent-international-information-return-submission-procedure-diirsp/…
Stretching Your IRA to the Next Generation
…utilized as much as it could be. To make it work, encourage clients to work with estate planning attorneys who have stayed current with these laws. There are some rather…
Protective Filing of Information Returns
…a U.S. Owner). Unfortunately, it may not be easy to determine whether some of the foreign arrangements constitute a trust for U.S. tax purposes. A foreign estate planning arrangement or…
New Tax Laws Predicted
…Some clients have already started income and estate tax planning and consultations in anticipation of the expected tax law increases. Please reach out to our office with questions or complete…
Charitable Remainder Trust: Frequently Asked Questions
…by the donor’s will and may not be replaced. Our law firm has the experience, knowledge, skills and resources to properly draft your CRT based on your charitable estate planning…
Varieties of Powers of Attorney
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes….
Taxpayers’ Evidence of Non-Willfulness or Willfulness Factors
…foreign tax evasion / role of foreign tax compliance — lawful reasons to have an account outside the U.S., e.g., asset protection, estate planning — unfiled v. partially correct FBARs…
One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward
…from the IRS indicates that this focus on offshore disclosure and compliance is only gathering momentum,” says Mr. Patel, whose practice concentrates on cross-border tax and estate planning solutions. Tax…
Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure
…the emotions aren’t as high,” says Marguerite Mount, an accountant with The Mercadien Group in Princeton. “You can apply more intellect than emotion. That why it’s called succession planning.” A…
Latest Medicaid Information for New Jersey for 2011
…nursing home the individual is entering. Estate Recovery Has New Jersey expanded the definition of “estate” beyond the probate estate? Yes Has New Jersey included a hardship provision in its…
New IRS Forms Informs Beneficiaries of Asset Basis Values
Instructions to IRS Form 8971 for reporting the asset basis of estates have now been finalized. Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, tells estate executors and…
Family Limited Liability Companies (LLCs)
…Revenue Code that Mrs. Mirowski retained the right to income or enjoyment of the gifted property, so that it was included in her taxable estate. The estate maintained that the…
US Taxation of Foreign trusts: Foreign grantor trust
…grandchildren who are U.S. Persons. This primer explains the characteristics of FGT planning, the tax advantages of the FGT during the settlor’s lifetime, and the pitfalls of the FGT after…
Parag Patel Esq. speaks at NJCPA Tax Seminar: “Under the IRS Microscope: International Tax Reporting Update” and “What Tax Professionals Should Know About Trusts and Estates”
…estates, tax elections, property ownership and the types of trusts commonly used Mr. Patel will discuss the new tax strategies, including the tax elections and planning opportunities and traps to…
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…
The Secret Stretch IRA
…your wealth for two generations and reduce the amount you must take out. Called a stretch IRA, this new version has become a popular estate-planning tool. “Stretch” is a bit…
Conservatorship or Legal Guardianship?: How Do You Know When It’s Needed?
…or denial of medical care Control of food, clothing and shelter Control of financial and contractual affairs Estate and asset preservation planning Restriction of ward’s civil rights and personal freedom…
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management & protection of family assets
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management and protection of family businesses, real estate, and investments. They also can be used…