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 “stretch” their Individual Retirement
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,
“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?
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
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
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
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
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
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
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
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
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