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...
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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...
Asset Protection Mistakes – 13 Tips
...income tax return with your spouse if you have any suspicion that he or she is not reporting all income, over-stating deductions, or is otherwise acting fraudulently or negligently. 11....
How to S T R E T C H Your IRA
The stretch IRA concept is a wealth-transfer strategy that can help you extend the period of tax-deferred earnings on your retirement assets. After the owner of the IRA dies, the...
American Bar Association Publishes Article Entitled “Tax Law” in the October/November 2006 issue of American Bar Association’s GPSOLO magazine
...and local tax areas, federal tax, and international tax. Within each jurisdiction, there are many subspecialties. Tax attorneys can be found in many employment settings, in both the public and...
Evaluating the Special Needs Estate Planning Attorney
...practice? Can he/she provide references, other professionals who would recommend his/her expertise in Special Needs Estate Planning? What is the attorney’s commitment to completing a comprehensive assessment of your family’s...
Stretching Your IRA to the Next Generation
...tax consequences. They cannot simply roll it into their own IRA without tax implications. “Look-through trust options” add additional flexibility and control for stretch IRAs. There are two effective trust...
Special Needs Planning
...child/children. A typical scenario for parents considering their estate planning is how to leave their estates to their children. When the children are still minors it is best to do...
Discriminatory Taxation: Greencard and H-1 Estate Planning
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 Tax Marital Deduction: Don’t “Overqualify”
...gift taxes (“transfer” taxes). A husband and wife, therefore, should be able to transfer to their children (or other beneficiaries) a total of $1,300,000 in assets free of transfer taxes:...
Keeping Tax Papers
By Parag Patel, Esq. Keep anything related to your tax return for at least three years after you file. Keep anything related to your tax return, such as W-2 and...
Estate Planning: Not Only for the Rich
...assets to make their heirs liable for estate taxes. In the United States, estate taxes are the highest and most progressive of the government’s tax rates where the highest estate...