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Tag: estate tax

Planning for Dependent (or not Independent) Family Members

2 March, 2020

One in four Americans has some form of disability. In our law firm’s client base, it is very common to have a family member that is not entirely able to live independently. Even worse, adults

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Mobility of Estate Plan Documents

11 May, 2013

Many clients ask if they must re-do their estate plan when they move to a different state.  The answer is generally “no”.  A Will made in New Jersey or New York or Florida is likely

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Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue

26 December, 2012

Even if Congress acts to avoid the “Fiscal Cliff,” uncertainty about the future of the gift and estate tax laws will continue. Despite this uncertainty, meaningful estate planning goals can be achieved. Estate planning is

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Short Lived Planning Opportunities for the Rest of 2012

18 September, 2012

The current gift tax exclusion is scheduled to expire at midnight on December 31, 2012, bringing to an end the highest exemptions ever seen. Under current law for 2012, each person has the ability to

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Plan Now for Dynasty Trusts

17 June, 2012

For years now wealthy people have used dynasty trusts to shield their assets from estate taxes for tens and hundreds of years, or even forever. But the dynasty trust is under attack from a new

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A limited opportunity for generous gift tax exclusions

7 April, 2012

The 2010 Tax Act is scheduled to expire on Dec. 31, 2012, at which time under current law the opportunities afforded under the 2010 Act will be lost. This article explores various tax planning opportunities

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Top 7 Costly Estate Planning Mistakes and How To Avoid Them

17 February, 2012

1. Where There Is A “Will” Is There Is A Way? The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan. Everyone can benefit from a will

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Charitable Remainder Trust: Frequently Asked Questions

22 March, 2011

1. What is a Charitable Remainder Trust? A Charitable Remainder Trust is a special tax-exempt irrevocable trust arrangement written to comply with federal tax laws and regulations. You transfer cash or assets (especially appreciated assets)

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Still Beware of State Death Taxes…

9 January, 2011

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 estate taxes that is. The

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Adding Beneficiaries to an Irrevocable Life Insurance Trust

12 August, 2010

If the owner and beneficiary of the a life insurance policy is an irrevocable life insurance trust (“ILIT”), the proceeds from the life insurance policy would not be included in her estate and could be

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Estate Tax Pitfalls Seen In Court Case

20 May, 2010

Few things get people madder at their estate planners than fights over who must pay taxes when someone dies. A big source of trouble: the patchwork of state rules that apply. Most states say those

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New Jersey inheritance tax

6 April, 2010

If you live in New Jersey, then you’re lucky enough to live in one of the two states that collects both a separate state inheritance tax and estate tax (the other is Maryland). Currently the

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