Tag Archives: estate tax

Planning for Dependent (or not Independent) Family Members

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 with disabilities are living far

Mobility of Estate Plan Documents

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 going to be “valid” in

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

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 only partly about tax. Whatever

Short Lived Planning Opportunities for the Rest of 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 gift or dispose of assets

Plan Now for Dynasty Trusts

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 proposed legislation in President Obama’s

A limited opportunity for generous gift tax exclusions

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 created under the 2010 Act.

Top 7 Costly Estate Planning Mistakes and How To Avoid Them

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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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 or some other form of

Charitable Remainder Trust: Frequently Asked Questions

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) to the trust and may

Still Beware of State Death Taxes…

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 $10 million exemption makes state

Adding Beneficiaries to an Irrevocable Life Insurance Trust

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 used to completely provide funds

Estate Tax Pitfalls Seen In Court Case

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 who inherit have to share

New Jersey inheritance tax

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 following rules apply with regard

Year End Estate Planning Tips – Make Annual Exclusion Gifts

This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.

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 if the policy owner can withdraw the cash value and