Top myths of US tax compliance for Foreign Accountholders
There is a lot of misinformation so we decided to debunk the top myths of US tax compliance. Myth #1: I don’t have to file US taxes if I live abroad. The US is one
Another HSBC Customer Likely Going to Jail
Last week a New Jersey client of HSBC Holdings Plc (HSBA) pleaded guilty to charges that he hid as much as $4.7 million through Swiss and Indian accounts not declared to the U.S. Internal Revenue
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
IRS offers tax opportunity to Americans living abroad
Many Americans (including US citizens and US green card holders) living abroad will get a small reprieve from U.S. Internal Revenue Service rules on reporting foreign assets, the agency announced on Tuesday. The IRS said
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
Six Estate Planning Myths
The most time-consuming aspect of estate planning is educating clients and dispelling common misconceptions that most people have regarding Wills, Trusts, Estate Taxes and Probate. Over the years, we have identified six recurring misconceptions which
Probate of Estates in New Jersey
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses
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. Before executing this crucial document,
NJ Inheritance Tax
Inheritance Tax, also referred to as the death duty, is the set of taxes which has to be paid by the heir on inheriting the estate of a deceased person. This tax is calculated after
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
Asset Protection for Physicians
Where physicians are most likely to lose wealth is through bad marriages, bad investments, bad tax planning, or a combination thereof.
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