5 Estate Planning Tips to Avoid Disputes

- By : P. Patel

Insert a no-contest clause When a will contest seems likely, an in terrorem clause may be beneficial. An in terrorem clause, also known as a “no-contest” clause, generally provides that a bequest will fail if the beneficiary initiates or participates

Happy Birthday Streamlined Filing Compliance Procedure!

- By : P. Patel

The Streamlined Filing Compliance Procedure (SFCP) was “born” two years old.  Two years ago the IRS publicly announced the SFCP, which has been used by many non-compliant US taxpayers with the disclosure of foreign assets. SFCP has two sub-programs: one

New Trust Law Enacted in New Jersey

- By : P. Patel

On January 19, 2016, the New Jersey Uniform Trust Code (NJUTC) was enacted into law.  The new law will take effect on July 17, 2016.  The new law, based in part on model legislation prepared by the Uniform Law Commission,

New IRS Forms Informs Beneficiaries of Asset Basis Values

- By : P. Patel

Instructions to IRS Form 8971 for reporting the asset basis of estates have now been finalized. Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, tells estate executors and others required to file a Form 706 how to report

The IRS publishes new proposed regulations for tax on transfers from covered expatriates

- By : P. Patel

The IRS published new proposed regulations last week regarding the tax on gifts and bequests from covered expatriates last week. Section 2801 basically provides that if a U.S. citizen or resident receives a “covered gift” or “covered bequest,” a gift

Pre-immigration estate planning

- By : P. Patel

Estate planning is essential for foreign nationals who are or will become subject to estate or gift taxation by the United States. The nature and extent of pre-immigration estate planning will depend upon whether the foreign national will reside in

Benefits of an IRA Trust

- By : P. Patel

If you have assets valued at $100,000 or more in an IRA or retirement account, then you should consider setting up a special type of trust that’s designed to be the beneficiary of your IRA for the following reasons: Stretch

Mobility of Estate Plan Documents

- By : P. Patel

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

Increase in the annual gift tax exclusion to $14,000

- By : P. Patel

The IRS recently increased the annual gift tax exclusion from $13k to $14K in 2013. The annual gift tax exclusion is the amount you and your spouse can each gift to anyone without dipping into your lifetime gift tax exclusion.

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

- By : P. Patel

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