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Estate planning for traditional couples usually consists of having a Will, Financial Power of Attorney, Medical Power of Attorney and Advanced Health Care Directive. There are typically three types of couples that need planning significantly different from that of traditional couples: 1.Same Sex Couples 2.Couples where at least one party has children from a previous [...]
One of our clients recently (and unfortunately) paid $30,000 New Jersey inheritance tax on a $200,000 inheritance received from her aunt. This could have been avoided with some planning. If you live in New Jersey, then you’re lucky enough to live in one of the two states that collect both a separate state inheritance tax [...]
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 death tax planning all the more important. You will pay more if you’re in a [...]
Review and Revise Your Estate Plan If you have already established a will, you should be aware that the laws that govern estate planning (such as power of attorney rules, Medicaid regulations, and estate and gift tax laws) change frequently. Additionally, it is very possible that your personal and financial circumstances have changed since your [...]
Congress finally acted to provide some certainty for taxpayers and their advisors on the gift tax, estate tax and generation skipping transfer tax.
1. Mistakenly thinking it’s too late to plan. Even after a person has moved to a nursing home it is not too late to plan. Our law firm can assess your situation and provide you with numerous options. 2. Transferring assets too early. Some think the solution is to simply give everything they have to [...]
President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows through on the framework agreed to December 6 by President Obama and GOP leaders in Congress. The 2010 Tax Relief [...]
If your will is over 5 years old, you probably need to revise the documents. Why Do You Need To Revise or Update Now? Because the laws that effect your estate plan change frequently. For example, medicaid (nursing home laws), power of attorney rules, and estate, gift and inheritance tax laws change with some frequency. [...]
Most people are aware of the importance of establishing a will, but a legal document like that does not necessarily allow you to convey an array of important details and thoughts to your loved ones. To supplement your will, consider writing a letter of instruction. A letter of instruction, also known as an ethical will, [...]