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

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

Short Lived Planning Opportunities for the Rest of 2012

- By : P. Patel

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

- By : P. Patel

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

- By : P. Patel

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.

NJ Inheritance and Estate Taxes: Watch Out!

- By : P. Patel

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

Six Estate Planning Myths

- By : P. Patel

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 many of our clients carry

NJ Tax Waiver Shortcut

- By : P. Patel

New Jersey provides its taxpayers the opportunity to pay two “Death Taxes”: the New Jersey Inheritance Tax and the New Jersey Estate Transfer Tax. These taxes are transfer taxes (not income taxes, sales taxes or use taxes). They represent a

Top 7 Costly Estate Planning Mistakes and How To Avoid Them

- By : P. Patel

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