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Estate planning affects women more profoundly, so they should take charge of this process, or at least be equal participants. Among Americans 65 and older, 42% of women, but just 14% of men, are widowed. Women’s longer life expectancy, combined with their tendency to marry older mates and their lower lifetime earnings means they are far more likely to [...]
Hiding income in offshore accounts, identity theft, return preparer fraud, and filing false or misleading tax forms top the annual list of “dirty dozen” tax scams in 2011, the Internal Revenue Service announced today. “The Dirty Dozen represents the worst of the worst tax scams,” IRS Commissioner Doug Shulman said. “Don’t fall prey to these [...]
The Praxair (Praxair Technology, Inc. v. Director, Div. of Taxation, N.J. App. Div., Docket No. 4-6262-06T3 (Sept. 1, 2010) case involved a taxpayer that received its assessment prior to the start of amnesty. If you receive an assessment after amnesty ends, the non-participation penalty may not apply. This follows from United Parcel Service General Services [...]
The New Jersey estate tax is now imposed upon the transfer of the estate of every resident decedent which would have been subject to a Federal estate tax under the provisions of the Internal Revenue Code in effect on December 31, 2001.
On December 17, 2010 President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.” The new law: • Extends for two years the current income tax rates and other income tax rates commonly called the “Bush Tax Cuts.” • Provides tax incentives to businesses • Cuts federal estate [...]
There are three risk-management tools every probate lawyer needs to know…
1) How do I begin the probate procedure? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. The probate cannot be completed until 10 days after death. 2) Who has the right to be appointed when a person dies without [...]
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 [...]