“Leave a Legacy” – Beneficiary Designation on your Retirement Plan

- By : P. Patel

Published in the Robert Wood Johnson Foundation newsletter. By Parag Patel Esq. Your largest asset may be your retirement plan. But did you know that your retirement plan can be taxed TWICE at your death? When you plan your estate,

Supplemental Needs Trusts

- By : P. Patel

Supplemental Needs Trusts, also called a special needs trust, is a trust in the United States that is designed to provide benefits to, and protect the assets of, physically disabled or mentally disabled persons and still allow such persons to

Problems with Joint Tenancy Property

- By : P. Patel

Could joint tenancy, one of the most common forms of holding title to assets, lead to an estate planning disaster for your heirs? Joint tenancy, often called “joint tenants with right of survivorship,” is a form of holding equal interests

The Expensive NJ Inheritance and Estate Tax

- By : P. Patel

Inheritance and Estate Tax New Jersey imposes a transfer Inheritance Tax, at graduated rates, on property having a total value of $500 or more which passes from a decedent to a beneficiary. If a decedent’s death occurs on or after

New Jersey Inheritance Tax

- By : P. Patel

The State of New Jersey imposes a transfer inheritance tax on property with a total value of $500 or more that passes from a decedent to a beneficiary. This is a tax that applies on the beneficiaries of an estate.

2008 New Year’s Resolutions: Keep your estate planning on the right track

- By : P. Patel

Here are 10 things you can do in 2008 to keep your estate planning on the right track. 1) Last Will and Testament Make sure you have an up-to-date, professionally-prepared Will and/or Living Trust. Keep the original in a safe

2007 Year-End Tax Planning Tips

- By : P. Patel

Year-End Tax Planning Tips Due to uncertainty over the pending “extender” legislation, this year may prove to be more challenging than usual.We expect Congress to provide another one-year patch to assure that moderate incomes are not entrapped by the Alternative

Sale of Real Property from an Estate

- By : P. Patel

There are some special issues to consider when the seller of real estate is the estate of a decedent. Real estate held by a decedent’s estate is subject to liens for the payment of any New Jersey Transfer Inheritance Tax,

Anna Nicole Smith: A Model for Bad Estate Planning

- By : P. Patel

Anna Nicole Smith rose to fame as amodel for Guess Jeans and Playboymagazine. Now, her death has givenher newfound fame as a great model forterrible estate planning.Forget the fact that you can’t visit asupermarket without seeing gossip abouther life and

Will the Estate Tax Be Resurrected?

- By : P. Patel

When the unknowable meets the possibly very expensive, it pays to plan ahead A BURGEONING FEDERAL budget deficit may force the early expiration of a tax law that has cheered business owners for years. But experts say early planning may