Tag Archives: 2009 Estate Tax
Action Required: New Jersey Estate Tax is Repealed
Earlier this month, on October 14, 2016, New Jersey Governor Chris Christie signed into law that increased the NJ Estate Tax exemption from $675,000 to $2 million for deaths in 2017, and fully eliminated the state estate tax in full
Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue
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
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
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
Six Estate Planning Myths
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
Top 7 Costly Estate Planning Mistakes and How To Avoid Them
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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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
Still Beware of State Death Taxes…
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
Estate Tax Pitfalls Seen In Court Case
Few things get people madder at their estate planners than fights over who must pay taxes when someone dies. A big source of trouble: the patchwork of state rules that apply. Most states say those who inherit have to share
Pointers on the Yearly Gift Tax Exemption
When you give money or property to another person as a gift, you may have to pay a gift tax. The tax is paid by the donor. The person receiving the gift does not have to pay the tax The
Year End Estate Planning Tips – Make Annual Exclusion Gifts
This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.
What is an Irrevocable Life Insurance Trust (ILIT)?
Many people aren’t aware that all of the proceeds from life insurance policies that they own at death will be included their estate for estate tax purposes. This is because if the policy owner can withdraw the cash value and
Estate Planning Discussions: difficult, emotional and stressful
Delaying these discussions can lead to significant family hardship and a loss of highly prized and hard-earned assets.
Non-Resident Estate Tax Trap
If you aren't a citizen or resident of the United States, and want to own U.S. shares, don't hold them in your own name.
Estate tax future unclear
Many commentators do not believe that a permanent fix for the federal tax will emerge anytime soon.
Naming A Minor as Your IRA Beneficiary
IRAs and qualified plans are great vehicles for saving for retirement. Contributions to the plans are not taxed, and the assets inside the plan enjoy tax free reinvestment and accumulation. The income tax is payable only when the assets are
A perfect storm for gifting…
Every storm eventually comes to an end...Now is the time to gift.
Why should you do estate planning in a down economy?
1. Business and real estate values may be down as much as 20% since last year at this time. This creates opportunities for transferring the business, stock or assets to children or key employees at significantly less tax cost than
Estate Tax Revisit
There are many other viable estate-planning tools and techniques that should be discussed with your tax adviser, but the key is to plan ahead.
Obama to Keep 2009 Estate Tax Level
President Obama wants to freeze the current estate tax level to $3.5 million which is the estate tax exemption amount for 2009.
A great time for GRATs
The rate is the lowest it has been since the inception of the 7520 rate in May 1989.