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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 [...]
Inaction by Congress has left the dying/inheritance process in chaos! Uncertainty reigns! No one knows what to do! Although in 2010 ONLY there is no limit on the amount of money and other assets a person can leave to heirs without having to pay federal estate taxes, there are a number of critical caveats. CAVEAT [...]
Inheritance Tax, also referred to as the death duty, is the set of taxes which has to be paid by the heir on inheriting the estate of a deceased person. This tax is calculated after taking the total value of the property and money into consideration. The norms of inheritance tax can differ from nation [...]
If you live in New Jersey, then you’re lucky enough to live in one of the two states that collects both a separate state inheritance tax and estate tax (the other is Maryland). Currently the following rules apply with regard to the New Jersey inheritance tax: •Charitable organizations are exempt from the tax. •All other [...]
Congress instead substituted a new system of taxation that will potentially collect more taxes from many of our clients than the estate tax.
This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.
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.
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 with them into our first conference: MYTH #1 – “I DON’T HAVE A WILL” New [...]
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 The income tax is payable only when the assets are withdrawn from the plan. Unfortunately, while IRAs and other retirement plans are great for retirement [...]