Tag Archives: 2009 state death tax
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
A limited opportunity for generous gift tax exclusions
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.
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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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
NJ Inheritance Tax
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
New Jersey inheritance tax
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
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.
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.
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.
$3.5 Million Federal Estate Tax Exemption for 2009 Could Mean Higher State Death Taxes
If the federal exemption is greater than the state exemption, the difference may become subject to state death taxes.