Tag Archives: estate planning errors

Planning for Dependent (or not Independent) Family Members

One in four Americans has some form of disability. In our law firm’s client base, it is very common to have a family member that is not entirely able to live independently. Even worse, adults with disabilities are living far

Action Required: New Jersey Estate Tax is Repealed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

Mobility of Estate Plan Documents

Many clients ask if they must re-do their estate plan when they move to a different state.  The answer is generally “no”.  A Will made in New Jersey or New York or Florida is likely going to be “valid” in

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

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.

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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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

Charitable Remainder Trust: Frequently Asked Questions

1. What is a Charitable Remainder Trust? A Charitable Remainder Trust is a special tax-exempt irrevocable trust arrangement written to comply with federal tax laws and regulations. You transfer cash or assets (especially appreciated assets) to the trust and may

Probate of Estates in New Jersey

Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent

Adding Beneficiaries to an Irrevocable Life Insurance Trust

If the owner and beneficiary of the a life insurance policy is an irrevocable life insurance trust (“ILIT”), the proceeds from the life insurance policy would not be included in her estate and could be used to completely provide funds

Varieties of Powers of Attorney

A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document, it is important to understand

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

Asset Protection for Physicians

Where physicians are most likely to lose wealth is through bad marriages, bad investments, bad tax planning, or a combination thereof.

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.

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.

Navigating the Step-Up Tax Basis Rule

Do not try this at home alone. Consult with your tax adviser to determine the best course of action regarding your entire tax liability.

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 great time for GRATs

The rate is the lowest it has been since the inception of the 7520 rate in May 1989.