Tag Archives: nj estate tax 2009
Action Required: New Jersey Estate Tax is Repealed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
Increase in the annual gift tax exclusion to $14,000
The IRS recently increased the annual gift tax exclusion from $13k to $14K in 2013. The annual gift tax exclusion is the amount you and your spouse can each gift to anyone without dipping into your lifetime gift tax exclusion.
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
For Tax Professionals: A Guide to the IRS’s Voluntary Disclosure Practice
IRS Commissioner Shulman has invited persons with unreported foreign accounts to come forward and avail themselves of the IRS’s Voluntary Disclosure Practice. That practice is described in the Internal Revenue Manual 9.5.11.9. The Practice has a bearing upon whether the
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
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
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.
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.
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.
A Good Time To Review Estate Tax Plans: Decline in asset value prompts new strategies
Now is a particularly good time for business owners to think about estate tax planning.
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.