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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 [...]
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 the tax burden for an estate. Many wills include provisions designed to take care of [...]
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.
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 exemptions for gifts and the gift tax rates are established by the IRS. In 2009 [...]
This year the annual gift tax exclusion is $13,000 per person and in 2010 the exclusion will remain the same.
Delaying these discussions can lead to significant family hardship and a loss of highly prized and hard-earned assets.
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 The income tax is payable only when the assets are withdrawn from the plan.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 [...]