Tag Archives: state federal estate tax

Action Required: New Jersey Estate Tax is Repealed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.

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

Tax Planning Opportunities for High Net Worth Individuals

Despite the election results, taxes are going up!  Although major tax law changes are set to take place in 2013, there are opportunities for high net worth individuals. Below are a few planning opportunities. Tax Provisions Which May Impact Planning Opportunities

Tax Planning Opportunities for Business Owners

Unless Congress acts quickly, taxes are going up!  Although major tax law changes are set to take place in 2013, there are some planning opportunities for business owners: Tax Provisions Which May Impact Planning Opportunities ■       Federal estate tax exemption decreasing

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.

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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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

New offshore account disclosure law

To pay for the hiring incentives in the recently enacted “Hiring Incentives to Restore Employment Act” (the 2010 HIRE Act), Congress passed several offsetting revenue raisers, including a comprehensive set of measures to reduce offshore noncompliance by giving IRS new

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

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

Where Not To Die

New Jersey and Maryland levy both types of tax.

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.

A great time for GRATs

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