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The New Jersey estate tax is now imposed upon the transfer of the estate of every resident decedent which would have been subject to a Federal estate tax under the provisions of the Internal Revenue Code in effect on December 31, 2001.
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 – real estate, joint accounts, insurance, IRA’, etc. – anything and everything a decedent had [...]
Congress finally acted to provide some certainty for taxpayers and their advisors on the gift tax, estate tax and generation skipping transfer tax.
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 [...]
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 administrative tools to detect, deter and discourage offshore tax abuses. Here is a brief overview [...]
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 the property and money into consideration. The norms of inheritance tax can differ from nation [...]
Congress instead substituted a new system of taxation that will potentially collect more taxes from many of our clients than the estate tax.
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 The income tax is payable only when the assets are withdrawn from the plan.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 [...]
Every storm eventually comes to an end…Now is the time to gift.