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.

Key Issues in Business Tax Planning in New Jersey

Our firm presented in Lorman Seminars’ Key Issues in Business Tax Planning in New Jersey seminar last month. Seminar Overview Prevent costly mistakes by learning the essentials of New Jersey business taxes – including all the latest updates. Purchase these

HSBC officially provides information on clients having accounts in India to the US Department of Justice and IRS

HSBC this week publicly announced that it has provided available information in its possession to the US authorities probing whether any US-based client used accounts in HSBC India to evade federal income taxes. In April 2011, HSBC Bank USA received

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

NJ Tax Waiver Shortcut

New Jersey provides its taxpayers the opportunity to pay two “Death Taxes”: the New Jersey Inheritance Tax and the New Jersey Estate Transfer Tax. These taxes are transfer taxes (not income taxes, sales taxes or use taxes). They represent a

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 The biggest mistake is the failure to plan, having the wrong plan or even having an outdated plan.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

IRS Form 8938 and the Offshore Voluntary Disclosure Program (OVDP)

The announcement by the IRS of the opening of the new Offshore Voluntary Disclosure Program (OVDP) on January 9, 2012 came as a surprise to most tax practitioners, especially since the 2011 OVDI just ended on September 9, 2011. However,