308, 2023

The Pitfalls of Corporate Ownership of Real Estate

Owning real estate through a corporation, be it a C corporation or an S corporation, might seem like a prudent business strategy at first glance. However, this method of holding property can introduce a range [...]

406, 2021

What Is the Generation-Skipping Transfer Tax?

The estate tax gets all the press, but if you are leaving property to a grandchild, there is an additional tax you should know about. The generation-skipping transfer (GST) tax is a tax on property [...]

2603, 2021

Will You Owe a Gift Tax This Year?

The rules surrounding taxes on gifts often create confusion during tax season or any other time. Below are some of the nuts and bolts of the gift tax, including when a gift tax form needs [...]

605, 2018

Estate Planning Under Trump’s New Tax Law

From an estate planning perspective, the highest-profile aspect of the new tax law is that the federal estate tax exemption has been doubled. The jump from $5.5 million to just over $11 million ($22 million [...]

3004, 2018

Will Your Cryptocurrency Die with You?

Cryptocurrency hasn’t exactly gone mainstream, but it’s no longer a rare, fringe holding. A recent survey revealed that nearly 8% of Americans own at least some Bitcoin or other form of cryptocurrency, and another 7.76% [...]

1604, 2018

Benefits of a Charitable Remainder Trust

Even if you haven’t yet invested in estate planning, you’ve probably heard of Charitable Remainder Trusts (CRTs). When you visit your favorite non-profit’s website or receive a solicitation letter from your alma mater, you may [...]

412, 2017

No New Jersey Estate Tax after December 31, 2017

In 2016, the New Jersey legislature repealed the state’s estate tax, but phased in the change. For those who passed away during calendar year 2017, there was a significant bump in the exemption. Prior to [...]

1810, 2017

Avoid These 8 Common Estate Planning Mistakes

The most common and most significant estate planning error is failing to plan at all. About half of U.S. adults don’t even have a will, arguably the most basic estate planning document. Unfortunately, many of [...]

1209, 2017

How A Living Trust Helps Your Family

There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members [...]

707, 2017

Owe Back Taxes? The IRS May Grant You Uncollectible Status

Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay.  Although notices from the IRS can be especially frightening, there are solutions.If the sum owed is less than $50,000, the IRS will [...]

303, 2017

Things to Remember at Tax Time

Tax day, which is April 18th in 2017, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make [...]

1612, 2016

How to Pass Your Home to Your Children Tax-Free

Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs.  Leave the house in [...]

2910, 2016

An Overview of the IRC Section 2704 Proposal

Section 2704 of the Internal Revenue Code (IRC) pertains to family-controlled corporations and partnerships, specifically dealing with gratuitous transfers between family members in connection with the family owned business. According to IRC, the IRS can [...]

2910, 2016

Understanding the Irrevocable Life Insurance Trust

Life insurance can give great peace of mind to the insured by providing for their loved ones after their death. Life insurance benefits can help pay for your children’s college education or provide for your [...]

2910, 2016

Does My Trust Need a Separate Tax ID Number?

The type of trust that you utilize in your estate planning will affect how the trust’s income will be taxed. This is an important consideration when creating a trust as it will determine who will [...]

509, 2016

Estate Planning for Cross-Border Families

Estate planning is always a highly involved process but for cross-border families, estate planning can be rife with difficulties. Those who own assets in foreign countries or are married to a non-citizen spouse have additional [...]

111, 2015

Have You Prepared Your 2015 Year End Gift Plan?

With the end of the year fast approaching, now is the time to fine tune your gift planning before you get caught up in the chaos of the holiday season. Aside from making annual exclusion [...]

106, 2015

Federal and State Death Tax Updates

Death taxes are back in the news at the federal level as well as in Delaware and Minnesota. What Happened to the Death Tax Repeal Act of 2015? Back in February and March of 2015, [...]

104, 2015

Death Tax Repeal Act Introduced in House and Senate

Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Estate, Gift, and GST Tax Laws Under [...]

103, 2015

When is an Estate Subject to State Death Taxes?

In the United States, certain states collect a death tax based on the value of the deceased person’s estate and who inherits it. Which States Collect a State Death Tax? As of January 1, 2015, [...]

111, 2014

2015 Changes to State Death Taxes

If you live or own property in one of the 20 jurisdictions listed below, then you may have a state death tax issue that requires planning. Currently 20 U.S. jurisdictions collect a death tax at [...]