I think we can all agree that New Jersey is a great place to live, work, and raise a family. But is it a great place to die? Not so much. Why? In a word (okay, two words): estate taxes. Sure, the federal estate tax exemption is $5.3 million, and taking advantage of the unlimited[...]
For those looking to avoid estate and inheritance taxes, New Jersey is currently not the ideal state for an individual to spend his or her last days. Additionally, the effects of unpaid estate and inheritance taxes could linger long after the owner’s death. New Jersey is one of only two states that impose an estate[...]
Despite the fact that the federal government has rolled out a generous federal estate tax law, certain states still levy estate taxes on amounts much lower than the federal threshold. As a recent article explains, New Jersey is one of those states. (In the article states with an "estate tax" are one color, and those[...]
A common estate planning goal is to reduce taxes and thereby pass more money along to the beneficiaries of the estate. A recent article discusses several different estate planning devices that may help you to save taxes on your estate. The article first discusses how family business owners can reduce estate taxes. If you have[...]
When President Barack Obama recently released his 2014 budget proposal, it was revealed that the estate tax exemption may not last as long as many had previously anticipated. According to a recent article, the proposed budget would not only increase estate taxes, but it would also drop the per-person exemption from federal estate taxes. Currently,[...]
The fiscal cliff legislation passed in early January has had an impact on many aspects of finance, including estate planning. A recent article discusses how estate planning is changing as a result of the legislation. The legislation fixed new tax rates and exemption limits. The federal exemption amount now sits at $5.25 million, and[...]
Whether you agree with the politics of former Republican presidential candidate Mitt Romney or not, there are many lessons to be gleaned from his complex estate plan. A recent article in Fox Business discusses several of these lessons. Romney, who is worth $250 million, has in place a variety of trust funds that will[...]