Understanding What “Per Stirpes” Means
Sometimes it’s easier not to reinvent the wheel. Back in 2006, Debra M. Simon, CPA wrote an excellent article about Understanding the Pitfalls of Beneficiary Designation Forms. Included in that article is a clear explanation what it means to name your issue, “per stirpes” compared to naming your issue, “per stirpes by representation” as beneficiaries […]
A Comparison of the Pennsylvania and New Jersey Inheritance Tax Laws
Some states, including New Jersey and Pennsylvania, have an inheritance tax. Other states, like Florida and New York, do not have an inheritance tax. An inheritance tax is a tax on the person who receives money from a decedent. The inheritance tax rate itself depends upon the relationship between the person receiving the money and […]
SEP IRA is a protected asset in NJ
I was asked earlier today whether a SEP IRA is protected against creditor lawsuits. Without doing a lot of in depth research, I have found that the answer is generally yes. The answer is not the same in all states as it is dependent upon state statute. New Jersey exempts the claims of creditors from […]