Basis

NJ Estate Tax Repeal: How Does This Affect You?

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NJ Tax Repeal How Does This Affect you

It’s official.  According to NJ.com, Governor Christopher Christie has signed a bill to repeal the New Jersey Estate Tax.  The new law is part of a larger package deal that increases the gas tax, reduces the sales tax slightly, gives the working poor a larger tax credit, gives a tax cut on retirement income and gives a tax […]

Dynasty Trust

Dynasty Trusts Explained

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Dynasty Trusts Explained

I am frequently asked about the best way to transfer wealth to younger generations.  Sometimes people feel that absent having a minor child, a problem child or a special needs child, there is no reason to set up a trust.  Often times they are correct and there is no reason create a trust because the […]

Estate Tax

Change in New York Estate Tax Law

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New York Estate Tax Law

Effective April 1, 2014, the State of New York made numerous changes to its tax law.  Most dramatically, New York is increasing its estate tax exemption amount from $1,000,000 to match the federal estate tax exemption amount. New York’s New Estate Tax Exemption Amount Until March 31, 2015, the new estate tax amount will be […]

Estate

Choosing an Executor, Trustee and Guardian

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choosing an executor trustee and guardian

Clients frequently ask me for advice on who they should name as Executor, Trustee or Guardian when creating their Last Will and Testament.  First, let me explain the difference between the three roles. The Executor  The Executor is the person who probates your Will, goes into your house and looks through all your things, safeguards […]

Income Tax

Same Sex Marriage Now Legal In New Jersey

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Same Sex Marriage

Effective today, same sex marriage is now legal in New Jersey after Governor Chris Christie dropped his plans to appeal the ruling of Superior Court Judge Mary Jacobson.  On September 27, 2013, Judge Jacobson had ruled that New Jersey must allow same sex marriages in the wake of the Supreme Court’s decision in United States v. […]