As we get closer to the repeal of the New Jersey Estate Tax on January 1, 2018, it is important to remember that New Jersey has NOT gotten rid of its inheritance tax. Accordingly, if you wish to leave money to brothers, sisters, nieces, nephews, friends or a significant other (besides a spouse) and if […]
A colleague of mine, David Saltzman, has written a nice article on the Basics of Irrevocable Life Insurance Trusts. As he points out, setting up a life insurance trust is a great way to minimize your estate tax liability and it can be especially important in New Jersey. Dave is a great resource and knows […]
In New Jersey, tax planning and estate planning can be very important. I’d like to show you a good representation of what a plan can do for a married couple with $2,000,000 in assets. Let’s assume that the couple has $800,000 of life insurance, a house worth $400,000, retirement accounts of $200,000, brokerage assets of $350,000, and […]