Capital Gains Tax

New Jersey Estate Tax—Permanent Repeal?

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New Jersey Estate TaxNew Jersey Estate Tax Permanent Repeal

As many of you know, the new Democratic Governor of New Jersey, Phil Murphy, was engaged in a recent budget showdown with members of his own party.  A last minute government shutdown was avoided, however, as the legislature and the Governor came to terms on a variety of tax increases and spending priorities.  For more […]

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 […]

Estate Planning

The NJ Estate Tax is Repealed! Almost.

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NJ Estate Tax

According to NJ.com, effective October 7, 2016, the New Jersey Legislature has approved a bill that will repeal the New Jersey estate tax.  We are only awaiting the signature of Governor Christopher Christie before the law is enacted, and rumor is that he has promised to sign the bill. Under current New Jersey law, a […]

Estate Planning

Nice Article on the Basics of ILITs

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The Basics of ILITs

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 […]

Estate Tax

NJ Estate Tax (Case Study $2M)

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NJ Estate Tax (Case Study $2M)

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 […]

2503

Deathbed Transfers in New Jersey

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Deathbed Transfers in New Jersey

Often times, a person who is on his or her deathbed will make gifts to family members in an effort to reduce the potential taxes owed. For transfers to anyone other than a charity, making gifts in a way that minimizes taxes is actually a very complex process. In deciding whether to make a gift, […]