Gifting to Parents to Save on Capital Gains Taxes

Gift Planning

As I gaze outside at yet another major snowstorm here in Mercer County, NJ and contemplate how nice it would be if I were visiting my folks near my Boca Raton, Florida office, I am reminded of a tax savings idea that I heard was gaining traction amongst wealthy children whose parents are still living. […]

Choosing an Executor, Trustee and Guardian

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 […]

United States – Japan Estate, Inheritance & Gift Tax Treaty

Japan Estate, Inheritance and Gift Tax Treaty

My links to this have expired and it always takes me forever to find the treaty, so I’m going to reprint the whole thing here.  Hopefully it is accurate: JAPAN ESTATE AND GIFT TAX TREATY UNITED STATES- JAPAN ESTATE, INHERITANCE, AND GIFT TAX TREATY [Signed 4/16/54] ARTICLE I The taxes referred to in the present […]

Three Gift Ideas—ROTH Style

Gift Ideas—ROTH Style

Idea One—Money One of the questions that frequently comes up when I speak with clients is that they want to be able to gift money to their heirs, but they do not want their offspring to waste the money. There are a number of ways to accomplish this. If you are considering gifting a significant […]

Is there an Inheritance Tax on Life Insurance Proceeds?

Is there an Inheritance Tax on Life Insurance Proceeds?

One of the biggest misconceptions people have about life insurance is how it should be taxed. Most people think that they can receive the proceeds completely tax free. Upon the death of the insured, the beneficiary of a policy can almost always receive the proceeds without paying an income tax. However, estate taxes and inheritance […]