Understanding Basis

Understanding Basis

The original cost of an asset is only the starting point for determining basis.

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

This is an update to the 2018 post on wrote on the Pennsylvania inheritance tax.  However, before I discuss ways to minimize the PA inheritance tax, it is important to understand that the tax rate is affected by who receives money upon your death. As a refresher, Pennsylvania has an inheritance tax on most assets […]

Basics of Life Insurance Trusts

Basics of Life Insurance Trusts | The Pollock Firm LLC

Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]

Estate Planning for Americans with Assets in India

Estate Planning for Americans with Assets in India

New Jersey is a very diverse state, and I have quite a few clients of Indian heritage. Accordingly, I thought I would share some advice regarding estate planning for Americans with assets in India: India does not have an estate or an inheritance tax; There is no treaty with respect to the US and India […]

New Jersey Estate Tax—Permanent Repeal?

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 […]

Benefit of a Life Insurance Trust after the Repeal of NJ Estate Tax

Benefit of a Life Insurance Trust

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 […]

The Best Place To Die (From An Estate And Inheritance Tax Perspective)

Best Place To Die (From An Estate And Inheritance Tax Perspective)

Best place to die Several years ago, I wrote a few articles comparing the tax consequences of dying in New Jersey, New York, Pennsylvania and Florida.  Now that New Jersey has amended its estate tax laws, I thought I should write another post for 2017 regarding the best place to die. I will write this […]

The NJ Estate Tax is Repealed! Almost.

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 […]

New Jersey Estate Tax Deal

New Jersey Estate Tax Deal

According to various news reports, it appears that New Jersey will officially be eliminating the estate tax.  The deal to eliminate the estate tax is part of a larger 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 […]