Fake Will – An Extreme Example to Help Understand NJ Intestate Laws
Have you ever wondered what happens if you don’t have a Will? The answer is that you die intestate, and the laws of the state in which you are domiciled govern. Since reading through the statutes can be tricky, I have created a sample Fake Will so that you can better visualize the effect of […]
The 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 […]
IRS Releases Form 8971 – Executors Now Required to Report Basis of Assets When Administering Estate
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]
Tax Deductibility of Contributions To a Pending 501(c)(3)
Are Contributions Made to a Non-Profit Organization Tax-Deductible if 501(c)(3) Status Has Not Yet Been Received? The classic chicken and the egg problem as it relates to charities. You want donors to give money to a non-profit so that you can have money to pay for the legal fees and filing fees associated with forming […]
Business Succession Planning: FLLC
Some of you may have seen these scary statistics: According to the U.S. Small Business Administration, 90 percent of the 21 million small businesses in the U.S. are family-owned, but less than one-third of family-run companies succeed into the second generation, while only half of that make it to the third. Most often, the lack […]