Inflation Updates for 2023
Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2022-38. Here are the important inflation updates for 2023 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2023 2023 […]
Understanding Basis
The original cost of an asset is only the starting point for determining basis.
Inflation Updates for 2022
Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2021-45. Here are the important inflation updates for 2022 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2022 2022 […]
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 […]
Make a Gift Before 2021
I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]
2020 Tax Updates
The IRS has recently announced many 2020 Tax Updates. The inflation adjustment announcement can be found in Revenue Procedure 2019-44. This includes increases to the federal estate and gift tax exemption limits and increases to the contribution limits to retirement plans. The 2020 Tax Update also increases the income threshold for a small business to […]
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 […]
Do I Need An Attorney To Prepare A Simple Will?
I occasionally get asked if it is really necessary to hire an attorney to prepare simple estate planning documents. Usually, the answer is NO, however, I find that once I start asking a few questions, most people really don’t need a simple Will and they would be much better served with professional guidance. Let me […]
Nice Article on 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 […]