Ridgewood, New Jersey Estate Tax Planning Attorneys
Serving People Throughout New York and New Jersey
Residents of New Jersey face the highest estate and inheritance tax burden in the country. Fortunately however, there are a number of estate planning tools that can reduce or eliminate the need to pay New Jersey and federal estate taxes.
Since 1975, Michael A. Manna & Associates has practiced in the estate planning area. Our services include estate tax planning and gifting strategies that can reduce state taxes and protect assets.
Call 201-345-3018 or send us an e-mail for a free consultation.
A Personalized Estate Tax Reduction Plan
Michael A. Manna & Associates has developed estate tax reduction plans for many clients in New Jersey and New York, including many large estates involving complex assets. Our firm will review your financial situation and your desires for your family. We can create a plan using various legal vehicles such as trusts and gifting to reduce or eliminate your potential estate tax.
For example, large gifts made shortly before death can save a large amount of New Jersey estate tax. Since New Jersey has no gift tax and the IRS has a $1,000,000 life time gift tax exemption, significant New Jersey taxes can be saved with this method. Proper analysis of capital gains tax ramifications and other considerations must be done before hand. Such opportunities should always be explored.
Our firm will work closely with you to develop the plan that suits your needs.
In one case, our firm advised a New Jersey woman with a terminal illness and an estate valued at $1.6 million. We developed a plan using gifting strategies that reduced the value of her estate to less than the estate tax threshold of $675,000. Her estate paid no tax.
Sometimes Paying Estate Tax Makes Sense
In other situations, you may be better off paying estate taxes. Suppose you have highly appreciated assets. Since appreciated assets get a "stepped up basis" on death (all capital gains go away after death), you may want to choose to transfer the asset upon death and pay the estate tax, instead of subjecting the appreciated assets to the capital gains tax. The estate tax may prove to be far less than the capital gains tax due on the sale of such assets.
Michael A. Manna & Associates has knowledge and experience in these matters. We can analyze the various tax factors affecting your situation and develop the right plan for you — a plan that achieves your goals and maximizes the assets that your family and loved ones receive.
Contact an Estate Planning Lawyer
For a free initial consultation with Michael A. Manna & Associates, call 201-345-3018 or send us an e-mail.
