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Formerly Michael A. Manna & Associates
Formerly Michael A. Manna & Associates
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Gifts of real estate are a common way folks leave their wealth to family before they pass on. Unfortunately, such transactions often involve a failure to report the gift to the Internal Revenue Service.Failure to report gifts of real estate to the Internal Revenue...
In our last post, we began discussing the difference between probate and non-probate property in the context of a discussion of what a beneficiary may do when they have not yet received their inheritance under a will. We continue that discussion here.Probate property...
A recent article in the Star Ledger addressed the issue of what a beneficiary should do when they have been assured of receiving property by will but are disconnected from the process of estate administration, have no copy of the will, and have not yet heard anything...
Most people setting up their estate plan would like to be able to reduce the amount of estate tax on their acquired wealth as much as possible.There are various ways to reduce estate tax. In New Jersey, the first $675,000 of one's estate is exempt from estate...
Sometimes navigating through estate taxation issues can be confusing, even where the estate at issue is relatively straightforward.A recent article in the Star-Ledger discussed the broad outlines of how estate tax works for a relatively simple estate. In that article,...
In our previous post, we began looking at the types of complications remarriage can pose for estate planning. We noted that one potentially difficult situation is remarriage to a noncitizen, and that encouraging the establishment of an independent trustee and giving...
Not everybody, even among the wealthy, is necessarily interested in creating an estate planning. According to a recent survey by U.S. Trust which examined 457 wealthy persons, many from the baby boomer generation are not all that interested in having control of their...
In our last post we began looking at charitable remainder trusts and their usefulness in the context of estate planning. Charitable remainder trusts can allow a person to reduce both estate and capital gains tax.When planning to transfer and convert assets, as happens...
Charitable remainder trusts (CRTs) are an excellent tool to reduce taxes in both retirement and estate planning.Charitable remainder trusts are tax-exempt irrevocable trusts that are set up to accord with federal tax laws and regulations. Depending on the type of...
Sometimes the question arises as to how long a will remains valid after its execution, or whether the witnesses have to be alive at the time it is probated. The short answer is that, provided the will was valid when signed, it is still valid years later. And witnesses...
