Though inheritance tax is something many New Jersey residents may not be aware of, it is part of the reality of estate planning in this state. Inheritance tax is basically a tax imposed on an estate based on who inherits the assets. New Jersey's inheritance tax is additional to the estate tax at the federal and state level.
In New Jersey, tax planning includes inheritance tax, P.1
Top suggestions in basic estate planning, P.2
In our previous post, we began looking at CNN Money's recommendations and advice concerning basic estate planning. Here we continue that discussion.
Top suggestions in basic estate planning, P.1
On this blog, we often provide our readers with advice about simple estate planning and basic things to keep in mind when going through the process. CNN Money recently posted a top ten list of things to keep in mind regarding estate planning, along with a number of other articles discussing particular aspects of estate planning.
New judicial decisions concerning asset protection, P.2
In our previous post, we began looking at several new developments in asset protection case law the first development we noted was a judicial decision from Virginia regarding fraudulent transfers. The case at issue in that decision involved a defendant company that had transferred intellectual property rights to another company without sufficient consideration. The property apparently included domain names.
New judicial decisions concerning asset protection, P.1
We have previously written about asset protection planning on this blog, noting that it is an important adjunct to estate planning. The basic goal of asset protection planning is to protect the assets you leave to your estate from creditor's claims. Trusts and carefully planned gifting are wonderful tools within an overall asset protection strategy.
Same sex couples in NY see estate tax changes, P.2
In our previous post, we mentioned that the New York Department of Taxation and Finance recently published new guidelines for same sex couples for understanding their rights and responsibilities under New York's recently passed marriage equality law.
Same sex couples in NY see estate tax changes
As most of our readers are probably aware, New York legalized gay marriage last month, and as a result, there are now various changes in tax law for gay couples. As a recent New York Times article points out, the new rules will apply to all legally married gay couples living in New York, regardless of where they were married. Federal law, of course, does not recognize gay marriages, so gay couples in New York, at present, have a different tax status at the state and federal levels.
Basic estate planning for parents with special needs children
Parents who have special needs children often have concerns about how they will be taken care of after they are gone, and who will be around to ensure their welfare or make decisions for them if they are unable to care for themselves. Creating a will, a special needs trust and setting up a guardianship are all fundamental estate planning approaches to easing concerns about this situation.
Dynasty trusts have seen increase popularity, P.2
In our previous post, we started taking a look at dynasty trusts and their increased use in recent years, especially since gift and estate tax exemption have risen. Since 1986-when Congress made major changes to the generation-skipping transfer tax-dynasty trusts have increased in popularity. Delaware-a particularly popular state in which to estate dynasty trusts-is one of several states that have eliminated past restrictions on the ability to pass gifts to remote descendants.
