The federal estate tax law has a portability provision; that is, it allows the transfer of the federal estate tax exemption from the decedent to the surviving spouse. If the correct estate tax planning steps are taken, residents of New Jersey might be able to double...
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Month: July 2013
Alternatives to disinheriting children
On Behalf of The Manna Helmy Law Group | Jul 26, 2013 | Probate
New Jersey residents who are unhappy with their children may end up leaving them out of their will. This can cause a rift to form in families and lead to lawsuits, dragging out the probate process. While it is up to an individual to determine who gets what once they...
James Gandolfini’s heirs pay $30 million estate tax
On Behalf of The Manna Helmy Law Group | Jul 23, 2013 | Inheritance And Estate Tax
A few weeks ago, the death of New Jersey native and Sopranos actor James Gandolfini stunned his family, friends and fans. Even more shocking was the recent news that Gandolfini's heirs have to pay $30 million total in estate tax. 51-year-old Gandolfini generously left...
Estate liquidity is an important consideration
On Behalf of The Manna Helmy Law Group | Jul 19, 2013 | Asset Protection
Federal estate taxes are more of a concern for very wealthy individuals as the tax doesn't kick into place unless an estate is valued at more than $5.25 million. However, New Jersey residents need to pay close attention to asset protection plans because of the impact...
Estate liquidity is a serious family matter in New Jersey
On Behalf of The Manna Helmy Law Group | Jul 16, 2013 | Estate Planning
Since the estate tax does not affect an inheritance until it gets to $5.25 million, most people are not concerned with that when it comes to the liquid assets in their estate. Only millionaires and their heirs are affected by that particular issue. On the other hand,...
Steps to creating an estate plan
On Behalf of The Manna Helmy Law Group | Jul 12, 2013 | Estate Planning
New Jersey residents dying without an estate plan subject their families to court-related delays and allow the state to determine who gets their assets. Most Americans know that having an estate plan is important, but less than half have actually undertaken the...
Estate planning for the teenagers in your family
On Behalf of The Manna Helmy Law Group | Jul 10, 2013 | Estate Planning
The practice of planning for the untimely debilitation of a loved one isn't always left for an advanced age. Regardless of how old New Jersey family members are, it's never too early to create an estate plan for their future medical and legal security. This is...
Is debt inherited?
On Behalf of The Manna Helmy Law Group | Jul 8, 2013 | Estate Planning
Many older Americans are in bad financial trouble. One and a half million senior citizens lost their homes during the recession and more than half a million are currently in foreclosure. All in all, three and a half million bad loans are held by people 50 and older....
Estate planning basics
On Behalf of The Manna Helmy Law Group | Jul 2, 2013 | Estate Planning
New Jersey residents often assume they do not need estate planning documents because they do not have a large amount of assets or they are not old enough to concern themselves with it. However, there are basic estate planning documents that adults should have. Once...
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