Each year, the IRS announces how much the estate and gift tax exemptions will be for the following year. Recently, the announcement was made that the estate tax exemption will rise to $5.43 million per person, and the annual gift tax exemption remains at $14,000 for...
Month: October 2014
How a vacation home factors into estate planning
On behalf of Michael A. Manna & Associates | Oct 25, 2014 | Estate Planning
Some families are fortunate enough to have bought a vacation home, and can share that property with those they hold dearest. When the time comes to create an estate plan, some in New Jersey are unsure how to address their vacation home within the scope of their estate...
A sad but true estate planning and probate reality
On behalf of Michael A. Manna & Associates | Oct 23, 2014 | Probate
Much has been written, here and elsewhere, about the need to create and maintain a thoughtful drafted estate plan. That said, the reality is that many in New Jersey and across the nation will not address this important need, and their heirs will be forced to go...
Estate planning during one’s younger years
On behalf of Michael A. Manna & Associates | Oct 17, 2014 | Estate Planning
When many New Jersey residents consider estate planning, it is a topic that they believe is geared toward those who are nearing their retirement years. Younger people often fail to recognize the need to create a solid plan that can be used in the event of their...
Estate tax and college savings accounts
On behalf of Michael A. Manna & Associates | Oct 15, 2014 | Estate Tax
Many New Jersey readers are aware of the tax benefits of establishing and funding a Section 529 college savings account. The money deposited within is allowed to accumulate interest tax-free, and there is no penalty for withdrawing funds to cover the cost of tuition...
The benefits of using a living trust in estate planning
On behalf of Michael A. Manna & Associates | Oct 10, 2014 | Estate Planning
Many New Jersey residents find it advantageous to make use of one or more trusts when setting up their estate plans. There are many different types of trusts, all of which have various benefits. In the case of a living trust, individuals are able to place chosen...
Can a digital app assist with estate planning needs?
On behalf of Michael A. Manna & Associates | Oct 8, 2014 | Estate Planning
Think of virtually any need that a New Jersey resident might have, and there is likely an online application in place to meet that need. With the announcement of a recently released app, estate planning can be added to that list. The company offering the service is...
Estate planning for future children
On behalf of Michael A. Manna & Associates | Oct 5, 2014 | Estate Planning
When most people consider their estate planning needs, they do so in order to ensure that their loved ones are able to inherit as intended. Over time, the people on that list could change, as new children are born or other loved ones pass away. The best way to ensure...
Asset protection for the 99 percent of us
On behalf of Michael A. Manna & Associates | Oct 3, 2014 | Asset Protection
When considering how to structure their end-of-life needs, many in New Jersey hold the misconception that they do not have enough wealth to require estate planning services. They feel that asset protection is a concern only for those who sit amongst the wealthiest;...
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