Over the course of the last decade, individuals have seen the growing importance of and reliance upon digital assets. These are intangible assets that exist in an online environment or computer hard drive. Digital assets can include anything from online movie...
Estate Planning
What is the impact of New Jersey’s inheritance tax?
On Behalf of Michael A. Manna & Associates | Jan 7, 2021 | Estate Planning
Most people dread the prospect of having taxes levied on their estate. While this event happens to few people, the amount that taxes can reduce an estate’s value by is significant. In New Jersey, though, not only could your estate face taxation, some of your...
Tips for gifting strategies for the elderly
On Behalf of Michael A. Manna & Associates | Aug 8, 2017 | Estate Planning
Elderly people need to have a proper estate planning strategy to ensure they leave all their belongings to the right people after death. However, many people fail to do this. A report from the American Association of Retired Persons shows that only four out of every...
How does New Jersey inheritance tax affect your estate?
On Behalf of Michael A. Manna & Associates | Jun 13, 2017 | Estate Planning
Estate planning consists of more than drafting a will, establishing a health-care directive and appointing a durable power of attorney. Unfortunately, it also entails considering how various state taxes will affect your estate, which can determine the plans you decide...
How can I protect my estate from capital gains taxes?
On Behalf of Michael A. Manna & Associates | Apr 18, 2017 | Estate Planning
When it comes to estate planning, the decisions you make can affect the amount of capital gains tax that is assessed to your estate. Capital gains taxes can affect your beneficiaries tax situation and diminish your estate's value. High-value estates are particularly...
Do you need to add a living will to your estate planning?
On Behalf of Michael A. Manna & Associates | Jan 24, 2017 | Estate Planning
Understanding what makes your estate planning complete can be difficult, especially if this is your first time through the process. As you consider your options and put together your choices for wills, trusts, and other pieces of your larger estate planning picture,...
Communication is key between elderly parents and their adult children
On Behalf of Michael A. Manna & Associates | Jul 15, 2016 | Estate Planning
When children are growing up, their parents play a critical role in their development. When parents are growing old, adult children are likely to play a crucial role in caring for their parents. This reversal of roles can be challenging, and will only be successful...
Music icon’s death highlights the importance of estate planning
On Behalf of Michael A. Manna & Associates | May 16, 2016 | Estate Planning
The unexpected death of musician Prince stunned people across the United States and the world. Having sold more than one hundred million albums over his career and having completed many successful concert tours, Prince amassed a fortune estimated at many hundreds of...
Is relocation the answer to avoiding New Jersey estate and inheritance taxes?
On Behalf of Michael A. Manna & Associates | Mar 22, 2016 | Estate Planning
New Jersey is one of the only states to have both an estate tax and inheritance tax. Currently, New Jersey has an estate tax rate of up to 16% on assets more than $675,000. Furthermore, New Jersey has an inheritance tax of 16% that applies to people other than...
Pets may be a concern of New Jersey owners during estate planning
On Behalf of Michael A. Manna & Associates | Jan 8, 2016 | Estate Planning
Many New Jersey residents often consider their pets as part of the family. Therefore, they may be concerned about the welfare of those pets in the event that the owners suffer from a situation in which they are not able to properly care for their pets. In some cases,...
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