New Jersey residents who are planning for their futures may wonder about how to reduce estate taxes or avoid using their savings to pay for their long-term health care needs. One advisor recommends that couples start their estate and nursing home planning while they...
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Ridgewood Estate Planning Blog
Statute of limitations affects same-sex filing status
On Behalf of The Manna Helmy Law Group | Oct 21, 2013 | Inheritance And Estate Tax
Although the Supreme Court decision ruled that the Defense of Marriage Act was unconstitutional and that same-sex spouses would be eligible for the same federal benefits as opposite-sex spouses, the confusion is not over. The Internal Revenue Service and the Treasury...
The wealthiest families’ plans for asset protection
On Behalf of The Manna Helmy Law Group | Oct 18, 2013 | Asset Protection
New Jersey residents might be curious to learn what the wealthiest families are doing to protect their assets. Trusts can be used for a variety of purposes, one of which is protecting assets while the parents are still living. Asset protection trusts are trust funds...
Residency effect of trusts
On Behalf of The Manna Helmy Law Group | Oct 15, 2013 | Asset Protection
In the last two decades, the number of trusts that have been executed has grown, perhaps owing to more people becoming aware of their benefits. New Jersey residents may utilize trusts as an asset protection tool or use them to save on federal estate taxes and to avoid...
Bypass trusts serve as annual tax savings tools
On Behalf of The Manna Helmy Law Group | Oct 11, 2013 | Asset Protection
New Jersey residents might be interested to hear that they can use bypass trusts as annual tax savings tools. Everybody has to pay taxes on their income; according to the assignment of income doctrine, they cannot simply hand their income over to another person in a...
Giving your home away as an estate planning tool
On Behalf of The Manna Helmy Law Group | Oct 9, 2013 | Asset Protection
It may seem counterintuitive, but there may be instances in which giving away your home may be the best course of action as part of asset protection and estate planning strategies. Older New Jersey homeowners and their families may want to consider such a gift under...
Questions a person with aging parents should ask
On Behalf of The Manna Helmy Law Group | Oct 7, 2013 | Medicaid Planning / Nursing Home Planning
While New Jersey individuals over the age of 50 with aging parents may be under the impression that their parents have a plan in reserve for their final years, this may not be the case. More than 80 percent of people older than 65 live at home and independently, but...
Changes in tax laws anticipated
On Behalf of The Manna Helmy Law Group | Oct 4, 2013 | Inheritance And Estate Tax
Good news for the wealthy or the particularly comfortable was just released by the federal government. In 2014, individuals in New Jersey and across the country will be able to add an extra $90,000 free from federalestate tax to the amount that they are allowed to...
End of life planning: protecting your assets
On Behalf of The Manna Helmy Law Group | Oct 2, 2013 | Asset Protection
Those who plan to set up inheritances for their children often do not plan to leave a significant portion of their assets to third parties; however, more often than not, that is what occurs. Many estate planning attorneys fail to discuss asset protection, or the...
Expert witnesses may testify in Cohen estate dispute
On Behalf of The Manna Helmy Law Group | Sep 26, 2013 | Probate
A Hackensack courtroom was the scene of the latest episode in the long running legal battle over the estate of Robert Cohen. Mr. Cohen's granddaughter claims that her uncle James Cohen, the son of the founder of Hudson News, exercised undue influence over her...