New Jersey residents might be interested to hear that when there are unpaid taxes on an estate, this can end negatively for beneficiaries. According to a recent decision rendered by the U.S. District Court for the Southern District of Florida in one case, an inter...
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Ridgewood Estate Planning Blog
Establish a complete estate plan
On Behalf of The Manna Helmy Law Group | Aug 12, 2013 | Estate Planning
Some New Jersey residents may believe that estate planning is primarily about taxes. This belief arose when many estates were depleted by IRS regulations. However, with changes to the law, it is now estimated that only approximately 5,600 estates pay taxes in a given...
New Jersey middle-income boomers and retirement planning
On Behalf of The Manna Helmy Law Group | Aug 8, 2013 | Medicaid Planning / Nursing Home Planning
A recent study on middle income boomers by Bankers Life and Casualty Company showed that while members of this age group generally have a financial plan in place for their final life expenses, they are largely unprepared for any future that may require nursing home...
New techniques available for shielding assets from estate tax
On Behalf of The Manna Helmy Law Group | Aug 5, 2013 | Inheritance And Estate Tax
New Jersey residents may be interested to learn of two techniques available for shielding certain assets from estate tax. In an online article, a tax expert offered advice about how to use the 2013 American Taxpayer Relief Act to chart a plan for intelligent estate...
Don’t forget unexpected expenses when planning for retirement
On Behalf of The Manna Helmy Law Group | Aug 2, 2013 | Asset Protection
New Jersey residents hoping to enjoy their golden years later in life will have to dig deep into their pockets before retiring. The cost of everything continues to increase, so Boston College's Center for Retirement Research advises working adults saving for...
NJ residents may be able to double their estate tax exemptions
On Behalf of The Manna Helmy Law Group | Jul 31, 2013 | Inheritance And Estate Tax
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...
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,...