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...
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Ridgewood Estate Planning Blog
Is a Qualified Income Trust (QIT) right for you?
On Behalf of The Manna Helmy Law Group | Feb 12, 2016 | Medicaid Planning / Nursing Home Planning
One of the biggest concerns many people have about growing older is spending the assets they earned over a lifetime to pay for nursing home care. The cost of nursing home care is astronomical. According to the New Jersey Department of Human Services, the average daily...
Pets may be a concern of New Jersey owners during estate planning
On Behalf of The Manna Helmy Law Group | 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,...
Estate planning can put New Jersey families at ease
On Behalf of The Manna Helmy Law Group | Jan 6, 2016 | Estate Planning
For New Jersey residents who want to ensure that their families understand their end-of-life wishes, estate planning is an action to consider. By creating an estate plan, individuals can detail what actions should take place in the event of their incapacitation, who...
An unusual approach to estate tax planning
On Behalf of The Manna Helmy Law Group | Jan 3, 2016 | Inheritance And Estate Tax
Many New Jersey families are interested in ways to reduce their estate tax obligation. While there are a number of ways to reach that goal, some are more creative than others and can benefit multiple members of the same extended family. An example lies in a practice...
How to select beneficiaries while estate planning
On Behalf of The Manna Helmy Law Group | Jan 1, 2016 | Estate Planning
One of the primary purposes of an estate plan is to create a body of documents and vehicles to smoothly transfer wealth from one party to others after death. The concept is a simple one, but the construction of an estate planning package can be complex. One of the...
Including dementia risk within estate planning
On Behalf of The Manna Helmy Law Group | Dec 26, 2015 | Estate Planning
For many older people, concern over the possibility of dementia is a serious matter. Anyone who has cared for a loved one who suffers from dementia understands the difficulties involved. When a fully capable adult begins to lose his or her ability to function...
An estate planning gift that truly keep giving
On Behalf of The Manna Helmy Law Group | Dec 24, 2015 | Estate Planning
As the holidays come to a close, many New Jersey families are wondering if they gave their loved ones the best possible gifts, and if those gifts will be put to use in the coming year. One present that many may not have considered is the gift of estate planning...
The biggest estate planning mistake possible
On Behalf of The Manna Helmy Law Group | Dec 18, 2015 | Estate Planning
When creating an estate plan, there are a number of errors that individuals can make. Some of these mistakes are minor, while others can have a significant impact on the division of wealth following one's death. The biggest mistake of all, however, lies in the failure...
Estate planning news: Exclusion amount rising in 2016
On Behalf of The Manna Helmy Law Group | Dec 18, 2015 | Estate Planning
Most people in New Jersey are aware that there are rules in place that govern how much estate tax can be charged on assets handed down after an individual's death. Some know that the current amount lies at $5.43 million, and they will go to great lengths to create...