J. Jeffrey Press, P.A.
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January 2020 Archives

You can lower the value of your estate with gifts

When you're getting older and want to make sure that your estate is not so large that you face taxes, one of the options is to take advantage of the gift tax. The gift tax allows you to give gifts to others up to an allowable amount annually. You don't have to report those gifts to the Internal Revenue Service (IRS) as long as they are under the legal amount.

Is it time to create an estate plan?

Estate planning is an important part of growing older. As you age, you start to collect more assets, develop relationships with others and gain the understanding that you won't always be here. You want to leave assets behind to those you love and to protect yourself and your family in the case that you're hurt and unable to care for yourself.

What is the New Jersey estate tax?

An estate plan directs where a person wishes their wealth and assets to go, such as to their loved ones, friends and charities after death (also known as, the decedent). However, there is another place the estate assets may be sent depending on the organization and size of an estate -- taxes. New Jersey imposes an estate tax on estates of a certain size, and that cost can be significant for those who pass on.

J. Jeffrey Press, P.A.
8 Wood Hollow Road
Plaza Level - Suite 2A
Parsippany, NJ 07054

Phone: 973-323-2654
Fax: 973-288-2070
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