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Past posts on this blog detailed the fact that New Jersey residents face the potential of their estate being subject to tax once they pass on. With proper planning, however, they may be able to limit that potential liability. Does the same hold true for federal estate...
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...
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...
During the holidays, over loved ones' birthdays and for other special occasions, New Jersey residents may relish in offering to their friends and relatives tokens of their love and appreciation. These gifts may range from modest items of personal meaning to lavish...
As the saying goes, the only two guarantees in life are death and taxes. And, for some people, receiving an inheritance after a loved one dies means that either Uncle Sam will take his share before the estate is distributed, or the state may ask the heirs to pay up,...
When the Tax Cuts and Jobs Act raised the threshold for the amount of assets a person can hold before they are subjected to the federal estate tax, many people in New Jersey may have cheered. After all, now that a person can hold $11 million in assets as an individual...
While New Jersey no longer has an estate tax, as of right now it is one of only a handful of states that still imposes an inheritance tax. This tax applies to any transfers of assets to certain (but not all) heirs once you pass away. And while inheritances worth $500...
The Tax Cuts and Jobs Act passed in 2017 will take effect this year, and it means big changes for some New Jersey taxpayers. The jump in the federal estate and gift tax exemption to $11.8 million may be good news to those with a large estate. However, these...
New Jersey does not have an estate tax as of January 1, 2018. However, it is one of the remaining states to have an inheritance tax. Also known as a "beneficiary" task, the basis of this tax is on the person who receives an inheritance as well as the amount of the...
Many people in New Jersey have spent a lifetime accumulating a large nest egg. So, as they grow older, they may wish to start thinking about who they want to hand their assets down to. While some people will choose to execute a will or trust to accomplish this goal,...