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,...
Sometimes, the law changes in a way that might affect a person's estate plan. For example, back in December of last year, Congress passed tax legislation in a way that warrants a review of one's estate plan. With this in mind, there are certain questions a person may...
For many New Jersey residents, gift taxes are something that is of interest as a tool in their estate planning wardrobe. Gifts to a loved one can be a good way to transfer some assets while a person is alive and reduce the total amount of the estate. One of the most...