J. Jeffrey Press, P.A.
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estate and gift tax planning Archives

When will the federal gift tax apply?

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, others will choose to give gifts to loved ones while they are still alive. However, it is important to recognize when the federal gift tax will apply.

New federal estate tax law may affect estate plans

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 want to ask a professional, so they can determine how the new federal estate tax law affects them.

Are gift taxes something you should look into?

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.

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

Phone: 973-323-2654
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