Creating An Estate Plan To Benefit Your Needs
Recent years have brought significant and complex changes in the law regarding federal estate taxes. The same is true of gift taxes and generation-skipping taxes.
At J. Jeffrey Press, P.A., in Parsippany, we can help you and your family plan for and minimize federal estate taxes with the use of trusts and other estate planning strategies. Attorney J. Jeffrey Press represents clients all throughout northern New Jersey.
Understanding Inheritance And Estate Tax
In addition to federal estate tax, New Jersey imposes both inheritance and estate taxes.
The inheritance tax is imposed on the amount received by the individual recipient. Bequests and other distributions to spouses, parents, children and stepchildren are exempt from the inheritance tax. Bequests and other distributions to other recipients are taxed at varying rates that are determined by the recipient’s relationship to the deceased.
Experienced Representation To Protect Your Interests
At J. Jeffrey Press, P.A., we provide estate tax planning to minimize or eliminate both federal and New Jersey estate taxes and inheritance taxes through devices such as credit shelter trusts, qualified terminable interest property (QTIP) trusts, qualified personal residence trust (QPRT), and other forms of trusts and outright gifts.
We will take the time to address your concerns, create a tailored plan and protect your interests.
For More Information About Estate And Gift Tax Planning, Contact Our Office Today
It does not make sense to let tax consequences drive your entire estate plan. Let J. Jeffrey Press provide you with a range of options to control of your assets and minimize estate taxes. To schedule a consultation please call our office at 973-323-2654 or fill out our contact form.
Did you know you can gift anyone up to $14,000 a year without filing a gift tax return? Contact J. Jeffrey Press for more information.