How to Best Choose a Taxable Year for an Estate
The ability to elect a fiscal tax year is a powerful planning tool that, when used wisely, can reduce overall taxes and facilitate the orderly administration of the estate.
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New Jersey Inheritance Tax for Non-Residents
If you live outside New Jersey and you leave New Jersey property to someone at your death, New Jersey may impose a tax.
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When are the Proceeds of a Wrongful Death Action Includible in the Decedent’s Estate for Purposes of the New Jersey Estate and Inheritance Tax?
The proceeds of a wrongful death action can be taxed by the NJ Division of Taxation. Care must be taken in structuring settlement agreements to reduce the overall tax if […]
Read the full postSECURE Act Changes to IRA Distributions
The SECURE Act made sweeping changes to IRA distributions affecting estate plans for decedents dying on or after January 1, 2020. What Changed? The new law changed the required minimum […]
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IRS Rules Under Section 2511 that Transfers to Irrevocable Trust are Incomplete for Purpose of Federal Gift Tax
In the only private letter ruling addressing incomplete gift, non-grantor trusts (“INGs”) in 2020, the IRS ruled that the subject trust was a non-grantor trust under section 671 of the […]
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How to take Advantage of Qualified Small Business Stock (IRC 1202)
With proper planning you can take advantage of Qualified Small Business Stock and avoid recognition of significant gain on the sale of that stock. Not all stock sales are treated […]
Read the full post2021 New Jersey & Federal Estate Tax Update
New Jersey has no effective estate tax, which means that transfers on death are not subject to a tax based on the amount being transferred. However, New Jersey still has […]
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