The Reality of how the “Biden Plan” will change the TAX CODE—what to anticipate…. The first consideration of the “Biden Plan” in our Tax Code will be the “Step-Up Basis” elimination. The “Step Up Basis” is the newly assigned cost basis created by using the market value of an asset on the date of death
You may have been reading or heard what Mr. Biden wants to do with our Federal Estate Taxes, or to put it another way—-you SHOULD BE INTERESTED in what Mr. Biden PLANS TO DO with our Federal Taxes (we’ll address Mr. Murphy’s New Jersey plans later in our next article). First a little history so
In today’s world we realize, hopefully sooner rather than later, that we must address estate planning and in doing so comprehensively we strive to “cover all bases”. By this we mean, among all other issues (a) did we address the issue of your “digital assets” and (b) did we appoint a Funeral Representative in addition
“Celebrity” estate stories are too common: Think about the estates of James Gandolfini, who actually started, but postponed working on his estate planning six months prior to his unexpected death, unfortunately he didn’t start early enough and died unexpectedly at age 51 while vacationing in Rome, Italy. Also, actor Michael Jackson who died at age
Tarta Law is here for you through these troubling times. Although we may not be able to meet face to face I still can meet via phone or FaceTime with any reoccurring or new clients. A system has been put in place for all documents to be picked up through a touchless system. Contact us
*** CANCELLED DUE TO COVID19, WILL BE RESCHEDULED AS SOON AS POSSIBLE *** Join Steven W. Tarta, Esq. and Joseph Anthes for a free seminar on Essentials of Estate Planning and Medicare Seminar Date / Time: Thursday, March 19th, at 2 PM Location: THE BUCKINGHAM AT NORWOOD CARE AND REHABILITATION CENTER “FAILING TO PLAN IS
Dynasty Trusts are created to benefit your decedents, not you! In New Jersey since the revocation of the “Rule Against Perpetuities”, Dynasty Trusts, in theory, can be created to last forever; however in reality almost all clients decide that they should be terminated after approximately three generations—for a multitude of reasons. The Dynasty Trust can
A Funeral Agent is not mandatory in your estate plan—however, it is a wise idea in order to avoid the following scenario…. Our client, recently passed at the age of 94. Having completed extensive estate planning, she had decided not to appoint a Funeral Agent, because she believed no family member would interfere with her
President Trump signed the Tax Cuts and Jobs Action (the “Act”) on December 22, 2017, implementing a new law that affects many taxpayers. This newsletter highlights some of the changes to the federal estate, gift and generation-skipping transfer tax laws, as well as other issues for consideration to my clients and friends regarding their estate
Do you know the Estate and Gift Tax Exemptions for 2018? Do you know the new Annual Exclusion for 2018? The annual exclusion amount will be increased to $15,000 from $14,000 on January 1, 2018. It has been $ 14,000 since 2013. This is the amount that each person can give to another person without