Are we going to see Federal Estate Tax repeal? The “plan” unveiled by the Trump administration was a broad “outline” of a tax reform. Mr. Trump has suggested an alternative system may be to tax any increase in the value of an asset over time, for estate assets that exceed a generous exemption amount at

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1. Providing for the management of assets for beneficiaries who cannot or cannot yet or do not want asset management, such as in the case of minors or individuals who are incapacitated. 2. Providing for a person’s spouse, and making sure that your selected beneficiaries receive their inheritance as opposed to a new spouse and

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Too often a Revocable Living Trust fails because the clients do not understand the importance of transferring assets into the Trust. In most cases, this results in the unnecessary expense of a probate proceeding that could have been avoided. The New Jersey Revocable Living Trust is an entity designed to avoid probate and reduce estate

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On October 14, 2016 Gov. Christie executed a new law that states New Jersey decedents who die during 2017 will not be subject to New Jersey estate tax unless their taxable estates are greater than $2,000,000. Thereafter, beginning with deaths occurring on January 1, 2018, the New Jersey estate tax is repealed. Those New Jersey

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By now we should be aware of the recent change in the law which raised the gasoline tax 23 cents. Well, along with that gas tax increase a “deal” was made in Trenton that resulted in: (A) A reduction in the state Sales Tax from 7% down to 6.875 on January 1, 2017 and t

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A DOZEN DOCUMENTS YOU NEED BEFORE YOU DIE It is no longer enough to just sign some papers establishing an estate plan. You also have to make your heirs aware of your estate plan and advise them where the documents can be located. Also some of the country’s largest insurers are failing to pay out

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In today’s world, it is essential that clients plan for both real-life assets, as well as digital estates. This generates many questions: Who is in charge when it comes to digital property? Do family members have the right to access their loved one’s account after a death? Would the individual who has passed want family

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New Jersey Estate Tax: Status New Jersey and Maryland have both an estate tax and an inheritance tax. Unlike federal estate tax rules, a surviving spouse in New Jersey can not inherit the deceased spouse’s unused estate tax exemption, which means each spouse’s estate is taxed on every dollar over $ 675,000. New Jersey’s $

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Modest estates: New tax planning considerations The landscape has changed for estate planning in the past several years since the gift and estate tax was set at 40% and the lifetime exemption was upped to $5,450,000 in 2016. Now many modest estates will have either no estate tax or a very nominal estate tax, therefore,

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