What Are You Giving To Charities This Holiday Season?

TIS the season of giving and as we near year end, we think of giving gifts not only to those we love, but also to our favorite charities.  You itemize deductions and you want to use the donations to reduce your income tax.  But IS that donation deductible? Are you aware that only donations to […]

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Is Santa Looking Over Your Shoulder?

TIS the holiday shopping season and you are surfing the internet for the perfect gifts.  You have a few minutes while waiting somewhere so you take advantage of free wi-fi.  You found the perfect gift on a website you haven’t visited before and set up an account.  But WAIT, are you going to get more […]

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PHISHING or Fishing?

The IRS has experienced more and more potential harm being caused to taxpayers by the sophisticated individuals who have nothing better to do than find ways to scam people.  The following is information published by the IRS to help individuals become more aware of potential threats: The IRS reminds people to be on the lookout […]

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Estate Planning for Marriages With A Non-Citizen Spouse

While traveling abroad as a student, John met Grace. Grace was a citizen of Spain. Love at first sight, they began a whirlwind courtship and got married. They returned to the United States and eventually settled down as residents of New Jersey. Intending to reside permanently in this country, she nevertheless maintained her Spanish citizenship. […]

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The Ever Expanding Definition of What Constitutes A Will

One of the most important legal documents an individual can ever execute is his or her Will. Until recent years, it was a formal writing prepared by a lawyer to insure that one’s assets were passed to his or her heirs. Yet over the past few decades, alternative planning methods have arisen. Moreover, New Jersey […]

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So Do I Still Need a Trust in NJ?

For New Jersey residents, the New Year delivered the scheduled increase in the New Jersey Estate Tax exemption from $675,000 to $2,000,000. Absent a change in the law over the coming year, the tax will be eliminated altogether at the outset of 2018. So many are likely asking the question, “Do I still need a […]

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The Future of Death Taxes

The last few months have brought dramatic changes in the taxation of an individual’s assets upon his or her death. For many, there will no longer be any need to plan for the minimization of death taxes. Residents of the State of New Jersey are subject to three death taxes: (1) the federal estate tax, […]

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Get Rid of That Old Will!

In 1994, Helen M. Weste executed a Last Will. She was single and had no children. The Will made three charitable bequests, left her personal property to a niece, and left the remainder of her estate to be divided in differing percentages among a sister along with eight nieces and nephews. In 2002, Helen executed […]

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Taxes First: Specific Bequest Cannot Be Used to Offset Promissory Note

Christopher C. Economaki, a widower, died on September 28, 2012. He was survived by his two daughters, Christine and Corinne. Christine was named as Executor of his estate. Christopher’s Will poured over into a Trust. The Trust left a $215,000 bequest to Christine to adjust for a comparable annuity distribution to Corinne. The balance was […]

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Special Alert: NJ Kills Estate Tax

On Friday, September 30, after two failed attempts, the third time was the charm for lawmakers from both sides of the aisle when they reached a deal, giving the NJ estate tax its own death sentence. Under the deal, on January 1, 2017, the exemption from this tax will increase from $675,000 to $2,000,000. On […]

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