Taxes

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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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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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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NJ Court Affirms Inheritance Tax Assessments Are Immune From Settlements

Joseph Rendeiro died on December 3, 2006. His Last Will and Testament, dated June 2, 2006, left a specific bequest of $10,000 to his granddaughter, Jessica Fagin, a $25,000 bequest to his sister, Mary Pereira, and the rest of his $2,218,733.66 estate to his son-in-law, Peter De Rosa who was also named Executor of the […]

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But I Did Spend Last Night At A Holiday Inn Express

Years ago, there were a series of commercials in which ordinary folks would go into operating rooms to perform surgeries, fly helicopters and ride bulls.  Of course, they would have no training or qualifications.  Yet when asked if they were a doctor or a pilot, etc, they would also respond, “No, but I did spend […]

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Trick or Treat: Estate Tax Exemption to Increase

Trick or Treat: Estate Tax Exemption to Increase

Just in time for Halloween, the Internal Revenue Service has announced that the exemption from the federal estate tax will increase to $5,430,000, effective January 1, 2015.  Pursuant to the Fair Tax Act of 2013, this exemption, known as the applicable exclusion amount, is adjusted for inflation on an annual basis.  Initially set at $5,250,000 […]

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The Impact of Settlements of Death Taxes

Mike and Hillary have been married for many years.  Although Hillary thought the marriage was wonderful, she found out that Mike’s feelings were not mutual when he died.  Two weeks after the funeral, she received a letter from an attorney representing the estate, Travis Tanner, enclosing a copy of the Will.  Mike’s will left nothing of his […]

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What If I Don’t Want an Inheritance?

The Purpose of Disclaimers and How to Use Them Although most individuals gladly welcome an inheritance, there are occasions in which one may want to forego part or all of one.  The vehicle by which to do so is known as a disclaimer. A disclaimer is a post-mortem estate planning device which affords the estate […]

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