One of the most common misconceptions that circulates regarding estate planning is that the estate tax is only imposed on people who are extremely wealthy. On the federal level, the estate tax exclusion as of this writing is $5 million. So if your estate is worth less than this it is not presently exposed the federal estate tax. However, in New Jersey we have a state estate tax as well and as an inheritance tax. The state estate tax exemption in the Garden State is just $675,000. Under current … [Read more...] about Targeted Trusts In Response To Estate Tax
Legacy Planning
Sharing Your Thoughts While Planning Your Estate
In all walks of life open and honest communication is usually going to be a good thing, and this is true when it comes to estate planning. There is a dichotomy of sorts however because a lot of people like to keep their financial situation confidential, and this confidentiality can even extend to family members. When your loved ones are not apprised of your intentions, there can be disagreements that arise after you pass away. Some of them are unavoidable, but others can be prevented through … [Read more...] about Sharing Your Thoughts While Planning Your Estate
Core Elements Of Holistic Estate Plan
Every family is unique, and the way that you want to craft your legacy is a personal decision. There is a lot to take into consideration, and the only logical way to go about it is to engage the services of an experienced and dedicated estate planning attorney. You have the vision, and your attorney has the expertise to make that vision a reality. Though the details are not going to be the same for every estate plan, there are some basic core elements that are included in every modern holistic … [Read more...] about Core Elements Of Holistic Estate Plan
Leaving Behind More Than Money
Everyone has heard of the last will and it is indeed the most commonly utilized vehicle of asset transfer in the field of estate planning. However, it should be noted that a last will is not your only option when it comes to transferring assets to your loved ones, and the alternatives are not exclusively of use to people of extraordinary wealth. Depending on your intentions and the form of your assets you may want to pass along resources to your loved ones using a variety of different vehicles, … [Read more...] about Leaving Behind More Than Money
Estate Planning: What Are You Waiting For?
Procrastination is something that a lot of people struggle with, and it certainly enters into the realm of estate planning. There are many reasons why people do not take action when it comes to planning for the future. One of them is the simple fact that they believe that they have plenty of time before it becomes necessary. This may or may not be true, but one thing is certain: When you go through life without an estate plan you are putting the well being of your family in jeopardy. You have … [Read more...] about Estate Planning: What Are You Waiting For?
NBC Sports: Davis Estate Plan Will Keep Raiders In Family
Al Davis, who died on October 8th at the age of 82, was one of the most recognizable figures in the world of professional sports for the past five decades. Different people had different opinions of Davis, but one thing is for certain: He loved the Raiders. Davis was known for the phrase "Just win, baby," and the reality is that his teams did a lot of it. The Raiders won the AFL Championship back in 1967 before the NFL and AFL merged. They then went on to win the AFC Championship four times, … [Read more...] about NBC Sports: Davis Estate Plan Will Keep Raiders In Family
Be Aware Of Estate Tax Exposure
There are individuals who think that they don't need to retain the services of an estate planning attorney because they are under the impression that transferring assets is a very simple matter. It could be argued that it should be simple and straightforward, but due to the tax code your legacy can be significantly reduced as you are passing it on to your loved ones if you do not take steps to gain estate tax efficiency. This is one of the reasons why careful legacy planning is so very … [Read more...] about Be Aware Of Estate Tax Exposure
Estate Planning & Marital Agreements
It is natural to envision two young adults who have not yet had children walking down the aisle when you think about marriage. The image of a young man asking his beloved to marry him and then handing her a prenuptial agreement along with a ring may seem a little bit out of context. But the reality is that not every marriage involves young couples who have no children who are bringing limited assets into the union. A very significant percentage of the marriages that take place in the United … [Read more...] about Estate Planning & Marital Agreements
Debt Reduction & Retirement Planning
They say that time flies, and it tends to do so much faster as you get older. This is something to keep in mind if you want to be able to retire someday. Retirement is not something that you are guaranteed. To break it down to its simplest form, just about everybody works because they can't afford not to. So you're going to have to be able to finance your lifestyle without working if you want to retire, it's as simple as that. And the vast majority of people are going to have to engage in some … [Read more...] about Debt Reduction & Retirement Planning
A Look At The 2010 Estate Tax Repeal
The federal estate tax can have a life-changing impact on future generations of your family, and ever since it first took effect in 1916 there have been many who would like to see it repealed. They reason that it is not a fair form of taxation because it is imposed on assets that have been accumulated after taxes have already been paid. To these individuals it doesn't seem as though passing away in and of itself should be a taxable event, and by any logical barometer this is definitely a valid … [Read more...] about A Look At The 2010 Estate Tax Repeal
