NJ Estate Tax Repeal: How Does This Affect You?
It’s official. According to NJ.com, Governor Christopher Christie has signed a a bill to repeal the New Jersey Estate Tax. The new law is part of a larger package deal that increases the gas tax, reduces the sales tax slightly, gives the working poor a larger tax credit….more detail
New Jersey Enacts Uniform Trust Code into Law
Requirement for Executors to Report Basis of Assets When Administering an Estate
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the estate to the beneficiaries of the estate…more detail
Japan Institutes Exit Tax
Effective July 1, 2015, Japan will institute an “Exit Tax” on Japanese residents. If a Japanese resident has lived in Japan for 5 of the last 10 years and then moves to another country (or gives up residence), the Exit Tax will create a deemed sale of all of such person’s assets, triggering capital gains…more detail
Change in Pennsylvania Power of Attorney Law
Happy New Year! Effective January 1, 2015, under Act 95, Pennsylvania modified Chapter 56 of Title 20 of the Pennsylvania Consolidated Statutes, which deals with Powers of Attorney. The amendment was made to try to better protect the Grantor of the powers… more detail
Change in New York Estate Tax Law
Effective April 1, 2014, the State of New York made numerous changes to its tax law. Most dramatically, New York is increasing its estate tax exemption amount from $1,000,000 to match the federal estate tax exemption amount.
New York’s New Estate Tax Exemption Amount
Until March 31, 2015, the new estate tax amount will be $2,062,500.
From April 1, 2015-March 31, 2016, the exemption amount will be $3,125,000.
From April 1, 2016-March 31, 2017, the exemption amount will be $4,187,500.
From April 1, 2017-December 31, 2018, the exemption amount will be $5,250,000.
From January 1, 2019 on, the exemption amount will be indexed to the federal estate tax exemption amount.
However, New York has created a devastating Estate Tax “Cliff” by phasing out the benefit of the New York Exclusion Amount for estates that exceed 100% – 105% of the exclusion amount….more detail
Summary of Tax Law Changes 2013 (Fiscal Cliff Deal)
As you know by know, the Congress and the President have final agreed to a fiscal cliff deal. While I haven’t had a chance to read all 157 pages of the American Taxpayer Relief Act of 2012 yet, here is what I can gather from most major news sources:
1) The federal estate tax, gift tax and the federal generations skipping transfer (GST) tax will continue to have $5,000,000 exemptions, indexed for inflation. The estate tax, gift tax and GST tax exemption amounts…. more detail
Attorney Michael Joseph won a major victory recently in a hotly contested trial in New York Supreme Court in Manhattan. The client was injured when he climbed a scaffold and stepped on a plank and the plank cracked causing the client to fall. Mr. Joseph established that the building owner breached his duties under Labor Law 240by permitting 2×4 planks to be used instead of….more detail
Major Change in Federal Estate Tax
As you may be aware, President Obama recently signed the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”. In addition to keeping most of the income tax rates at their 2010 levels, this Act includes a major change to…More detail
Court of Appeals Upholds One of The Highest Malicious Prosecution Verdicts in New York
A Comparison of the Pennsylvania and New Jersey Inheritance Tax Laws
Some states, including New Jersey and Pennsylvania, have an inheritance tax. Other states, like Florida and New York, do not have an inheritance tax. An inheritance tax is a tax on the person who receives money from a decedent….more detail