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Taxation & Estate Planning

New Jersey Estate & Elder Planning Blog

Thoughts and comments on Business, Estate and Elder Law
By Deirdre R. Wheatley-Liss, Esq.

Post Frequency: 0.7/day

Last Entry: April 01, 2011 at 10:46:55

How to Choose an Investment Advisor - The Wealthy and Wise Episode 1 (Video)

Posted on April 01, 2011
The Wealthy and Wise Community is finally here! Its aim: Educate the middle-class millionaire so they are empowered to take action to meet their goals about building and building their wealth. There are people who make a career out of investing and growing your money for a reason - it is a full time job, and as with all jobs, experience can make for better decisions...

Speaking About Important Subjects

Posted on March 28, 2011
In my view the value that attorneys bring to their clients is to connect complex rules and laws to the client's situation and goals. This needs to be done in such a way that the client is partnering with the attorney to evaluate their own situation, brainstorm and critically analyze possible solutions, and work together in developing and carrying out a plan of action...

10 Days to Launch - The Wealthy and Wise Community - Get us your Questions Now

Posted on March 23, 2011
The Wealthy and Wise Community will be launching in 10 days! Here you will find videos. podcasts, and articles aimed at educating the middle-class millionaire about how to make good critical decisions about protecting and building their wealth. I am so excited to be working with Laura Mattia as a Co-Host of The Wealthy and Wise, and grateful to Grey Sky Films for their production work and support...

New Jersey to Become a Better Place to Die? Estate Tax Exemption Rate on the Rise

Posted on March 16, 2011
If you follow this blog, you know that New Jersey is the most expensive state to die in. In an effort aimed at changing that distinction, Governor Christie in his budget proposal has recommended increasing the New Jersey Estate Tax Exemption Amount from $675,000 per person to $1 million per person...

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Money in Your Pocket - It's Real Estate Tax Appeal Season until April 1

Posted on March 08, 2011
Want more money this year? You may be entitled to a reduction in your property taxes due to a decrease in value in your property from general economic conditions. Key points: You MUST file by April 1 You will need your real estate tax bill, and recent sales of comparable properties (try www...

It's an Honor to be Nominated - But I need your help!

Posted on March 02, 2011
It truly is an honor just to be nominated. I just received an e-mail that New Jersey Estate Planning & Elder Law Blog has been nominated for the LexisNexis Top 25 Estate, Probate, and Elder Law Blog 2011. Wow! "Each year, LexisNexis honors a select group of blogs that set the online standard for a given industry...

NJ Millionaires Tax May be back

Posted on February 28, 2011
Flashback to 2009 - New Jersey households earning more than $1 million were subject to an additional tax, or amounts earned over that threshold were tax to 10.75%. Right now, the maximum New Jersey income tax bracket is 8.97%. That was a one-year tax proposed to close a budget gap...

Top Elder Law Decisions of 2010

Posted on February 24, 2011
Courtesy of ElderLawAnswers.com, below is a roundup of the most influential elder law court decisions of 2010, together with my thoughts as to how those cases might carry into New Jersey. The Medicaid Annuity is still generating decisions across the county, as well as questions as to when a penalty period created by a transfer begins to run...

NJ is #1! On "The Worst Places to Die" List

Posted on February 22, 2011
SmartMoney just published "Estate Taxes: The Worst Places to Die" and New Jersey takes the number one spot. 16 states and Washington DC have an estate tax seperate from the federal estate tax (which has a current exemption amount of $5 million per person for deaths in 2011-2012)...

Make Large Gifts Now, Pay More Tax Later?

Posted on February 16, 2011
If you make big gifts in 2011-2012, what happens when you die in 2013 and beyond? Right now, and continuing through 2012, there is a gift tax/estate tax/GST exemption amount of $5,000,000 per person. We have discussed before what a fantastic opportunity this can be for wealthy families to do transfers at little or no transfer tax...

Court Can't Create a Special Needs Trust Where There Wasn't a Will

Posted on February 07, 2011
While courts have the power to interpret a person's intent in a Will to create a Special Needs Trust for a disabled beneficiary, even when the Will does not specifically create such trust, the courts can't create a Special Need Trust out of thin air if the person didn't have a Will...

Should the Rich and Wealthy get something for paying all those taxes? (Humor)

Posted on February 03, 2011
I came across Top 10 'Bad Ideas' for Taxing the Rich and couldn't help but share it. The premise, how to encourage the rich to pay more in taxes, in a tongue in cheek fashion. Author Robert Frank summarized some of the "best" suggestions: 1–Naming Rights...

The Wealthy and Wise - A New Community Coming Soon for You

Posted on February 01, 2011
I am so excited to share that a new go-to website, The Wealthy and Wise, is in its countdown to launch phase. You can get a preview (without all the bells and whistles that are in the works) at www.thewealthyandwise.com. What is The Wealthy and Wise all about? It's an information resource created to fill a void in giving middle class millionaires, and those looking to join them, the tools they need to understand how to protect and build wealth...

Structuring Your Veterinary Practice for Future Opportunities

Posted on January 31, 2011
Steven A. Loeb, Esq. of our Business Law Department recently hosted a webinar through Elevation Research Group, Inc. to a few hundred veterinarians across to the country on legal considerations in the business of veterinary medicine. Some points to be considered: How to structure a partnership arrangement Bringing in a new doctor Being bought out or earning out of your practice Owing business real estate Creating liquidity for your practice for retirement or your family Doing all this while minimizing Uncle Sam's share of your practice Steve's topic is entitled "Structuring Your Veterinary Practice and Planning for Future Opportunities"...

Facebook, Flickr, YouTube, Twitter - Where does it go when you do?

Posted on January 28, 2011
Anyone reading this blog post likely has a rich social media life - you keep up with friends and family on Facebook, you share pictures on Flickr and videos on YouTube and the like, you may have a following you tweet to, you are active on message boards, you blog, or you are active in one of the thousands or other social media sites that have become part of the fabric of our lives...

Credit Card debt Crippling Retirement?

Posted on January 26, 2011
Oftentimes the oldest generation of Americans are seen as the most frugal - they experienced the Great Depression, they abhor debt, they saved their pennies, and while they may now be living off of social security, at least they don't owe anyone money...

Valentines Day and the IRS - Not your usual love match

Posted on January 21, 2011
Valentine's Day usually puts one in the mind of hearts, flowers and candy. This year however, it's going to be a favorite day for the millions of taxpayers who itemize their returns, because it's the first day that those tax payers returns will be able to be filed into the IRS system...

Military Power of Attorney and Advanced Directives

Posted on January 18, 2011
Under the "learn something new every day" heading, Pet Trust Law Blog reports today on a federal statute providing for a Military Power of Attorney for service personnel. The statute (US Code Title 10, Section 1044b) providing for Military Powers of Attorney has some interesting provisions: A document will be a "Military Power of Attorney" if it is notarized in any state, or as set forth in US Code Title 10, Section 1044a (dealing with what military personnel have the power to act as notary) A Military Power of Attorney does not have to meet the format or substance of any State's laws to be deemed valid...

Looking for a Form to file 2010 Estate Tax Return or Gift Tax Return?

Posted on January 12, 2011
Here's another problem with last minute or retroactive tax planning by Congress - the IRS needs to come up with forms that you can file to comply with teh new law. Julie Garber reports today in Julies' Wills & Estate Planning Blog that the IRS is working on it: For the estates of people who died between January 1, 2010 and December 16, 2010, if they are filing a Form 706 Estate Tax Return, it will be due on September 19, 2011, so the IRS still has time to put the form together...

New Lease on Life

Posted on January 10, 2011
Many times as attorneys we are asked to help people during hard times - an illness, the death of a loved one, business downturn, tax issues. The contrast of an uplifting call can be so great that I wanted to share it. One of my partners just stopped by to share with me that a client of his had just called to say he had had a successful heart transplant this past Saturday...

Transfer Taxes on Sale - Video Overview

Posted on January 04, 2011
First, we're trying something new here and have created a video overview the 2011-2012 Tax Sale on Gift Taxes, Estate Taxes, and Generation Skipping Taxes. For wealthy individuals this is an unprecedented opportunity to transfer that wealth to other generations at little or no tax costs...

Hold your Horses on Filing those Income Tax Returns

Posted on December 29, 2010
Are you an early filer? You know the one. You get all your tax papers by February 3, you file on-line by February 4, and get your refund deposited by February 11? Well, if you itemize, that quick time-line won't be happening this year...

What happens to your Will when another beneficiary is born?

Posted on December 27, 2010
You Will usually says "I leave my estate to my children" or maybe "to my grandchildren" or "to my children, and if a child isn't living, then to their children". You will notice that no names are being used. Guest blogger Stacey C...

Seasons Greetings - Yes, there is a Santa Claus

Posted on December 23, 2010
Happy Holidays to you all! In this time of family, friends and thanks for good fortune, I like to recall a very famous letter written by 8 year old Virginia in 1897 to the to the New York Sun asking "Is There a Santa Claus?" for her father had told her that if it was printed in the New York Sun it must be true...

What does the New Tax Law mean for New Jersey?

Posted on December 20, 2010
I wouldn't have taken bets on it, but Washington has hammered out how our federal tax laws are going to look for the next 2 years. On the plus side, we know what taxes are going to look like in January 2011, which is a far better place to be than Monday of last week...

Why I love to blog

Posted on December 15, 2010
I author this blog, quite simply, because I'm really passionate about what it is that I do. I enjoy helping people find ways to pay their legally minimum required taxes. I think that the government's partnership in everything you earn shouldn't be a secret – everybody should know how tax law will affect their decisions...

Proposed Estate Tax Legislation Contains some Generous Surprises

Posted on December 13, 2010
The new estate tax legislation proposed by Sen. Reid (D. NV) contains some pleasant surprises for wealthier Individuals. First, as expected, it proposes to raise the estate tax exemption amount to $5 million per person with a maximum 35% estate tax rate for the next 2 years...

2011 Mileage Rates for Deduction Purposes

Posted on December 09, 2010
Well, we now know one thing about taxes for 2011 - the rates you can use to deduct for mileage and what your employer may reimburse you for mileage starting January 1: 51 cents per mile for business miles driven 19 cents per mile for medical or moving miles driven 14 cents per mile for miles driven in service of charitable organizations

What Tax form do I use for Deaths in 2010.

Posted on December 09, 2010
While there is no estate tax in 2010, there is still a tax form to be filed with the federal government in relation to the estates of people who died in 2010. As discussed in greater detail here, where a person has died in 2010 their executor has an opportunity to allocate $1...

Estate Tax Update - A Choice of Tax Law to apply for deaths in 2010

Posted on December 08, 2010
The Wall Street Journal reports that the Senate is sending out legislation to allow estates of people who died in 2010 to choose EITHER the 2010 1022 basis election OR the 2011 estate tax laws, which are currently proposed to be a $5 million exemption per person and 35% estate tax...

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