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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

Wall Street Journal is Wrong that Seniors want to "Game" Medicaid

Posted on April 05, 2010
Over the weekend the Wall Street journal ran an article on elder law planning entitled "Inoculating Estates From Health Costs". While I'm always happy to see an article about elder care planning in the news because it's such a critically important and mis-understood problem, in this article the Wall Street Journal missed the mark...

Are there any Tax Credits out there for you?

Posted on March 25, 2010
Middle-class taxpayers often ask the question - is there any tax benefit out there for me ... ever? Well, the White House has created a Tax Savings Tool on its website as a way to make sure you are getting all the tax benefits you are entitled to...

Randolph NJ Schools at a Crossroad - What do we value?

Posted on March 19, 2010
Randolph NJ Schools are at a cross roads. Gov. Christie has cut an additional $3.7 million in funding for the 2010-2011 school year. This is on top of a shortfall of $2.27 from our operating budget from this year. The Board of Education has outlined our bleak options in a press release...

You and Yours Blawg is Moving

Posted on August 06, 2009
Category: Elder Law, Estate Planning, Estate and Inheritance Tax, Business Law and Planning, Tax Law and Planning, Probate and Estate Administration, Financial Planning, Miscellaneous MusingsYou and Yours Blawg is moving its platform over to New Jersey Estate Planning and Elder Law Blog...

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Haven't Paid NJ Taxes? Now Might Be the Time

Posted on March 20, 2009
Category: Tax Law and Planning Courtesy of JH Cohn: New Jersey Enacts Tax Amnesty Program "New Jersey Governor Jon Corzine has signed a bill creating a 45-day New Jersey state tax amnesty period that will end no later than June 15, 2009. Presumably the program will begin on or about May 1, allowing the New Jersey Division of Taxation some time after the April 15 filing deadline to gear up for the program...

Lets get Banks Lending - SBA Loan Guarantee Amount to 90%

Posted on March 16, 2009
Category: Business Law and Planning As report by NJBIZ, in an effort to get banks lending again, "Starting today, the U.S. Small Business Administration is raising to 90 percent the federal guarantee on most SBA loans and temporarily suspending a fee that is charged to banks, but passed along to borrowers...

Tax Law Changes in Stimulus Bill

Posted on February 19, 2009
Category: Tax Law and PlanningWell, the bohemoth stimulus package has passed - what now? and how will it efftect you? A summary of the tax law changes in the bill curtesy of JH Cohn.Economic Stimulus Bill Contains Numerous Tax ChangesOn February 17, 2009 President Obama signed The American Recovery and Reinstatement Act of 2009 into law...

Tax Changes in Stimulus Bill that may Impact You

Posted on February 19, 2009
Category: Tax Law and PlanningWell, the behemoth stimulus package has passed - what now?� And how will it effect you?� A summary of the tax law changes in the bill courtesy of JH Cohn. Economic Stimulus Bill Contains Numerous Tax Changes On February 17, 2009 President Obama signed The American Recovery and Reinstatement Act of 2009 into law...

Prevent Identity Theft

Posted on February 16, 2009
Category: Financial PlanningHOW TO PREVENT IDENTITY THEFT - Courtesy of Valeria and Carolyn Messia of http://www.messinamortgageinfo.com/What is Identity Theft?Identity theft is the unlawful use of another person?s identification, and may take many forms...

Silver Alert Legislation Making its Way Through Trenton

Posted on January 27, 2009
Category: Elder LawA good and reasonable new law to help families of those suffering from dementia and other diseases is making its way through Trenton.Baroni Silver Alert Legislation Approved by Committee New Jersey Senator Bill Baroni NJ District 14: "The Senate Law and Public Safety Committee approved bill S1551/S1844, establishing a ?Silver Alert System? for missing people who are believed to be suffering from dementia or other cognitive impairments...

It's A GO! New Jersey Combines Medicaid Waivers For Seniors & Adults With Physical Disabilities

Posted on January 05, 2009
MediLexicon News - It's A GO! New Jersey State Combines Medicaid Waivers For Seniors & Adults With Physical Disabilities: "Department of Health and Senior Services (DHSS) Commissioner Heather Howard announced today the State has received approval from the U...

Changing your 529 Investment - Not so Fast

Posted on October 29, 2008
Category: Financial Planning I learned something new this week - 529 plans (Qualified Tuition Plans under Internal Revenue Code Section 529) only allow one (1) investment change a year. So, if you reallocated in February, you can't do it again in September...

A Different Approach to $7,000,000,000.00 "Bailout"

Posted on September 24, 2008
Category: Elder Law, Estate Planning, Estate and Inheritance Tax, Business Law and Planning, Tax Law and Planning, Probate and Estate Administration, Financial Planning, Miscellaneous MusingsI can't seem to stop reading about this "bailout" or No Banker Left Behind Act...

The No Banker Left Behind Act

Posted on September 22, 2008
Category: Miscellaneous Musings To all Taxpayers - the proposed $700,000,000,000.00 (yeah, that is a real big number - looks much more menacing with all the zeros spelled out) bailout represents a cost of $2,310.23 per each man, woman and child in US...

Fein Such Awarded for Excellence in Workplace Flexibility

Posted on September 15, 2008
Category: Miscellaneous MusingsAs a pat on the back to our firm and its wonderful employees, Fein Such is a proud recipient of the Alfred P. Sloan Awards for Business Excellence in Workplace Flexibility. The Sloan Awards recognize organizations that are dedicated to making work ?work? for both the employer and the employees by creating effective and flexible workplaces that meet the needs of the 21st century.

New Moves for Permanent Estate Tax Reform

Posted on September 03, 2008
Category: Estate and Inheritance TaxCourtesy of Donald Vanarelli, Esq. Bipartisan Senate Bill Would Fix Estate Tax at 2009 Level"Senate legislation, S.3284, was introduced July 17, 2008, by Sens. Tom Carper (D-DE), Patrick Leahy (D-VT) and George Voinovich (R-OH)...

Long-Term Care Costs Rising - NJ Averages $280 a day

Posted on August 18, 2008
Category: Elder LawIt is no surprise that a lead NJBiz article is "Long-Term Care Costs on the Rise". It is less of surprise that NJ is on the high side of average for the cost of long term care nationwide.Average long-term care costs have jumped between 5 percent and 13 percentnationwide since 2006, according to a study released today...

"Legal Eagles" at Fein, Such, Kahn and Shepard, PC

Posted on August 15, 2008
Category: Elder Law, Estate Planning, Estate and Inheritance Tax, Business Law and Planning, Tax Law and Planning, Probate and Estate Administration, Financial Planning, Miscellaneous MusingsFein, Such, Kahn & Shepard PC Shareholders Jim Shepard, Eric Kapnick, and Deirdre Wheatley-Liss were featured in local newspaper Parsippany This Week "Legal Eagles"...

Most companies in US avoid federal income taxes - Yahoo! News

Posted on August 12, 2008
Category: Tax Law and PlanningWhile there are certainly causes for issue with Washington and the tax code, the misleading tone of this article from the top Yahoo News stories today is creating an issue where none exists:Most companies in US avoid federal income taxes - Yahoo!: "WASHINGTON - Two-thirds of U...

Welcome to NJ - The most expensive place to live and die

Posted on August 11, 2008
Category: Tax Law and PlanningFrom Tax Girl: New Jersey is #1!: "According to the Tax Foundation, New Jersey residents paid the highest percentage of state and local taxes. Folks from New Jersey paid a whopping 11.8% of income in state and local taxes, more than 2% above the national average...

Gov't Borrows Money to Give to Banks to Give to People who Can't Pay Back Current Loans???

Posted on July 30, 2008
Category: Miscellaneous MusingsAccording to Yahoo News, the US government is borrowing an additional $27 BILLION dollars. This is because the business that is our country spends more than it takes in. President Bush also just signed the new housing law package...

Resources for sunset planning for aging parents

Posted on July 28, 2008
Category: Elder Law,This question was asked on www.linkedin.com: What approach have you taken when faced with sunset planning for aging parent(s)?I am looking for information related to resources available for helping surviving children understand and execute their aging parent(s) wishes in the sunset years...

A Check-Up on your Health Care Provider

Posted on July 25, 2008
Category: Elder LawSometimes I run across the question of if a senior (or any person for that matter) is receiving the best possible health care. A site I was introduced to gives consumer feedback on health care (http://citehealth.com/ ). Health care is a choice - just because you saw a doctor once doesn't mean that he or she is best for you needs...

Longer Life Puts Women at Risk in Retirement

Posted on July 09, 2008
Category: Financial PlanningWe ladies have it hard enough dealing with glass ceilings, boys networks, balancing family and careers, and caring for older family members. Even with balancing all this, we statistically live longer than men. The problem with this? Our "family first" and "go along to get along" attitudes can cost of down the road when we live longer, save less, and have higher health care costs...

Did the Seniors You Know Get Their Tax Stimulus?

Posted on June 23, 2008
Category: Elder Law, Tax Law and PlanningAs many of us who work with seniors blogged about when the tax stimulus package came to pass , while great in theory, the need to file a tax return to get the stimulus payment had a big hole from an action plan standpoint...

Hybrid Long Term Care Insurance

Posted on June 22, 2008
Category: Elder Law, Financial PlanningThe appeal of a hybrid car is more than greater bang for your buck - it is about making an investment you feel good about. When it comes to Long Term Care insurance, the only people who seem to feel good about the investment are those who have been caregivers, and have seen the devastating costs of spending every single penny of a person's savings (or at least down to the few last pennies) and it still not being enough to cover the costs of care...

What's the Tax Plan Mr. President-in-Waiting

Posted on June 19, 2008
Category: Estate and Inheritance Tax, Tax Law and PlanningNow that the candidates are known, what is that next question? What they propose to do with your taxes of course. A quick summary rundown courtesy of National Center for Policy Analysis - YOUR TAX BILL: HOW MCCAIN, OBAMA DIFFER:Income taxes: McCain wants to make permanent the current federal income-tax rates...

Gas Costs Bringing Your Business Down

Posted on June 06, 2008
Category: Business Law and PlanningThe skyrocketing costs of gas are hitting all of us. Business owners are especially concerned as to how this will hit their bottom line, both directly in the costs of materials and shipping, and indirectly, as employees look to balance the cost of getting to work against their paycheck...

Assisted Living Company Sued for Forcing Out Elderly Residents

Posted on June 02, 2008
Category: Elder Law,From NJ Biz.com, a report that the New Jersey Public Advocate has filed papers against Assisted Living Concepts Inc., operating eight assisted-living facilities in southern New Jersey, for "allegedly forcing out elderly residents once they have run out of savings and qualify for Medicaid...

Is Favoring a Caregiver Child in a Will Unequal?

Posted on May 13, 2008
Category:Estate PlanningJoshua C. Tate, Esq., a professor at Southern Methodist University - Dedman School of Law; University of Pennsylvania Law School, writes a compelling new article about the need for revised thinking is testamentary planning to incorporate unequal distributions to reflect the contributions of a caregiver child...

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