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Trusts, Estates, and Tax, Oh My

Estate Planning Law Blog

Covering what you should know about trusts, estate planning, and individual tax law.

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Apr 11, 2019

Estate Planning for Pet Owners

Sixty-two percent (62%) of American households include at least one pet.  Many owners view them as “family.”  Lawyers and pet owners need to be aware that the pet can be legally protected during the owner’s lifetime by a Durable Power of Attorney, and after the owner’s death either by provisions in a Will or by a Trust. » Read More

Apr 03, 2019

Terminally Ill New Jersey Residents Now Have Another End-of-Life Option

A newly-passed law, the Medical Aid in Dying for the Terminally Ill Act, will help terminally ill New Jersey residents end their life under their own terms. Widely supported by both the public and advocacy groups, the Act makes New Jersey the eighth state to pass “right to die” legislation.» Read More

Jan 08, 2019

Business Owners Beware: New Tax Reporting Requirements for Passthroughs

The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities).  For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property.  » Read More

Jan 03, 2019

It’s a New Year! A Perfect Time to Review Your Estate Plan

Happy New Year!  It’s time to make resolutions, start fresh, and maybe even find time to review your estate plan or lack thereof.  As with the time-honored tradition of joining a new fitness center or making the effort to actually attend the one you have been paying for all year, my practice sees an increase in clients, both current and new, during the first few months of the year.  » Read More

Dec 27, 2018

Will the New Tax Code Change the Way We Donate?

‘Tis the season of giving, but with the new federal tax law changes, charities could experience a drop in donations. Since charitable deductions must be itemized to receive a tax deduction, the benefit of the higher standard deduction may effectively eliminate the tax benefit of the deductible donations for many taxpayers.» Read More

Nov 28, 2018

Tax Carve-Out for U.S. Real Estate Agents, Brokers, and Managers

The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.

Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.  » Read More

Nov 26, 2018

Estate Planning for New Parents

Last month, I wrote a blog about the importance of proper estate planning for newlyweds.

After your wedding, you and your new spouse may be blessed with a child.  As you prepare the nursery and debate potential names, you should also consider an update to your personal estate plan.» Read More

Nov 20, 2018

Income Tax – the “Other” Tax in Estate Planning

Many people are aware of the increased federal estate tax exemptions (approximately $11.2 million plus a COLA adjustment for a decedent dying in 2018 through December 31, 2025 and then reverting to $5.0 plus COLA) along with the elimination of New Jersey estate tax (but not its Inheritance tax which remains in effect). » Read More