The New Jersey Appellate Division recently issued its opinion in Estate of Van Riper v. Dir., Div. of Taxation, No. A-3024-16T4 (N.J. Super. Ct. App. Div. Oct. 3, 2018), upholding the Tax Court’s finding that the full fair market value of a marital home transferred to a trust was subject to New Jersey Inheritance
Estate Tax
Can Snowbirds Avoid a SALTY Avalanche? Considerations for Changing Residency to the Sunshine State
There have been sweeping changes to both the federal and New Jersey tax laws for the first half of 2018. At the federal level, the elimination of the state and local tax (SALT) deduction, which for decades allowed people to itemize and deduct state and local income and property taxes from their federal bill is…
Considerations in Estate Planning for Bitcoin, Ethereum, and other Crypto-Currencies
While success in crypto-currency investing is far from assured, death, sadly, is. Accordingly, it is vital that investors in Bitcoin and other crypto-currencies are prepared for the unique estate planning factors that apply to digital assets. The following are five estate planning factors that should be addressed immediately by crypto-currency investors to ensure that their…
Failure to Plan and Inaction Lead to Increased New Jersey Estate Tax
The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case provides some important reminders about doing proper estate planning.
The estate in this case had a date…
IRS Withdraws Proposed Code §2704 Regulations on Lapsing Rights and Restrictions
The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning.
Code §2704 provides that certain “applicable restrictions” on ownership interests in family entities – that is, entities where the transferor and family members control the entity – should be disregarded for…