Tax
June 25, 2024 | Walter J. Gumersell | Joseph T. La Ferlita | Patricia C. Marcin | Lindsay M. Brocki | | |
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when valuing those shares for federal estate tax purposes.
A decedent’s taxable estate includes the fair market value of shares
Read MoreJune 13, 2024 | Patricia C. Marcin | |
Giving assets away during lifetime to reduce estate taxes due upon your death is not the “no-brainer” it used to be. Sometimes, holding onto assets until your death lowers total taxes.
Income tax, gift tax and estate tax benefits can differ dramatically, depending on the income tax basis of the assets to be gifted or
Read MoreApril 8, 2024 | Patricia C. Marcin | |
New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%.
The current per-person NYS estate tax exemption is $6.94 million, which is the amount you can leave to your heirs at your death without paying NYS estate tax. If your taxable estate, however,
Read MoreFebruary 12, 2024 | Wendy Hoey Sheinberg | |
As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount. A federal tax of 40% is imposed on each dollar that exceeds a decedent’s federal estate and gift exemption amount.
The
Read MoreFebruary 1, 2024 | Patricia C. Marcin | |
You may have heard of Spousal Lifetime Access Trusts (SLATS) lately, especially if you have been thinking about using your federal estate and gift tax exemption before the current higher exemption amount of $13.61 million is automatically reduced to about $7 million on January 1, 2026, assuming Congress takes no action. (See my column from last
Read MoreJanuary 18, 2024 | Patricia C. Marcin | |
The current combined federal estate and gift tax exemption amount of $13.61 million per person ($27.22 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed for inflation (guesstimated at $7 million), unless Congress takes action. This exemption amount applies to the total taxable gifts made
Read MoreJanuary 2, 2024 | Jeffrey S. Greener | |
Many of us would like our children to inherit our home once we are gone. More than a few of us think it makes sense to give our home to our children while we are still living. That is not a good idea! Here’s why.
Loss of Step-Up in Basis
Gifting your home to someone
Read MoreOctober 20, 2022 | Louis Vlahos | |
Louis Vlahos’ article, “Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?”, was published in the New York State Bar Association Trusts and Estates Law Section Journal. Rivkin Radler member Nicholas G. Moneta is the publication’s Editor-in-Chief.
The article discusses the concept that the special interest charge imposed on the deferred tax
Read MoreSeptember 29, 2022 | Katherine A. Heptig | Bernadette Kasnicki | Louis Vlahos | |
In an effort to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, the United States Department of the Treasury just issued a final rule [RIN: 1506-AB49]. The rule requires certain businesses to file reports with FinCEN (Financial Crimes Enforcement Network) that identify two categories of individuals: the beneficial
Read MoreSeptember 19, 2022 | Louis Vlahos | Tim Gonzalez | |
The New Jersey Division of Taxation recently provided guidance[1] on registration and licensing requirements, Social Equity Excise Fees, and the Sales & Use tax applicable to companies operating in the cannabis industry.[2]
The following provides important takeaways from the Division’s publication.
Registration & Licensing
To operate a cannabis business in New Jersey a company must
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