New Jersey is one of several states that has a separate estate tax. Its current $675,000 exclusion is far less than the current federal exclusion of $5.25 million per spouse, and accordingly many estates that have avoided paying federal estate taxes may end up owing taxes to the state. At both levels, the estate tax can cut into a significant chunk of one's wealth, but there are some strategies that individuals can use to both minimize tax liability and preserve assets to pass on to future generations.
October 2013 Archives
Estate planning and long-term care
Veterans benefits still face problems
Veterans in New Jersey who depend on services from the VA may have breathed a sigh of relief at the end of the government shutdown, but federal budget woes could continue to affect them. Veterans benefits and pensions will be paid for November, but civilian hiring and military training money is still frozen under the first-year sequestration cuts.
New Jersey insurance company expands Medicare Advantage coverage
Residents of several New Jersey counties are taking note of AmeriHealth's recent expansion of their Medicare Advantage program. The Medicare Advantage health insurance program provides access to several health care services for individuals who are age 65 or older.
What do we owe our parents in their golden years?
According to a survey conducted by More magazine, kids feel morally bound to support aging parents. However, the survey suggested that as people age, they may not be discussing topics such as assisted living, long-term care and final directives with their children as often as they should.
Vietnam era veterans denied disability for Agent Orange exposure
New Jersey veterans of the Vietnam War were hurt terribly by casual exposure to the deadly herbicide Agent Orange, manufactured by the Monsanto Corporation and dispersed by aircraft over forested areas that were believed to contain enemy combatants. Although the system was never particularly effective and was always troubled by ethical quandaries, it seems that Agent Orange was also used in other locations outside of Vietnam.
