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McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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Tax Planning Archives

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Tips for tax-free gift giving in 2013

New Jersey residents who are contemplating sharing their wealth in 2013 could benefit from some gift giving suggestions, especially if they do not prefer to pay unnecessary taxes. While people may feel the urge to write a check to a family member or friend impulsively, it is imperative to step back and follow the proper procedure in order to avoid owing a gift tax, which could end up being as high as 40 percent.

Tax planning mistake could cost Gandolfini estate $30 million

The tragic death of James Gandolfini on June 19 stunned his family and shocked people who had grown to love the actor by watching him portray New Jersey Mafia boss Tony Soprano on television. Now Gandolfini's family is being dealt a blow by the IRS. The provisions of the late actor's will leave 80 percent of his $70 million estate unprotected, and a lack of adequate tax planning will allow state and federal estate taxes to consume up to $30 million of it.

Planning around New Jersey, federal estate taxes

When a person creates a will as part of their estate plan, they are taking a thoughtful step to provide some peace of mind. However, the demands of New Jersey's tax code may require individual to take additional steps to make sure their loved ones benefit as much as possible. Thoughtful tax planning may become a necessity when considering the possibility of inheritance and estate tax assessments in our state.

Accounting for uncertainty is critical in tax planning

Many New Jersey residents are diligent about preparing for retirement. Between employer-supplemented 401(k) plans and Roth IRA accounts, people take steps to provide financial security for themselves and loved ones for the post-working years. At the same time, however, even taking these steps may not make up for the losses that come without thoughtful tax planning.

What's the best way to approach tax planning in 2013?

Readers in New Jersey would be hard pressed to find someone who describes the federal tax code as "simple." Even though state and federal tax laws are incredibly dense, there are still ways to approach this year's tax season with careful thought in order to best serve your needs and the needs of your estate.

Creative ways of paying it forward through upward wealth transfers

Most parents were there to look after their children - to feed them, put clothes on their backs, and make sure that they bathed even when they didn't want to. In a way, it may have been preparing their young to "pay it forward" once they grew old. Due to medical advances and healthier living, many people are living longer than anticipated and as a result, needing both physical and financial nurturing as they have started to outlive their nest eggs.

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