New Jersey Death Taxes Come to Life
Date: Oct 31, 2024 9:00 a.m. – 1:00 p.m.
Location: Online
Member Price: $177.00
Non-Member Price: $209.00
Section Price: $0.00
Areas of Law: Estate Law, Taxation
Earn up to 4.5 credits! (More Information)
Keynote
Moderator
- Patricia K. Haddad, Esq.
- Levine Haddad & Gregory, LLC, Springfield
Presenters
- William J. Dorman
- Auditor III, State of New Jersey, Department of the Treasury, Trenton
- Gilbert M. Levine, Esq.
- Levine Haddad & Gregory, LLC, Springfield
It’s Halloween, which means it’s time for our yearly refresher on state and federal death taxes. Benjamin Franklin once said that “nothing is certain except death and taxes.” However, that famous phrase may not apply to inheritance tax in New Jersey.
While New Jersey estate tax was eliminated for deaths that took place on or after Jan. 1, 2018, many beneficiaries in the state are subject to inheritance tax, which is taxable to the person inheriting from the decedent. Payment of the tax depends upon the decedent’s relationship to the person inheriting and a myriad of other rules and regulations. The estates of people who choose not to get married or have children will be penalized by paying inheritance taxes upon the decedent’s death.
All of this can add up to large payments, but it may be possible to mitigate some of the cost with the right planning. As an attorney, you should have a thorough understanding of how the tax can impact your clients and how to plan for an estate which may not incur federal tax, but will incur New Jersey inheritance tax.
Join us to learn the essential strategies, planning guides and drafting tips for handling planning, estate administration and inheritance tax in your practice.
Topics include:
- Estate planning in New Jersey
- To gift or not to gift
- Identifying key issues
- Special considerations
- Special needs beneficiaries
- Second marriages
- Compromised heirs
- Unmarried couples - Crash course in estate administration – from procedures to technicalities
- Probate
- Deadlines
- Filings/Notice requirements
- Beneficiary classes
- Elective share
- Disclaimers, federal and state
- Who bears costs/taxes
- Quelling conflicts
- Income tax filings/issues - Reporting idiosyncrasies
- Tax lien conundrum
- Amounts reported vs. amounts distributed
- Minimizing tax examination exposure
- Compromising inheritance tax
- Closing the estate check list…and more!
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