New Jersey Death Taxes Come to Life
Date: Dec 19, 2023 9:00 a.m. – 1:00 p.m.
Location: Online
Member Price: $167
Non-Member Price: $209
Section Price: $157
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
Benjamin Franklin once said that “nothing is certain except death and taxes.” However, that may not necessarily be true when it comes 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. And as in all things, relationships matter. 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, as well as how to plan for an estate which may not incur federal tax but will incur New Jersey inheritance tax.
Join us to learn essential strategies, planning guides and drafting tips you need to know so that you can best deal with 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;
- Filings
- Elective share
- Disclaimers, federal and New Jersey
- Who bears costs/taxes
- Quelling conflicts
- Income tax filings/issues
- Minimum distributions from retirement accounts
- How New Jersey taxation varies from federal taxation;
- Reporting idiosyncrasies;
- Tax lien conundrum;
- Who absorbs which tax?;
- Amounts reported vs. amounts distributed;
- Minimizing tax examination exposure;
- Compromising inheritance tax….and more!
Important Information About Our Events, Meetings, and More:
To secure your spot and receive important updates about our events, meetings, and other gatherings, such as schedule changes, remember to register in advance.
Cancellation and Refund Policy:
If you need to cancel your registration and are not transferring to another program or date, please submit a written request to us at least three business days before the event, meeting, or gathering. You will receive a refund minus a $20.00 cancellation fee. No refunds or registration changes will be issued within three business days of the event, meeting, or gathering.
Stay Informed:
Registered participants will be notified of any schedule changes. For updates regarding inclement weather, please check your email or visit NJSBA.com.
Media Consent:
By participating in our events, meetings, or other gatherings, you agree to be photographed and/or recorded. Additionally, all media content captured during these gatherings will become the property of NJSBA. This content, including your image and name, may be used in our future promotional materials without additional consent or compensation.
Scholarship & Financial Assistance Policy:
Read our Scholarship & Financial Assistance Policy and submit an Application here: https://njsba.com/njicle/cle-programs/scholarship/