Considerations When Leaving Estates to Non-U.S. Citizen Beneficiaries – Part 2
In my post last week, I answered the question whether leaving assets to a non-U.S. citizen triggers any additional tax when compared to a U.S. beneficiary. With the exception of a spouse, it generally makes no difference from an estate or inheritance tax standpoint. There are, however, other practical considerations to take
Considerations When Leaving an Estate to Non-U.S. Beneficiaries – Part 1
In some respects, naming a non-U.S. citizen as a beneficiary of your estate is no different than naming a U.S. citizen (with the exception of a spouse). For example, while the amount that can be passed free of federal estate tax (there currently is no New Jersey estate tax) is currently
Why Does Estate Administration Take So Long? Part 5
In this last post of 5 I explain the reasons why the estate administration process takes as long as it does - why it isn’t as simple as getting appointed administrator and closing out all the decedent’s accounts and distributing them in a matter of days or weeks. This week we
Real Estate Tax Problem – Part 2
In my post last week I began to tell you about a real estate sale that we were asked to help finalize because the deceased owner’s estate administration process had never been completed. Actually, the person who inherited ownership had also died as did the person who inherited it from that
Real Estate Tax Problem – Part 1
I wrote two posts last November about a common problem we see. A real estate transaction is about to close when someone - usually the title company - determines that no one has been appointed as administrator or executor with authority to sign the closing documents on behalf of the deceased
New Tax Law Changes Coming? Part 2
In my post last week I talked about recent draft legislation which would make changes to federal income, gift and estate tax laws. Many of our clients have called asking what they should do and I must remind callers that nothing has changed yet. We are at the beginning of what is
New Tax Law Changes Coming ? – Part 1
We have received many calls about upcoming changes to the federal income, estate and gift tax laws. To be clear, nothing has changed yet. Draft legislation has been proposed by the House of Representative’s Ways and Means Committee but right now it is nothing but a proposal. Things can and often do change
More Numbers for 2021
Last week I talked about some of the important Medicaid and VA numbers that will increase in 2021. This week we’ll review some more adjustments for 2021 in some of the other government programs and taxes relevant to our clients. Medicare Part B premiums will increase slightly next year. Most people pay the standard
Possible Tax Law Changes after the Election – Part 2
Last week I wrote about the questions we have been receiving from clients about tax law changes coming after next month’s election and what to do now. As I stated last week and I’ll say again, it is impossible to know now what changes may come, therefore, we can’t recommend any
Possible Tax Law Changes After the Election (Part 1)
Taxes are always a topic of conversation during elections, especially presidential elections. This one is no different. At the same time, our clients have begun to ask us about certain changes they have read about and what they should do now. Our answer at this point is that any talk about changes