Recently, the U.S. Supreme Court ruled unanimously in Connelly v. United States, that the valuation of a decedent’s shares in a closely held corporation for federal estate tax purposes must include insurance proceeds received...more
12/4/2024
/ Beneficiaries ,
Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Death Benefits ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Federal Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Life Insurance ,
Limited Liability Company (LLC) ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
As the Covid-19 pandemic has swept across the nation and around the world, those of us who practice in the areas of Wills, Trusts and Estates have noted an increase in calls from clients alarmed by what they are seeing on the...more
The new tax bill passed by Congress is expected to be signed into law by President Trump in the next few days. Based on the changes that will take place as of January 1, 2018, there are several items that taxpayers should...more
We all want to provide the best for our children, but most of us do not want to face the task of putting an estate plan in place for when we are not here. The everyday demands of life put this planning on the back-burner,...more
A Third-Party Special Needs Trust (also referred to as a “Supplemental Needs Trust”) allows parents or other relatives of a special needs beneficiary to dedicate assets to the beneficiary by gift or inheritance without...more
President Obama just signed a new law that allows First Party Special Needs Trusts to be established by mentally competent individuals for their own benefit. This is a major “fix” to the current law which only allows First...more
As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The...more
We are pleased to share this memo from Bergen County’s United Way who is now accepting applications for its Very Special Homes© community in Tenafly....more
Although the Achieving a Better Life Experience Act (or ABLE Act) was signed into law on December 19, 2014, many states have been waiting to offer ABLE accounts authorized by the Act until the IRS published regulations. The...more
The Individuals with Disabilities Education Act (“IDEA”) requires public schools to develop an Individualized Education Program for every student with a disability who is found to meet the federal and state requirements for...more
In New Jersey, child support payments are considered an asset of the child, despite the fact that such payments are typically paid directly to the custodial parent....more
While our current digital, paperless world has made life more efficient for most, when someone dies, it can be difficult for the survivors to obtain the keys to unlock all of the digital information that is left behind. As a...more