Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Faltering on Estate Planning Can Lead to Thorny Wealth Transfer Issues
Author: Scarinci Hollenbeck, LLC
Date: June 5, 2013
Key Contacts
Back
Most business owners and affluent Americans were pleased when lawmakers announced the $5.25 million – or $10.5 million for couples – estate tax exemption. Many middle-income individuals or local business owners may have put off estate planning strategies, thinking that they will never accrue or pass on enough wealth to meet the new thresholds. However, estate planning is crucial for nearly all individuals, and reaching the tax exemption levels may be more probable than many people realize.
A recent New York Times article highlighted this scenario, explaining that individuals or couples who dismiss frequent changes to federal tax law today and later undergo a significant life event or change to their financial situation may pay for this oversight in the future. Assets are frequently fluctuating based on employment, marriages, births, deaths, and business success. Undergoing the initial phases of estate tax planning in the present may encourage individuals to stay abreast of future changes to the Tax Code that may impact them.
The new changes to the Tax Code have been labeled permanent, but many individuals with considerable assets remain concerned that lawmakers may change the exemption amounts in the future, the Times reports. One strategy business owners and affluent Americans are relying upon to provide additional measures of protection are a variety of trusts. Depending on the unique circumstances of each person, a trust has and continues to be one of the most highly utilized wealth transfer vehicles individuals are seeking to limit their tax exposure and keep their assets intact.
However, there are several types of trusts, each of which may differ to meet the specific needs a family. Therefore, individuals of all income classes may benefit from consulting a tax attorney who specializes in the field prior to setting up the vehicle.
- Practices: Tax and Trusts & Estates, Sophisticated Estate Planning & Wealth Preservation, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Scarinci Hollenbeck Expands NYC Real Estate and Litigation Practices ADDING four litigators
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Author: Scarinci Hollenbeck, LLC
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.