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
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
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.