Estates

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on estates. To receive our attorneys' estates articles please subscribe to our email list.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Understanding the Estate Tax Portability Provision

Many affluent Americans and business owners breathed a sigh of relief when lawmakers prevented the federal estate tax exemption from reverting back to $1 million at the beginning of the year. Instead, Americans can exempt an indexed $5.25 million from federal estate taxes or $10.5 million for those who are married and file joint returns. […]

Author: Frank L. Brunetti

August 9, 2013

New York to Provide Estate Tax Refund to Surviving Gay Spouses

In light of the Supreme Court’s recent Defense of Marriage Act ruling, many states are quickly adjusting their tax law guidelines to comply with the new mandates. New York is one of the states leading the charge, and recently announced that they will provide an estate tax refund to surviving same-sex spouses, in accordance with […]

Author: Frank L. Brunetti

August 5, 2013

Understanding the Perks, Exclusions of the Gift Tax Law

The gift tax law is a popular strategy used by individuals and business owners of all income levels to reduce their taxable estate and pass on wealth, property, and assets to future generations. While most people may know the basics of the gift tax law, many may not be aware of the fine details that may […]

Author: James F. McDonough

July 29, 2013

Gift Tax

Will a Special Trustee Permit a Trust to Avoid the 3.8% Surcharge?

Trusts and estates are now subject to the new 3.8% tax on Net Investment Income (NII) in excess of an income threshold of $11,950 in 2013. NII includes interest, dividends, rents, royalties or income from a trade or business that is a passive activity under IRC §469 (Passive Loss Rules). A trust can avoid the […]

Author: James F. McDonough

July 23, 2013

Income Tax

Don't Leave Digital Assets Out of the Estate Plan

When it comes to formulating an estate plan, many individuals focus on the assets that hold direct monetary value, such as cash, retirement accounts, life insurance, trusts, real estate, and physical property. Many affluent individuals and business owners rely on trusts or the use of the lucrative gift tax law to transfer these assets to […]

Author: Scarinci Hollenbeck, LLC

July 8, 2013

Madoff – The Aftermath

The Madoff scandal is no longer the lead story on the evening news; however, the ripple effect of the scandal remains with us even today. In Estate of Warshaw v. Director, the Superior Court of New Jersey Appellate Division (“Appellate Division”) reversed the decision of the Tax Court of New Jersey that granted the estate […]

Author: James F. McDonough

July 2, 2013

Procrastinating Succession Plan Can Leave You Open to Costly Mistakes

Running a business requires a great deal of time and commitment, and owners who are operating a busy enterprise may sometimes make the mistake of putting their succession plan on the back burner. However, an accident or unexpected medical disaster can change a business owner’s circumstances quickly, making it imperative that they plan for the […]

Author: Frank L. Brunetti

June 10, 2013

Faltering on Estate Planning Can Lead to Thorny Wealth Transfer Issues

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 […]

Author: Frank L. Brunetti

June 5, 2013

Tax Planning

More Companies Change Business Designation for Tax Purposes

A growing number of companies across a variety of industries are changing their business designations in an effort to lower their liability under federal tax law. The New York Times exclusively reported on this increasingly common scenario, in which corporations that operate in several sectors – including prisons, casinos and infrastructure – are classifying themselves […]

Author: Frank L. Brunetti

May 3, 2013

Tax Attorney

Business Owners and Wealthy Individuals: Don't Forget to Account for State Estate Taxes

Lawmakers’ decision to allow for a $5.25 million exemption for estates may have served as a great relief to wealthy individuals and small business owners who want to pass on considerable wealth to future generations. However, during estate tax planning, it’s important for individuals to also take estate taxes that their particular state may impose […]

Author: Frank L. Brunetti

April 29, 2013

Tax Evasion and Misuse of Trusts in List of 'Dirty Dozen' Tax Scams

The Internal Revenue Service released a list of the “Dirty Dozen” tax scams it would be focusing on in this year, and urges consumers and corporations alike to make note of these crimes. Offshore tax evasion was high on the list of infractions that the IRS is watching out for, and the agency has made […]

Author: Scarinci Hollenbeck, LLC

April 10, 2013

Splitting Inheritances Evenly May Not Always Be the Best Policy

How Will You Split Their Inheritance? When it comes to dividing up an estate among heirs, many affluent individuals and business owners balk at leaving one child more assets, cash, or property than their other children for fear that it will cause sibling rivalry. However, when business interests or family heirlooms are involved, this may […]

Author: Frank L. Brunetti

February 22, 2013

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