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Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]

For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]

Jeffrey R. Pittard joins Scarinci Hollenbeck’s tax, trusts and estates practice group as Counsel Lyndhurst, New Jersey, November 10, 2016 – Scarinci Hollenbeck has expanded its Tax, Trusts and Estates law group with the addition of Counsel Jeffrey R. Pittard.  Mr. Pittard will be based at the firm’s Lyndhurst office and brings solid experience to the […]

Where state law matters in proper will execution We expect that as time passes, people become more sophisticated and aware of what must be done to execute a valid will. Unfortunately, this is not so. In certain states, execution of a will is complete when it is signed by a second witness. Some states require […]

Will Spendthrift Language In A Trust Always Be Respected? The unequivocal answer to the question is: it depends. The grantor’s purpose for including spendthrift language in a trust is to protect the trust assets set from the beneficiary’s creditors and to prevent the beneficiary from selling or assigning his or her interest in the trust. […]

Power shifts in trustee material participation Taxpayer victories in Maggie K. Carter Trust v. U.S. and Frank Aragona Trust v. Commissioner  were hailed as opportunities for taxpayers to structure real estate ownership by trusts in a manner that would attribute management activity to the trustee. The result of this trustee material participation was the 3.8% […]

Although all individuals holding a life insurance policy own an investment, they did not have the legal right to exert control over the investments inside the policy. However, according to a recent ruling by the U.S. Tax Court, investors who exercise control over how money is invested are subject to tax on the investment income. […]

The U.S. Tax Court recently issued a surprising decision that invalidated the part of an IRS cost-sharing regulation – under code section 482 – which states that taxpayers are required to take the costs of stock-based compensation into account. The decision regarding the cost-sharing regulation supports taxpayer criticism that questioned the regulatory requirement that cost-based transfer […]

The recent tax reform proposal from New Jersey State Senator, Raymond Lesniak, would create an income tax hike for residents over $350,000, but would also remove the estate tax. According to the NJ Spotlight, the income tax hike plan is estimated to generate more than $850 million in tax revenue, enabling the state to pay down its […]

Last week, the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million. Portability rules The new IRS rules specify that the surviving spouse can elect portability to use […]

It is difficult to ascertain when a claim against a trustee arises because the act giving rise to the claim may not be disclosed to the beneficiary. Therein lies the tension between the common law traditions of statute of repose (limitations) and the Doctrine of Laches (“Laches”). Laches attempts to impose a standard that recognizes […]

With only a few days left until the new year rolls in, many Americans are conducting their year-end tax planning and establishing their tax plans for 2014. The Internal Revenue Service recently released the income tax brackets for the 2014 tax year, which will be essential in helping individuals make informed decisions about their various […]