Whether you are looking to create an estate plan for the first time or want to update an existing plan, Spring is an ideal time to meet with an estate planning lawyer to address your current legal needs and protect your legacy for the future. In this article, we have listed a few important areas of your estate plan to review and update as necessary this Spring. Continue reading “Spring Is Here So Update Your Estate Plan to Reflect Life Changes”
An inventory of assets is a form that may be required by the Surrogate’s Court. The form must be completed and delivered to the court by either the fiduciary of the estate or, at the request of the fiduciary, it may be provided by the attorney on record.
New Jersey residents may see a possible elimination of the estate tax in the next few years, but that all hinges on whether or not an increase in the state’s gas tax will be approved.
NorthJersey.com reported that the State Senate passed a bill, sponsored by Paul Sarlo and Steve Oroho, that would increase the gas tax by 23 cents, with an amendment to phase out the estate tax over time. As part of the deal, the threshold at which an inheritance would be taxed would increase until 2020, when the tax would be totally eliminated, according to NJBiz. The exemption is currently at $675,000, but it would go up to $2 million at the beginning of 2017 and again to $5.4 million by 2018.