For additional information concerning NJ elder law and special needs planning visit: NJ Elder Law and Estate Planning Services read more →

For additional information concerning NJ elder law and special needs planning visit: NJ Elder Law and Estate Planning Services _______________________________________________ ABOUT DONALD D. VANARELLI Donald D. Vanarelli has been a practicing attorney since 1983 in New Jersey and New York. Don provides legal services in the areas of elder law, estate planning, trust administration, special education,.. read more →

For additional information concerning special needs trusts and disability planning, visit: NJ Special Needs Trusts and Disability Planning For additional information concerning guardianships and fiduciary services, visit: NJ Guardianship and Fiduciary Services read more →

For additional information concerning estate planning and administration, visit: Estate Planning and Administration For additional information concerning NJ elder law and special needs planning visit: NJ Elder Law and Estate Planning Services             read more →

For additional information concerning special needs trusts and disability planning, visit: NJ Special Needs Trusts and Disability Planning For additional information concerning guardianships and fiduciary services, visit: NJ Guardianship and Fiduciary Services _______________________________________________ ABOUT DONALD D. VANARELLI Donald D. Vanarelli has been a practicing attorney since 1983 in New Jersey and New York. Don provides legal.. read more →

For additional information concerning NJ elder law and special needs planning visit: NJ Elder Law and Estate Planning Services _______________________________________________ ABOUT DONALD D. VANARELLI Donald D. Vanarelli has been a practicing attorney since 1983 in New Jersey and New York. Don provides legal services in the areas of elder law, estate planning, trust administration, special education,.. read more →

For additional information concerning special needs trusts and disability planning, visit: NJ Special Needs Trusts and Disability Planning _______________________________________________ ABOUT DONALD D. VANARELLI Donald D. Vanarelli has been a practicing attorney since 1983 in New Jersey and New York. Don provides legal services in the areas of elder law, estate planning, trust administration, special education, special.. read more →

Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this summertime tends to be a period when thieves increase their scam attempts. They try to get people to disclose personal information like Social Security numbers, account information and passwords. To avoid becoming a victim, taxpayers should.. read more →

While many people take summer vacations, data thieves do not. Phishing emails and telephone scams continue to pop up around the country. The IRS reminds everyone to be vigilant to avoid becoming a victim. Here are some things for taxpayers to remember so they can keep their personal data safe: The IRS does not leave.. read more →

The House Republicans tax proposal introduced today ends the Medical Expense Deduction. This change will cause major harm to individuals and families trying to pay for the catastrophic costs of long-term services and supports (LTSS). About half (52%) of Americans turning 65 today will develop a condition that requires LTSS. Individuals needing LTSS are those.. read more →

New Jersey lawmakers reached an agreement on Friday, September 30th which, among other things, will phase out New Jersey’s state estate tax. The New Jersey estate tax exemption, presently $675,000, will increase to $2 million after January 1, 2017. The estate tax will then be eliminated after January 1, 2018. An official vote on an estate.. read more →

When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: Capital Assets. Capital assets include property such as your home.. read more →

71st Semi-Annual Tax and Estate Planning Forum Our country is experiencing a growing number of households in which a parent and an adult child reside together. Census data reveals that the number of Americans living in multi-generational family households is the highest it has been since the 1950s, with a significant increase in recent years… read more →

A Chancery Court judge determined that the administrator of an insolvent estate in New Jersey must first exhaust all efforts to satisfy creditors from probate assets before the attachment of non-probate assets should be considered. Matter of the Estate of Turco, Chancery Div., Probate Part-Essex County (Koprowski, J.S.C., July 22, 2013) Jerry Turco died testate.. read more →

New York recognized the marriage of state residents Edith Windsor and Thea Spyer, who wed in Ontario, Canada, in 2007. When Spyer died in 2009, she left her entire estate to Windsor. Windsor sought to claim the federal estate tax exemption for surviving spouses, but was barred from doing so by a federal law called.. read more →

The Internal Revenue Service (IRS) recently issued Revenue Procedure 2012-41 which set forth inflation-adjusted revenue items for 2013. Among other things, the IRS announced that the annual gift tax exclusion amount will increase in 2013 to $14,000 made by a taxpayer to any person who is not the taxpayer’s spouse. Married couples can combine their annual exclusion amounts.. read more →

Under existing federal law, spouses who pass away can leave property of any value to their surviving spouses free of federal estate taxes. This is called the “unlimited marital deduction.” However, under the Defense of Marriage Act (DOMA), a federal law passed in 1996, marriage is defined as “only a legal union between one man.. read more →

Currently, the value of assets passing to heirs upon the death of a U.S. citizen free of federal estate taxes, called the federal estate tax exemption amount, is $5.12 million dollars per person. This federal estate tax exemption amount is valid through the end of 2012. In the past, upon the death of the first.. read more →

In this case, the decedent, William McLellan, created an irrevocable life insurance trust for the primary benefit of his wife and children in 2006. The life insurance trust was funded with a $2.5 million life insurance policy. Plaintiff, Lois Jean McLellan, the spouse of the decedent and mother of two of decedent’s four children, was.. read more →

Senate Majority Leader Harry Reid (D/NV) has introduced legislation designed to enact the tax cut compromise that was reached last week between President Obama and Senate Republicans. Entitled the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the present bill is structured as an amendment to current law enacted in 2001 under.. read more →

Contrary to the expectations of many practitioners including the writer, Congress did not amend the federal estate tax laws in 2009. As a result, the Economic Growth and Tax Reconciliation Act of 2001 (“EGTRA”), passed by President George W. Bush, controls. EGTRA makes substantial changes to the  federal estate tax laws in 2010 and thereafter… read more →

The tax law changes that became effective on January 1, 2010 and affect estate and elder law planning are as follows. These changes include the possible elimination of the stepped-up tax basis for assets in irrevocable trusts and life estates, the repeal of the federal estate tax and the allocation of basis increase by the.. read more →

An amendment to a military act gives spouses of military personnel new residency rights, creating income and estate tax planning opportunities for military families. Because military families move, on average, every three years, the families often have to pay taxes in a new state or locality and lose the right to vote in the place.. read more →

Did you know that, under New Jersey law, you are entitled to receive compensation for services rendered as a fiduciary, such as an Executor, Administrator, Trustee, Guardian, Agent under a Power of Attorney and Conservator? Well, you are. Any compensation paid to a fiduciary in New Jersey is called a “commission”.  The amount of any.. read more →

On December 3, 2009, the House of Representatives passed the “Permanent Estate Tax Relief for Families, Farmers, and Small Business Act of 2009” (H.R.4154). If adopted by the Senate, the bill will freeze the estate and gift tax status quo as of this year. The House Bill eliminates the one-year repeal of the federal estate.. read more →