Many people direct the disposition of their bank accounts, investments, retirement accounts and life insurance upon their death by designating beneficiaries of those assets. When an asset passes by beneficiary designation, otherwise called a pay-on-death provision, it becomes a non-probate asset and therefore passes outside of a person’s probate estate.…
On November 24, 2025, the U.S. Postal Service (“USPS”) finalized a rule regarding when and how postmarks are applied. See 39 C.F.R. § 111 (2025). It is important for taxpayers and their advisors to be aware of the change because it has an impact on proving that a document was…
As a result of the 2025 tax legislation passed in July of last year, there has been a significant increase in the estate, gift, and generation-skipping transfer tax exemptions to $15 million effective January 1. The increase means that in 2026, an individual may make gifts during life or at…
On September 12th, 2025, Governor Murphy legalized “natural organic reduction” making New Jersey the 14th state to permit the composting of human bodies as an alternative to traditional burial or cremation. While the Board of Mortuary Science has yet to issue regulations which will govern the process, funeral businesses are…
The recent enactment of H.R. 1, commonly known as the “One Big Beautiful Bill Act,” or the “Act,” which has been signed into law, includes a critical provision that permanently and significantly increases the federal estate and gift tax exemption amounts. This will have a profound impact on wealth transfer…
When the founder of a family-owned business passes away, the impact can be both financial and personal. Even successful companies can face significant conflict if there isn’t a clear plan for how ownership and control will transfer to the next generation. This risk is particularly high when some children are…
Clients often ask about ways to protect their assets and limit liability in the event of future creditors. Transferring assets to trusts, limited liability companies, or into the names of others (for example, a spouse or child) may work in some instances but all have their drawbacks. Some states allow…
For many, designating a portion of one’s estate to charities and charitable purposes is an essential and significant part of their Last Will and Testament. Those seeking to make contributions to causes and organizations they are passionate about should be wary of the costs entailed in how such contributions are…
On October 22, 2024, the IRS issued Revenue Procedure 2024-40 setting forth the inflation adjusted transfer tax exemptions for 2025. The Basic Exclusion Amount (BEA) will be $13,990,000. The increase means that in 2025, an individual may make gifts during life or at death totaling $13,990,000 without incurring gift or…
A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127 (Nov. 10, 2021), emphasizes the need to ensure that the phases of transactions are completed properly, and certain formalities are observed in order for an estate planning strategy to be successful. It is important to be careful even (and perhaps…