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On July 13, 2010, George Steinbrenner passed away. Steinbrenner’s estimated worth was approximately $1.15 billion according to multiple media outlets. However, unlike Joe Robbie, the former owner of the Miami Dolphins, whose family had to sell the Dolphins to pay estate taxes, Yankee fans have nothing to worry about. Why? Because as of January 1, 2010, federal estate taxes have been repealed. Since there is no federal estate tax this year, Mr. Steinbrenner’s estate will not be subject to a tax bill that in 2009 could have equaled approximately $500 million (a 45% rate).

I find that clients often use the terms “estate tax” and “inheritance tax” interchangeably. Usually, that isn’t a problem, and I know exactly what they are talking about. However, in New Jersey there really is a distinction between the “estate tax” and the “inheritance tax.” This is New Jersey, after all — so we have two taxes. Go figure!

In a unanimous decision, the New Jersey Supreme Court recently ruled that the estate of a deceased spouse who died while her divorce matter was pending, was entitled to assert equitable claims against the surviving spouse. The case of Kay v. Kay, 405 N.J. Super 278 (App. Div. 2009), aff’d, ____ N.J. ___ (2010), was a logical extension of the Supreme Court’s decision in Carr v. Carr, 120 N.J. 336 (1990) and a rejection of the case of Kruzdlo v. Kruzdlo, 251 N.J. Super. 70 (Ch. Div. 1990).

On February 17, 2009, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009 (the Act). The Act includes a total of $787.2 billion in spending and tax cuts, including a number of provisions that significantly impact small businesses. These include the following: Extension of bonus […]