The basic goal of post-death tax planning for estates is to reduce taxes for the decedent’s estate and the beneficiaries. An executor has many opportunities available for making the right elections that will have a direct impact on the overall tax liability of the estate and beneficiaries. The failure to […]
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Act Now To Replace A Divorced Spouse As Beneficiary Of Your Retirement Plan Benefits
August 7, 2017 | byMany states, including New Jersey, have laws stating that divorce automatically revokes the designation of a spouse as a beneficiary of certain kinds of assets passing outside the Will. However, divorce is not effective to revoke the ex-spouse as beneficiary of a deceased spouse’s 401(k) plan or any other type […]
Sale Of Personal Goodwill As Tax Savings Opportunity In Business Transactions
August 7, 2017 | byGenerally, in a sale of a closely-held business, a buyer who desires to acquire a regular or “C” corporation, which is taxed separately from its shareholders, will prefer to purchase the assets of the C corporation rather than the stock from the individual shareholders in order to avoid any hidden […]
The New Jersey Revised Uniform Limited Liability Company Act (the “Revised LLC Act”) took effect on March 18, 2013 for LLCs formed on or after that date and on April 1, 2014 for all other New Jersey LLCs. The Revised LLC Act repealed the old New Jersey LLC Act and […]