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Dear “Ask The Attorney”: My lawyer did not date my will and said it doesn’t need one.  Is that correct?  I went to the bank and got a notarized statement that my will was made on that date, am I covered? Uncle Ed Our guest blogger is Gary R. Botwinick, […]

Estate Tax Changes – A Planning Opportunity.pdf

As previously discussed on this blog, in addition to the federal estate tax, the State of New Jersey imposes its own estate tax on inpidual estates larger than $675,000. In client meetings, we spend a lot of time discussing and developing solutions that revolve around the New Jersey estate tax. At the end of this discussion, clients usually say something along the lines of “isn’t there an easier way?” My answer is always simple: “yes, you can become a resident of a state without a state estate tax.” Now, for most people, leaving the state is not an option, but to be a resident of a state for estate tax purposes, you only have to reside in that state for 6 months and 1 day. So if you’ve ever considered a beach house in Florida or a ski cabin

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 Because as of January 1, 2010, federal estate taxes have been repealed.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).