What makes a family business so successful? How is it that some family run businesses, over the years, prove to withstand the test of time, while others fail generational transition? A successful family business is a marriage of the family dynamic with economics. This marriage creates a number of challenges, but if effectively managed, fosters […]
Archive | Estate Planning
State of Estate Tax
As we are one month into 2014, it is worth discussing the current state of the Estate Tax. A little over a year ago, the US Congress passed the American Taxpayer Relief Act (“ATRA”) of 2012 which froze the exemption amount at $5,000,000, indexed for inflation in future years, with a top tax rate of […]
Upcoming Free CPE seminars
By Wells, Jaworksi & Liebman, LLP on November 20, 2012 in CPE, Estate Planning, Miscellaneous, Tax Planning
AnnMarie Palermo Smits, Esq., Partner and Chair of WJ&Ls Trust, Tax and Estate Department will be presenting at 2 Free CPE Seminars. On Thursday, November 29, 2012 from 6:00 to 9:00 p.m. at Commerce and Industry Conference Room – First Floor – 61 S. Paramus Road, Mack IV Building, Paramus, New Jersey, AnnMarie will be discussing […]
Upcoming Free CPE seminars
AnnMarie Palermo Smits, Esq., Partner and Chair of WJ&Ls Trust, Tax and Estate Department will be presenting at 2 Free CPE Seminars. On Tuesday, November 13, 2012 from 6:00 to 9:00 p.m. at Lakeland Bank’s Wayne Branch located at 231 Black Oak Ridge Road, Wayne, NJ, AnnMarie will be discussing “What will the Estate Tax Exemption […]
GIFTING IN 2012: GREAT OPPORTUNITY DURING AN UNCERTAIN TIME
With the federal current estate tax exemption amount and rate scheduled to expire at the end of the year, much uncertainly looms as to whether Congress will enact permanent legislation, and if so, what will result. As there are several possibilities, ranging from a $1,000,000 exemption amount to keeping the current exemption amount (and alternative […]
The Power of a Power of Attorney
A Power of Attorney is a powerful document. It gives a person (Agent or Attorney-in-Fact) the authority to act on behalf of another (Principal). Its purpose is to notify third parties that the Principal has given the Agent authority to act on the Principal’s behalf in certain situations. A Power of Attorney can be limited […]
Repeal of the Federal Estate Tax and Carry-Over Basis
Repeal of the Estate Tax for 2010 Despite our assertion that Congress would never allow a repeal of the estate tax in 2010, we find ourselves in the last quarter of 2010 with just that- no estate tax. Further, in 2010, there is also no Generation Skipping Tax (“GST”). Unless Congress acts prior to […]
HEALTH CARE REFORM SERIES – PART 2
Health Care Reform – Additional Tax on High Income Earners By: Jill F. Rosenfeld, Esq. Part 2 – New Tax on Investment Income. Beginning in 2013, a new 3.8% tax will be assessed on investment income earned by individuals who are assessed the 0.9% increase on wages discussed in Part 1 of this series (i.e,. […]
Health Care Reform Series
Health Care Reform – Additional Medicare Tax on High Income Earners By Jill F. Rosenfeld, Esq. Health Care Reform is here. The recently enacted law is comprised of two acts, The Patient Protection and Affordable Care Act signed into law on March 23, 2010 and the Health Care and Education Reconciliation Act enacted on March […]
Attractive Wealth Transfer Opportunity in a Depressed Economy
Attractive Wealth Transfer Option in a Depressed Economy Now is an opportune time for individuals to take advantage of low interest rates when reviewing their estate plans. One option that is available now, but may become limited by legislation pending in Congress, is known as a “Grantor Retained Annuity Trust” or a “GRAT”. A […]