Tax Alert: New Jersey Tax Court Clarifies Disposed Interest in Irrevocable Trusts

The long-debated issue as to what constitutes a complete disposition of interests in real property for purposes of irrevocable trusts was recently settled by the Tax Court of New Jersey in the matter of Estate of Mary Van Riper v. Director, Division of Taxation. In Van Riper, Mary Van Riper and her husband, Walter Van … Continue reading “Tax Alert: New Jersey Tax Court Clarifies Disposed Interest in Irrevocable Trusts”

NEW JERSEY ESTATE TAX PHASE-OUT

While the proposed decrease in New Jersey sales tax and increase in gas tax is garnering all of the headlines, the proposed phase-out of the New Jersey estate tax will have a significant impact on New Jersey residents. On Friday afternoon, New Jersey Governor Chris Christie announced that he reached a compromise with the Democrat-controlled … Continue reading “NEW JERSEY ESTATE TAX PHASE-OUT”

Cooper Levenson attorneys to present on Elder Planning, Business Succession Planning, Divorce Essentials for CPAs and more NJCPA Atlantic Cape Chapter Briefing October 18

ATLANTIC CITY, N.J. – Tax attorneys from the Atlantic City and Cherry Hill offices of Cooper Levenson will present a tax “Breakfast Briefing” on Tuesday October 18 at the Linwood Country Club in Linwood, N.J. Robert E. Salad, Esq., LL.M., Amy E. Rudley, Esq., Ronald G. Lieberman, Esq., Michael L. Salad, Jr., Esq., LL.M., Arthur … Continue reading “Cooper Levenson attorneys to present on Elder Planning, Business Succession Planning, Divorce Essentials for CPAs and more NJCPA Atlantic Cape Chapter Briefing October 18”

A GIFT SPLITTING PRIMER

Caution: If you and your spouse make gifts, a gift tax return may need to be filed even if the amount is under the yearly threshold. The annual gift exclusion allows an individual to gift up to $14,000 per year per person. This means that you can give away up to $14,000 per year to … Continue reading “A GIFT SPLITTING PRIMER”

2016 Tax Rate Update

We have received many questions recently about the 2016 tax laws, which may be driven by the fact that many Americans are finalizing their 2015 tax returns. The IRS announced its new inflation-adjusted tax rates for 2016, but in reality, the rates will not affect the majority of the U.S. population. The federal lifetime estate … Continue reading “2016 Tax Rate Update”

“To Open Probate or Not to Open Probate, That is the Question”

One of the most frequent questions that our estate and probate department (http://www.cooperlevenson.com/Practice-Areas/Estate-Planning/) receives is how a surviving spouse manages assets that were jointly owned with the decedent. Generally, if a decedent owned assets outright (as opposed to jointly) at the time of his or her death, probate must be opened. If not, it may … Continue reading ““To Open Probate or Not to Open Probate, That is the Question””

Officers and Directors Beware: You May be Personally Responsible for Your Company’s Taxes

If I am not the owner of the company, could I still be held personally liable for non-payment of taxes owed by that company? The scary answer is yes! The New Jersey Division of Taxation (“Division”) can hold an individual personally liable for trust fund taxes if that person holds a position of significant responsibility. … Continue reading “Officers and Directors Beware: You May be Personally Responsible for Your Company’s Taxes”

Cooper Levenson tax panel at NJCPA seminar Oct. 23

Join the Atlantic Cape Chapter of the New Jersey Society of CPAs and the attorneys from Cooper Levenson, who will cover hot topics for CPAs and their clients.  Robert E. Salad, Esq. LL.M., Moderator Essential Estate Planning Documents that You and Your Clients Need. Presented by: Michael L. Salad, Esq., LL.M. Real Estate and Business Agreements … Continue reading “Cooper Levenson tax panel at NJCPA seminar Oct. 23”

Perfecting a Secured Interest in Aircraft in New Jersey

Disclaimer: This article is strictly for educational purposes, and should not be used or relied upon as legal guidance or advice. It is highly recommended that you retain legal counsel prior to entering into any transaction related to aircraft or aircraft components. As one of the largest hubs for private aircraft, New Jersey offers several … Continue reading “Perfecting a Secured Interest in Aircraft in New Jersey”