Estate, Inheritance and Gift Taxes

Established in 1957, the law firm of Cooper Levenson has extensive experience with estate, inheritance and gift tax laws.

Our attorneys assist with the transfer of assets in order to minimize tax repercussions. Highly skilled in estate planning, wealth management and tax law, our team has a detailed grasp of the proactive steps necessary to preserve our clients’ wealth for their intended beneficiaries.

We Assist Clients With

Our tax, business and estate law team represents clients with great effectiveness, drawing upon considerable strengths in several key areas:

  • Estate taxes – Both federal estate taxes and state estate taxes may be applicable in New Jersey. (This is not the case in Delaware, Nevada and many other states.)
  • Inheritance taxes – Currently, New Jersey and Maryland are the only states that collect both estate taxes and state inheritance taxes. However, any assets that pass to the deceased’s spouse or descendants may be exempt.
  • Gift taxes – Gifts made by one individual to another may be taxable, if they exceed the federal annual exclusion amount. However, the federal tax code also provides a lifetime gift tax exemption ($11.7 million in 2021) that can often offset those taxable gifts.

Legal Strategies for Avoiding Transfer Taxes

Many sophisticated strategies exist for making lifetime gifts to avoid transfer taxes. These strategies include the use of:

  • Tax benefits such as the annual exclusion and the gift, estate and generation-skipping tax exclusions
  • Valuation techniques such as qualified personal residence trusts (QPRT’s), grantor retained annuity trusts (GRAT’s) and family limited partnerships (FLP’s)
  • Charitable gifts

Cooper Levenson is available to answer your questions and provide a personal consultation. Our mission is to address your unique concerns and craft a tax strategy that is aligned with your particular goals.

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