Prior to 2023, the maximum amount that a person could gift without filing a gift tax return was $16,000 per person. If an individual transferred gifts worth more than $16,000 to one person in a year, then the person who…
Category: Estate Planning
Increase in Exemption from Federal Estate Tax
The federal government has an estate tax that applies to estates that are worth a significant amount. New Jersey used to have an estate tax but it was phased out. In 2017 the exemption from the New Jersey estate tax…
IRS Increases Annual Exclusion for Gifts
If you provide too much money as a gift to someone during a year then you may have to file a gift tax return with the IRS. The gift tax return is known as Form 709. If the total gifts…
No Contest Provision in Will
Many Wills include a provision that provides for the forfeiture of a beneficiary’s rights to receive an inheritance if he or she contests the Will. According to a New Jersey Supreme Court decision that was rendered approximately 40 years ago,…
Life Estate Is Not Subject to a Medicaid Lien
According to N.J.A.C. 10:49-14.1 (n) (1), the State of New Jersey is not allowed to impose a Medicaid lien against a life estate. According to both federal and state law, the State of New Jersey is required to impose a…
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