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…
Category: Estate Planning
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…
Problems When Life Estate Is Sold During a Person’s Lifetime
What happens if the property is sold during the lifetime of the parent? Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …
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