Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.
Continue reading “Key Retirement and Tax Numbers for 2020”
Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directives, a will, and a letter of instruction.
Continue reading “Key Estate Planning Documents”
With the Tax Cuts and Jobs Act of 2017 signed into law, we have focused on four changes that we feel are significant.
One of the most important components of financial planning is ensuring a sound plan is in place for the transfer of an individual’s estate upon their passing. Several changes have been (and continue to be) made to federal and state laws that govern the transfer and subsequent taxation of estates in the United States, leaving many people feeling overwhelmed by the sheer complexities that exist. Continue reading “Estate Tax Versus Inheritance Tax — What’s The Difference?”
New Jersey is a very expensive place to live. The property, state and local taxes are among the highest in the nation. New Jersey is one of only sixteen states that still have an estate tax and only one of six states that still have an inheritance tax. Continue reading “Long-Awaited Tax Changes in New Jersey”
