The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Healthcare Directives for Majority-Age Children

By LAURA WEBER-CARNEVALE

An advance healthcare directive is a document that states a person’s choices about medical treatment and/or names someone who can make decisions about medical treatment for them if they are unable to make the decision themselves. The document is a healthcare power of attorney, living will, or some combination of the two.

Use Unexpected Downtime to Update Your Estate Plan

By MICHELLE ROBB

The COVID-19 pandemic has turned business operations upside down and forced us to rethink almost all our assumptions about how businesses should be run. Business leaders have felt these changes acutely, but so have employees.

IRS Processing Delays Puzzle Taxpayers

By LAURA WEBER-CARNEVALE

* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes.  Learn more here. * The effects of the COVID-19 pandemic on individuals and businesses have been difficult to overlook. It started with the implementation of forced business closures and […]

Tax Savings Opportunity for Inherited New Jersey IRAs

By JEANMARIE F. MOORE

This year has been challenging for New Jersey citizens. When state and local authorities issued stay at home orders and forced businesses to close, the economy ground to a halt. COVID-19 profoundly disturbed our financial systems.

The Impact of New Jersey Inheritance Taxes on Estate Planning

By MICHELLE ROBB

Ensuring the orderly transfer of one’s estate and assets after death is an important responsibility. This often results in the creation of an estate plan that identifies potential tax issues, explores tax-saving strategies, and implements them over time.

Two Elections That Trustees and Executors Should Consider Now

By JAMES EMMA

Fiduciaries can make certain elections after the year-end that could affect the prior year tax returns for the trusts and estates, as well as those of the beneficiaries. These elections must be made on or before the 65th day after the close of the taxable year, which is Thursday, March 5, 2020, for the year ending December 31, 2019.

The Finances of Estate Planning for Smaller Estates

By LAURA WEBER-CARNEVALE

Over the years, the estate planning game has changed for the majority of taxpayers.  Due to the increased exemptions, only 1,800 decedents will be required to pay an estate tax in 2019, but the need for planning continues.   

Gift Tax and Estate Tax – Are They the Same Thing?

By JAMES EMMA

In the United States, transfers of wealth are subject to tax. When transferred during the giver’s lifetime, wealth is subject to gift tax, but when transferred after death, it is subject to estate tax.

Does Your Estate Plan Protect Your Digital Assets?

By JEANMARIE F. MOORE

Each year presents a new opportunity for you to revamp your estate plan. When the calendar turns over, take a peek at your strategy once again.

Gift Tax Basics

By JAMES EMMA

Sharing your wealth with family, friends, and loved ones may be easier said than done.

The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.

Contact Us

  • This field is for validation purposes and should be left unchanged.

By Date

Subscribe to Blog