Patricia K. Haddad, Esq., LLM
Connell Foley LLP, Roseland

William J. Dorman, Auditor II
State of New Jersey, Department of the Treasury
Division of Taxation Transfer Inheritance and Estate Tax

Gilbert M. Levine, Esq., CPA, LLM
Levine DeSantis, LLC, Springfield

New Jersey Inheritance Tax can be a frightening proposition for your clients. According to some reports, inheritance taxes in the last fiscal year accounted for more than $500 million in revenue, up from $360 million in 2018. Sadly, some of this was due to the soar in deaths from the pandemic. Also, taxes on estates are being calculated as gains in the financial and real-estate markets this has also likely increased the size of inheritances during the health crisis.

What may even be scarier is that payment of the tax depends upon the decedent’s relationship to the person inheriting and a myriad of other rules and regulations. The estates of people who choose not to get married or have children will be penalized by paying inheritance taxes upon the decedent’s death. As an attorney, you should have a thorough understanding of how the tax can impact your clients, as well as how to plan for an estate which may not incur federal tax but will incur New Jersey Inheritance Tax.

Don’t be frightened by death taxes! Join us on Halloween and learn essential strategies, planning guides and drafting tips you need to know so that you can best deal with planning, estate administration and inheritance tax in your practice.

To Gift or Not to Gift

• Identifying Key Issues
• Special Considerations
  • Special Needs Beneficiaries
  • Second Marriages
  • Compromised Heirs
  • Unmarried Couples

Crash Course in Estate Administration – from Procedures to Technicalities

• Filings
• Elective Share
• Disclaimers Federal and New Jersey
  
• Who bears costs/taxes
  
• Quelling Conflicts
  
• Income Tax Filings/Issues
  
• Minimum Distributions from Retirement Accounts

How NJ Taxation varies from Federal Taxation;

Reporting idiosyncrasies;

Tax Lien Conundrum;

Who Absorbs Which Tax;

Amounts Reported vs. Amounts Distributed;

Minimizing Tax Examination Exposure;