The Kridel Law Group provides two major services in the area of estate tax planning and administration for our clients:
- Careful creation of robust estate plans that minimize exposure to estate taxes, inheritance taxes, and gift taxes
- Aggressive use of our attorneys' trial skills in probate and estate litigation to fight unfair levying of estate taxes
Our qualifications enable us to handle complex questions regarding inheritance and estate taxes with relative ease. We are known for our ability to explain complex taxation problems in clear language. Our estate planning attorneys are routinely charged with developing sophisticated, effective strategies to minimize exposure to inheritance and estate taxes.
Contact us to schedule a consultation with a Clifton inheritance tax lawyer at our New Jersey office. We also serve clients from our Manhattan office.
Federal Estate Tax Exemptions
Because of fluctuations in the tax laws, we predict that 2010 and 2011 are going to be active and uncertain years for estate litigation on topics relating to estate and gift taxes.
For deaths occurring in 2010, the federal estate tax has been repealed, and there will be no limit to the amount of assets that can pass free of estate tax. For deaths occurring in 2011 and later years, the exemption will be $1 million for assets passed to people other than spouses. The unlimited marital deduction means any assets left to a spouse will not be taxed.
New Jersey is one of only a few states that imposes an inheritance tax. The tax is based on the relationship between the decedent and the proposed heir. Children, spouses, parents, grandchildren, other lineal descendants, and charities are exempt from the inheritance tax. Friends, relatives, including brothers, sisters, nieces, nephews, and cousins, and some others do have to pay an inheritance tax. There is also an estate tax that may have to be paid.
The Kridel Law Group has enjoyed significant success using estate litigation to roll back unfair inheritance and estate taxes. Make an appointment with a lawyer in our Clifton, New Jersey, or Manhattan office by calling 973-470-0800 or using our online contact form to schedule a consultation.