The Connection Warren-Watchung Edition April/May 2018

PAGE 64 THE WARREN-WATCHUNG CONNECTION APRIL/MAY 2018 You are Cordially Invited to attend this Free Workshop ESTATE TAX LAWS HAVE CHANGED!!! LEARN ABOUT THE CRITICAL UPDATES AND HOW THEY AFFECT ALL TRUSTS, WILLS, POWERS OF ATTORNEY AND MORE!!! Limited seating, call to reserve seats As Soon As Possible: 908-753-4156 or register online at www.estateattorneynj.com ESTATE PLANNING WORKSHOP Tuesday, April 24, 2018 Maggiano’s 600 Commons Way, Bridgewater, NJ 08807 Lunch:11:00am Prompt! ESTATE PLANNING WORKSHOP Thursday, April 19, 2018 Grillestone 2377 Route 22 West, Scotch Plains, NJ 07076 Lunch:11:00am Prompt! Sponsored by: Gail L. Abrams, Attorney at Law 7 Johnston Drive • Watchung, NJ 07069 • Don’t leave your family Lost in the New Tax Laws! • The government has changed the Tax Code, your Estate Documents need to be reviewed! • Learn how Powers of Attorney and a Living Will can protect you if you become Incapacitated. • Learn about the consequences your heirs face if you do not have a Living Trust or a Last Will and Testament. • Learn how to avoid the Double Taxation of your IRA & Retirement Accounts and pass your assets to your Heirs . CALL TODAY CALL TODAY TOPICS: Alan’s Limousin S rvice Prompt & Courteous Valet Car Service Personal & Corporate Transportation Conventions | Airport Transportation Wedding Party | Concerts - Night on the Town Proms | Sweet Sixteens | Special Occasions Mobile 732-887-0773 908-371-9091 www.alansnjlimo.com MENTION THIS AD FOR A 10% Discount Open 24 Hours ESTATE PLANNING REVIEW IS A MUST AFTER REPEAL OF NJ ESTATE TRANSFER TAX AND THE TAX CUTS & JOBS ACT By: Gail L. Abrams, Attorney At Law Finally, good news if you live in the state of New Jersey. There have been major changes in the estate tax as NJ has finally woken up smelled the coffee. It’s now all about how to create an organized and strategic Estate Plan which takes advan- tage of the new tax law to pro- tect you and your family. On December 22, 2017 President Trump signed the Tax Cuts and Job Act which became effective January 1, 2018. Additionally, our previous gover- nor effectively eliminated the Estate Transfer Tax for New Jersey. What does this mean in simple English? As of January 1, 2018, the fed- eral exemption for estate tax purposes is now over $10 mil- lion per individuals and $20 mil- lion per couple effective until year 2025. In New Jersey, the previous Transfer Tax at death was $675,000 per individual as of January 1, 2018, this tax has been eliminated. There is still an inheritance tax in NJ but it only affects individuals who are not a class A beneficiary. A class A beneficiary are spouses, children and grandchildren. These indi- viduals will not be subject to estate transfer tax or NJ inheri- tance tax. If you are leaving your estate to brothers, sisters, nephew and nieces…they still have an inheritance tax. Estate planning should be reviewed this year! For most of us this is good news. Attorney, Gail L. Abrams of Watchung New Jersey recom- mends all individuals who have complex trusts such as testa- mentary trusts, credit shelter trusts, disclaimer wills, revocable trusts should be reviewed and perhaps updated for simplicity. These trusts may or may not be suitable anymore and may or may not be necessary for tax planning purposes. This is a good thing for New Jersey. Many of our clients were leaving NJ to a more favorable state such as Florida but now instead of being the worst state to die in for taxes this tax relief will hope- fully keep NJ residence from leaving. Ms. Abrams has free upcoming workshops that will review all changes to Estate Plans including all trusts, powers of attorneys for assets and health and other tax strategies to help individuals pass a legacy to their families at death. Space will be limited. Reservations are required. No walk-ins permitted. Lunch Workshops all starting at 11:00am Prompt! RESERVATIONS REQUIRED! Thursday, April 19, 2018 Grillestone 2377 Route 22 West Scotch Plains, NJ 07076 -OR- Tuesday, April 24, 2018 Maggiano’s 600 Commons Way Bridgewater, NJ 08807 www.theconnectionsnj.com