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THE WARREN-WATCHUNG CONNECTION
APRIL/MAY 2016
Estate Planning Workshops “2016 ESTATE PLANNING WORKSHOPS” Learn About the New Tax Laws in 2016 & How They Affect Living Trusts, Wills, Powers of Attorney & Much More... 908-753-4156 Make Reservations Now on our 24 Hour Reservation Line to Attend a FREE Educational Workshop! SPACE WILL BE LIMITED TO THE FIRST 25 ATTENDEES – NO WALK-INS! Sponsored by: ESTATE PLANNING WORKSHOP Saturday, April 16, 2016, 10am-12pm Prompt! GRILLESTONE 2377 Rt. 22 West, Scotch Plains, NJ 07076 Light Breakfast Will Be Served. ESTATE PLANNING WORKSHOP Tuesday, April 12, 2016, 11am-1pm Prompt! GRILLESTONE 2377 Rt. 22 West, Scotch Plains, NJ 07076 Lunch Will Be Served. GAIL L. ABRAMS, ATTORNEY AT LAW or make reservations online at www.estateattorneynj.com 7 Johnston Drive • Watchung, NJ 07069 • If you live in New Jersey and your estate is worth more than $675,000 your family may owe tax to NJ through the NJ Transfer Tax Rules. Learn how your Estate Plan can be set up to protect your family from these unnecessary NJ taxes. • Reviewing your Estate Plan for 2016. Is your will or trust up to date with current law? • How Powers of Attorney and a Living Will can protect you if you become incapacitated. • How to protect and provide for a Special Needs Child. • How to know if a Trust or a Will is adequate to protect your family for 2016 and the Future. • How to avoid the Double Taxation of your IRA & Retirement Accounts. • The Non-Tax Reasons for doing a Living Trust or a Last Will and Testament. FREE CALL TODAY 24 HOURS TAX TIME BOMB!!! NEW JERSEY ESTATE TRANSFER INHERITANCE TAX By: Gail L. Abrams, Attorney At Law Have you planned appropriately for your family? Everyone should think about how Estate Taxes may impact their lives upon their death. Under the new Federal Tax Law the top Gift, Estate, and GST tax rates are set at 40% for gifts made and individuals dying in 2016 and thereafter. This top rate will apply to transfers exceeding the exemption amount now permanently set over $5.4 mil- lion per person with inflation protec- tion every year. However, before we all get too excit- ed about a permanent Federal Estate Tax Law, we must all remember where we live. New Jersey is one of many states that has its very own estate transfer tax that could have a large impact on your estate that you had hoped to pass along to your family. While you may not owe Federal taxes (as most of us do not have estates in excess of $5,450,000) you will possibly owe New Jersey Transfer tax at death. New Jersey sets the estate exemption at only $675,000 and imposes a “Transfer Tax” on all assets in excess of the exemption amount per individual. Many homes in New Jersey are worth at least $500,000 or more. If you add in your IRA’s, bank accounts, invest- ments, life insurance policies and other assets, it is relatively easy to exceed the exemption amount. If you believe you will reach the $675,000 exemption limit, you should consult an attorney who spe- cializes in Estate Planning. Gail L. Abrams is an attorney in Watchung, New Jersey who specializes in Estate Planning Strategies and utilizes a tool known as a Discretionary Living Trust (unique to her firm) to minimize NJ Transfer tax. A Discretionary Revocable Living Trust (also known as an “inter vivos trust” or a “credit shelter trust”) allows a married couple a choice to preserve at the death of the first spouse the New Jersey exemption of $675,000.The assets are preserved in a trust for the benefit of the surviving spouse for his or her lifetime. After the second spouse dies the heirs would receive that amount estate tax free. The surviving spouse chooses which assets to put into the trust, and he or she can use the assets and retain trustee control over those assets during their lifetime.A Revocable Living Trust is a private document and does not go through the Probate Court and is valid in every state.A Revocable Living Trust is an excellent tool to retain privacy, organize your assets, and if you have real estate outside of New Jersey this trust avoids multiple probate pro- ceedings.This trust may in some cases even eliminate some or all of New Jersey Transfer Taxes. The Law Offices of Gail L. Abrams offers Free Seminars on Estate and Financial Planning including Living Trusts, Wills, Powers of Attorney, IRA strategies, Retirement Planning and more. To learn more, call (908) 753-4156 or view website at www.estateattorneynj.com a nd make a reservation to attend one of these upcoming Seminars: Estate Planning Workshops: Lunch and Breakfast workshops RESERVATIONS REQUIRED! Tuesday, April 12, 2016 11:00am-1:00pm Grillestone 2377 Route 22 West Scotch Plains, NJ 07076 -OR- Saturday, April 16, 2016 10:00am-12:00pm Grillestone 2377 Route 22 West Scotch Plains, NJ 07076 732-968-VAPE (8273) 321 Bound Brook Road Middlesex, NJ 08846 www.MiddlesexVapes.com Mon-Sat 11am-8pm, Sun 12-5pm Bring In Coupon For 15 % OFF All Juice Expires 5/1/16 DON‘T RISK LOSING PRICELESS MEMORIES! Bedminster, NJ | 908-367-2001 | www.archivalcompany.com VIDEO TO DVD & DIGITAL FORMATS: VHS, VHS-C, H I 8, HDV, D IGITAL 8, M INI DV, U-M ATIC 3/4”, B ETA SP, SX, S UPER 8/8 MM , 16 MM CREATE YOUR DIGITAL LEGACY! Convert your old media to a digital format and enjoy your family videos on your TV. No DVDs required! 15% OFF WITH THIS AD www.theconnectionsnj.com