Donald Dennison, Esq. Discusses Asset Protection from Nursing Home Costs in NJMoneyHelp.com Interview
January 29, 2024
“Transfers of assets into trust are typically considered gifts, therefore, this type of planning is usually done well in advance of someone needing Medicaid services.” Elder Law attorney Donald A. Dennison, Esq. from Mandelbaum Barrett PC shared insights in a recent interview with NJMoneyHelp.com. Delving into the question of whether a trust safeguards assets from […]
Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act
January 19, 2024
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers. So, are there ways to avoid […]
What Is a Qualified Personal Residence Trust (QPRT)?
May 23, 2023
A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person’s estate and to their heirs while reaping lower transfer tax consequences. A QPRT can also be used to prevent creditors […]
Step-Up in Basis and Why It Matters in Estate Planning
March 21, 2023
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you. What […]
Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
July 25, 2022
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates. […]