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Divorce and Retirement Plans
Retirement plans are often one of the most valuable assets a couple acquires during a marriage. If a couple divorces and there is an agreement or judgment that requires all or a portion of the employee spouse’s retirement plan to be shared with the spouse or former...
Non-Grantor Trust: A Tool for Estate, Asset Protection and Income Tax Planning
While there are many forms and types of trust, this article highlights some of the various beneficial structures that encompass the use of non-grantor trusts. The use of non-grantor trusts to achieve estate, asset protection and income tax planning should be...
Quickbooks Quick Tip
Have you ever posted to incorrect accounts or classes for a few months in Quickbooks? One way to resolve the problem is to go back to each transaction and change it manually. This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool...
New Status for Therese Connell
Therese Connell, one of the firm’s Partners and Director of its Estate and Trust department, marks 25 years with the firm this year. She has decided to move to part-time status at Capaldi Reynolds & Pelosi effective August 31, 2018. Therese has served in her...
Charitable Giving Strategies
While there may be a lot of wisdom in the proverb “May your charity increase as much as your wealth,” there can also be wealth in properly planning your charitable giving. This wealth is derived from the economic benefit that can result from tax savings achieved by...
Filing for 501c (3) Tax Exempt Status: Easing the Burden on Smaller Nonprofit Organizations
Most organizations seeking 501c (3) tax exempt status must file an application with the IRS. Until 2014, the only means available to organizations was filing Form 1023: Application for Recognition of Exemption Under Section 501c (3) of the Internal Revenue Code....
Should I Give My Home to My Children?
I am often asked whether it is a good idea for elderly parents to transfer their home to their children. I always ask: “Why do you want to do this?” The most common reason is to protect the house in the event one or both of the parents need nursing home care. First, I...
New Jersey Tax Amnesty- Act Now for Relief
New Jersey has just announced a tax amnesty for taxpayers with liabilities for the tax years 2008-2016. The Division of Taxation has proactively contacted some taxpayers with liabilities already assessed and/or unfiled tax returns. This amnesty does not extend to...
Mandatory Paid Sick Leave Enacted in New Jersey
Beginning on October 29, 2018 employees in New Jersey may earn up to 40 hours of paid sick leave per year. A benefit year can be defined by the employer and cannot be changed without the approval of the Department of Labor. All New Jersey employers, except...