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Haddonfield, New Jersey 08033-2342

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News, Articles & Resources

Category: Estates & Trusts


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U.S. Supreme Court provides guidance (although minimal) on the interstate income taxation of Trusts. North Carolina Department of Revenue vs. Kimberly Rice Kaestner 1992 Family Trust, 139 S. Ct. 2213, 588 U.S.  (June 21, 2019).     When an individual owns several homes and travels between them, spending time in…

Haas Presents Extreme CLE ’17

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K&D associate, Briele Haas, was among a group of speakers who took part in the Camden County Bar’s successful CLE program “Extreme CLE ‘17”, on March 24, 2017. Mrs. Haas presented the program on IRA’s and Estate Planning. The one-day event, which offered 16 programs, gave attorneys the opportunity to earn the…

New Jersey Estate Tax Repeal: What You Need to Know!

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Glenn A. Henkel authored the following article “New Jersey Estate Tax Repeal: What You Need to Know!” which has been featured in the March 2017 (Vol. 65, No. 7) issue of The Barrister, a monthly circular published by the Camden County Bar Association. Last October, Governor Christie signed legislation raising the state’s…

NJ Estate Tax Repealed, Whats Next?

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On October 14th, New Jersey Governor Chris Christie signed legislation raising the state’s gas tax by 23 cents per gallon, from the 49th highest in the nation to the sixth, to help replenish the state’s expired transportation trust fund. As a trade off, the bill will lower the New Jersey…

Use of Trusts in Planning for Possible Divorce of Trust Beneficiary- MASSACHUSETTS CASE: PFANNENSTIEHL

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BACKGROUND One common discussion point clients ask about is “What can I do to protect my child’s inheritance (or gift) due to a child’s bad marriage?” In that discussion, clients can consider placing assets in a trust because the assets maintained in the trust should receive more protection. The assets…

Pending Legislative Update

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A proposal to phase out the New Jersey estate tax passed Senate and Assembly committees on June 23. The proposal would increase the New Jersey estate tax exemption from $675,000 in 2016 to $1 million for 2017 decedents, $2 million for 2018 decedents and $3 million for 2019 decedents. After 2020, the State’s estate…

Directed Trusts – Jewel Inside the UTC

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On January 19, 2016, Governor Christie signed Assembly Bill 2915/Senate Bill 2035, known as the “Uniform Trust Code” (“UTC”), as Chapter 276, P. L. 2015.  The UTC was created as a project of an ad hoccommittee of trust and estates lawyers in the New Jersey Bar Association who attempted to conform…

The New Jersey UTC: The Time Has Come

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What is the Uniform Trust Code (UTC) and why should it be adopted in New Jersey? The Uniform Trust Code is, as the name denotes, an attempt to codify rules related to trust administration and planning.  It was originally proposed by the National Conference of Commissioners on Uniform State Laws…

In re Andolino: New Jersey Inherited IRAs Are Excluded from Bankruptcy Estate

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An “inherited IRA” is an individual retirement account (“IRA”) that is left to a beneficiary upon the IRA owner’s death. If the IRA owner started receiving required minimum distributions (RMDs) at the time of his or her death, the beneficiary must continue to receive distributions from the inherited IRA in…

Interesting Developments Concerning Income Taxation of Resident and Nonresident Trusts

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The Pennsylvania Department of Revenue recently changed its instructions for filing of an income tax return for trusts and estates.  While many people are aware that an individual must file Form 1040, a trust or estate will typically file IRS Form 1041. On the state level, corollary returns are prepared for…

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