SUPPLEMENT UPDATE: New Jersey Estate Planning, Wills and Trusts Library: Forms and Practice Manual (1.14)

Joseph L. Goldman, Esq. is co-Chair of the Trusts & Estates practice at Pashman Stein, P.C. in Hackensack, New Jersey, concentrates his practice on sophisticated trust and estate planning and administration, business succession planning, and business transactional matters. He is a member of both the New Jersey and New York bars and a member of the New Jersey Bar Association (Real Estate and Probate section), the New York State Bar Association (Trusts and Estates, Elder Law, and Business Sections), and various local bar associations and estate planning councils. He was recently selected as one of Bergen’s Top Lawyers for 2011 in (201) Magazine’s first-ever peer review survey. Mr. Goldman is the author/editor of numerous publications on estate planning, state and local taxation, and business succession planning. He was co-editor of Harcourt Brace Tristate Tax Letter Plus and contributing editor of both CCH Financial and Estate Planning Reporter and CCH Business Strategies. Mr. Goldman was adjunct instructor at New York University School of Continuing Education, where he taught Estate Planning for Wealth Management. He was also an instructor at New York City College of Technology, where he taught Estate Planning for Paralegals. Additionally, he has lectured at numerous seminars on estate planning for various financial and nonprofit institutions, including banks and hospitals. He also lectured on Sophisticated Estate Planning for the New Jersey Institute of Continuing Legal Education (ICLE). Mr. Goldman received his J.D. from Columbia University School of Law and his B.A. from Queens College (CUNY) (magna cum laude).

Important features of this year's supplement include:

• With respect to the federal estate tax, any planning for 2025 must take into account the enactment of the One Big Beautiful Bill Act (OBBBA) which raises the federal estate tax exemption to $15 million (indexed for inflation) to take effect after December 31, 2025.
• Discussion of IRS final regulations updating the Required Minimum Distributions rules (RMD) and reflecting changes made by the Secure Act and the Secure 2.0 Act impacting retirement plan participants, IRA owners and beneficiaries.
• Discussion of estate and gift and generation-skipping tax planning continuing relatively in a high-interest rate environment.
• Discussion of the Connelly Case, which significantly impacts insurance-funded buy-sell agreements.
• Discussion regarding the elimination of the New Jersey estate tax, effective January 1, 2018, and its effect on estate planning, including no need for credit shelter trust limited to New Jersey estate tax exemptions or New Jersey only QTIP Trust.
• Detailed information regarding the enactment of the New Jersey Uniform Trust Code, N.J.S.A. §3B:31-1 et seq., effective as of July 17, 2016, which continues to have a significant effect on trust planning and administration.

AND NOW….

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