James J. Costello, Jr., Co-Chair of the firm’s Estate, Trust, and Tax Law Practice Group, focuses his practice on estate planning and administration, litigation and disputes among beneficiaries, general federal and state tax law and controversies, and the formation, dissolution, purchase, sale, and mergers of all types of closely-held business entities.
Jim represents individuals in all aspects of general and sophisticated estate planning, including drafting wills, lifetime and testamentary trusts, powers of attorney, health care directives, prenuptial and cohabitation agreements, employing sophisticated strategies when warranted matters including family limited liability companies (“LLCs”), sales to intentionally defective grantor trusts, spousal lifetime access trusts (“SLATS”), dynasty trusts, and charitable trusts.
His representation of fiduciaries includes all aspects of estate and trust administration, including preparation and filing of federal and state estate and income tax returns, representation in IRS and New Jersey Division of Taxation audits, litigation and disputes among beneficiaries, preparation and filing of federal and state estate and inheritance tax returns, and defending those returns on audit.
Jim handles federal and state tax disputes, including collection matters, appeals, and representation in U.S. and New Jersey Tax Courts.
Small business owners look to Jim for assistance not only with respect to the formation, dissolution, purchase, and sale of closely-held businesses but also as a discussion partner with respect to the strategy in connection with the transition of ownership to younger generations. He also represents individuals and entities in residential and commercial real estate transactions.
Elderly and incapacitated individuals and their families engage Jim for counsel regarding guardianships, asset protection planning, including irrevocable grantor trusts and Medicaid spend-downs, as well as preparing and filing Medicaid applications.
Jim has published articles and lectured extensively to civic and professional groups about a variety of estate planning and tax law topics. He is a former Trustee and current Advisory Board Council member of the Greater New Jersey Chapter of the Alzheimer’s Association, now known as Alzheimer’s New Jersey, is a former officer of the Bernardsville Library Foundation, Inc., and has been elected to the Vestry of the Church of St. John on the Mountain in Bernardsville.
James Costello and Nicholas Dimakos to Present on Probate and Trust Litigation
James J. Costello, Jr. to Present on Using Trusts in Estate Planning and Asset Protection
James J. Costello, Jr. to Speak at Seminar on Probate Process
James J. Costello, Jr. to Speak at Alzheimer’s New Jersey Conference
Norris McLaughlin, P.A. Launches Beneficiary Rights Blog
James J. Costello, Jr., to Speak at “Revocable Living Trusts from Start to Finish” Seminar
James J. Costello, Jr. to Speak at “Estate Administration Procedures: Why Each Step Is Important” Seminar
James J. Costello, Jr., to Speak at “Tax Planning for Trusts and Estates” Seminar
Norris McLaughlin, P.A. Welcomes New Trusts & Estates Member
Proposed Changes to Estate & Gift Tax Law
Tension Between Site Remediation and Expeditious Estate Administration
The Secure Act and Its Impact on Your Estate Plan
HIGHLIGHTS OF TAX LAW CHANGES UNDER THE TAX CUTS AND JOBS ACTSee More
Does It Matter if a Trust Is Revocable or Irrevocable? Yes, It Matters a Lot!
Beneficiaries Should Exercise Caution Before Filing a Caveat
Making a Will? Don’t Forget About Funeral Arrangements
Undue Influence Can Unwind Lifetime Gifts
Promised Inheritance? Make Sure It’s in Writing!
No-Contest Clause, No Problem?
When Is a Joint Account Not Really a Joint Account? When It’s for “Convenience Only.”
Beneficiary Rights of Separated Spouses
I was Excluded as a Beneficiary, but Don’t Think it was Intended; am I out of Luck? Maybe Not!
It’s Never Too Late (Sometimes) to Assert Rights as a Beneficiary
Beating the NJ Inheritance Tax as a “Mutually Acknowledged Child”
Court Grants Beneficiary’s Request to Terminate Trust
I was excluded from the provisions of a Will; might I still inherit?
Inheriting as an “Omitted Child”
Beneficiary Rights and Retirement Plans – Pay Attention to the Details!
The Trustee Of My Parent’s Trust Is Using The Trust Assets As A Personal Piggy Bank. What Can I Do?
New Jersey Inheritance Tax – Beware Gifts “In Contemplation of Death”
How important is it to have an ORIGINAL Will?
Does The Executor Of A Will Have The Right To Make Funeral Arrangements For The Decedent?
I Am A Beneficiary Under A Will But I Have No Idea What Is Going On With The Estate, What Can I Do?
Addressing Portability Of Estate & Gift Tax Exemptions In Premarital Agreements
When Is An Irrevocable Trust Not Really Irrevocable?
Elective Share Update – What Does it Mean to Be Living Separate and Apart or Ceasing to Cohabitate as Man and Wife?
Could I Be the Beneficiary of a “Secret Trust”?
Does Undue Influence Apply To Lifetime Transfers?
Can I Be Cut Out Of My Spouse’s Will?
Is My Inheritance Or Gift Subject To Income Tax?See More