close
  • Oct 07, 2021Proposed Changes to Estate & Gift Tax Law

    Talk of Estate & Gift Tax increases has persisted throughout the year. Now, faced with the task of raising revenue to pay for the proposed infrastructure bill, the House Ways and Means Committee has proposed several significant modifications to existing Estate & Gift Tax law, including the following:

    • Beginning 1/1/22, reduction of the amount each person can give away – either during one’s life or at one’s death — Estate & Gift Tax free, from $11.7 million to roughly $6 million;
    • Beginning on the date of the enactment of new legislation (which can be any time before the end of the year), subjecting assets in so-called “Grantor Trusts” to Estate & Gift Taxation, thereby eliminating many common and powerful Estate Tax reduction techniques;
    • Beginning on the date of enactment of the new legislation, elimination of valuation discounts for Estate & Gift Tax purposes for all “non-business” assets, which in some instances may include real estate.

    Estate & Gift Tax Law Modification Proposal

    The proposals, if passed into law, have the potential to substantially increase Estate & Gift Tax exposure for many people. Therefore, immediate action is required for the following:

    • Take full advantage of the $11.7 Estate & Gift Tax Exclusion before of the end of the year;
    • Implement strategies involving Grantor Trusts prior to the date of enactment;
    • Take advantage of valuation discounts on non-business assets prior to the date of enactment.

    Whether the proposals as described above will become law is uncertain. However, for some clients, waiting until legislation is passed may come at a significant cost. Contact a member of the Estate, Trust & Tax Group at Norris McLaughlin, P.A., as soon as possible to discuss how the proposals could affect your situation and determine whether immediate action is warranted.

    Note:  The contents of this letter are for informational purposes only and are not intended to constitute legal advice or form an attorney-client relationship. For information and advice particular to your situation, please contact one of the following attorneys in our Trust, Estate Practice Group:  James J. Costello, Jr., Judith A. Harris, Jill Lebowitz. Copyright © 2021 Norris McLaughlin, P.A.

    Posted in: Estate Planning & Administration, James J. Costello, Jill Lebowitz, Judith A. Harris |

  • Jul 29, 2021Jill Lebowitz to Speak on New Jersey Inheritance Tax at NJICLE 2021 Estate Planning Summer Institute

    Jill Lebowitz, a Member of the law firm Norris McLaughlin, P.A., and Co-Chair of its Estate, Trust, and Tax Law Practice Group, will present “Digging Deeper into the New Jersey Inheritance Tax” virtually once again for the New Jersey Institute for Continuing Legal Education (NJICLE) Estate Planning Summer Institute on Friday, July 30, at 9:00 a.m.

    “Being my fifth time presenting on the New Jersey inheritance tax for the Estate Planning Summer Institute, I look forward to further discussion with those in attendance about the changes that have occurred this year,” said Lebowitz.

    About the New Jersey Estate Planning Summer Institute

    This annual program provides an in-depth look at estate planning, featuring an advanced analysis of the most pressing estate planning topics during the current year. Topics to be addressed include law and procedure, essential drafting techniques, and information to elevate an attorney’s practice.

    The two-day program, co-sponsored by the New Jersey State Bar Association Real Property, Trust and Estate Law Section, will be held on Thursday, July 29, and Friday, July 30, 9:00 a.m. – 4:00 p.m., as a live webcast. This year offers 13.9 New Jersey CLE credits, including 1.2 ethics/professionalism credits. New York and Pennsylvania CLE credits are also available. For more information and to register, visit njsba.com or call (732) 214-8500.

    About Jill Lebowitz

    Lebowitz devotes her practice to estate planning, trust and estate administration, and counseling tax-exempt organizations. She is experienced in drafting sophisticated estate planning instruments and counseling individuals and families regarding estate, gift, and generation-skipping transfer tax issues. Lebowitz advises clients on the development of both simple and complex estate plans, philanthropic planning, and business succession issues. She drafts estate planning instruments including wills, revocable living trusts, insurance trusts, dynasty trusts, charitable trusts, grantor retained annuity trusts, qualified personal residence trusts, shareholders agreements, limited liability company operating agreements, durable powers of attorney, and advance directives for health care.

    In addition, Lebowitz handles all aspects of trust and estate administration, as well as fiduciary litigation and guardianship matters. She prepares federal and state estate and inheritance tax returns and federal gift tax returns. Lebowitz is knowledgeable in drafting disclaimers and agreements regarding post-mortem planning, informal distribution agreements, judicial fiduciary accountings, and handling court proceedings to effect final distribution of estates and trusts. She also counsels individuals and financial institutions regarding their fiduciary duties as personal representatives and trustees, including advising on legal and tax issues, as well as issues in connection with administering trusts. She also assists individuals, families, and fiduciaries with all aspects of fiduciary litigation and handles guardianship matters.

    Lebowitz regularly advises tax exempt organizations regarding federal tax exemption issues, state charitable registration filings, and governance issues. On behalf of tax-exempt organizations, she drafts nonprofit corporation documents and prepares federal applications for tax exempt status, state charitable registration filings, and state property tax and sales tax exemption applications. Lebowitz has extensive experience advising individuals, family and corporate foundations, and tax-exempt organizations on nonprofit corporate governance, private foundation excise taxes, domestic and international grant-making, executive compensation, excess benefit rules and intermediate sanctions, unrelated business income, scholarship programs, and fundraising issues.

    Lebowitz is a Fellow of The American College of Trust and Estate Counsel (ACTEC), a national organization of approximately 2,500 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence, and experience as trust and estate counselors. She has also been selected for inclusion on the 2019, 2020, and 2021 lists of New Jersey Super Lawyers® in the Estate & Probate section. A description of the selection methodology can be found at superlawyers.com. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.

    Lebowitz currently serves on the Meritas U.S. Trusts and Estates Industry Group Steering Committee. She is a Past Chair of the New Jersey State Bar Association’s Real Property, Trust & Estate Law Section, and continues to serve on the Section’s Board of Consultors. Lebowitz is also a Past President of the Greater Middlesex/Somerset Estate Planning Council and continues to serve on its Board of Trustees.

    Lebowitz earned her LL.M. in Taxation from New York University School of Law, her J.D. from Rutgers University School of Law—Newark, and her B.A. from New York University.

    Posted in: Estate Planning & Administration, Jill Lebowitz, News, Taxation | Tags: , ,

  • May 24, 2021Norris McLaughlin Attorneys Represent Firm in Meritas® Leadership Roles

    Steven A. Karg, a Member of law firm Norris McLaughlin, P.A., and one of the firm’s Meritas® Member Contacts, has been appointed to the Meritas U.S. Leadership Committee. “Being dedicated to building the relationship with other Meritas firms, it is my pleasure and honor to serve as the firm’s representative for the United States Leadership Committee,” said Karg.

    Melissa A.  Peña, a Member of the law firm and one of the firm’s Meritas Member Contacts, has been appointed to the Executive Committee of Meritas as Chair of its Finance Committee, and as Chair of the Meritas Women’s Leadership Congress Leadership Council. Peña commented, “It is my honor to lead this incredibly talented group of women with the common goal to increase and support female leadership within Meritas and, in so doing, show women how to leverage those leadership skills into more visible roles within their firms, as well as identify resources and programs that can help to inform policies and guidelines to improve diversity and gender equality within the legal industry.”

    In addition, Jill Lebowitz, a Member of the firm and Co-Chair of its Estate, Trust, and Tax Law Practice Group, serves on the Meritas U.S. Trusts and Estates Industry Group Steering Committee, and Shauna M. Deans, an Associate of the firm, will participate in the Meritas Black Lawyers’ Forum.

    About Meritas®

    Meritas® is an established global alliance of more than 180 independent, full-service law firms, with a comprehensive means of monitoring and enhancing the quality of its member firms—a process that saves clients time in validating law firm credentials and experience. Firms become members by invitation only and maintain membership by meeting the standards of a uniquely comprehensive Quality Assurance Program. Firms are regularly assessed and recertified for the breadth of their practice expertise and client satisfaction. Firm quality feedback is reflected in a Satisfaction Index score, which is available online. As the only Meritas firm in New Jersey, Norris McLaughlin enjoys an international reputation for excellence through its membership.

    About the Attorneys

    Steven Karg

    Karg focuses his practice on commercial litigation with an emphasis on products liability and consumer claims defense. He served a term on the Meritas Board of Directors and its Quality Assurance Committee. Karg is a past President of the Somerset County Bar Association, a member of the New Jersey Defense Association, a Former Chairperson of its Products Liability Committee, and a member of the Defense Research Institute as well as its Products Liability and Drug & Medical Device Committees.

    Karg has spoken about products liability issues to many organizations, and he is a co-author of the annual edition of “New Jersey Products Liability and Toxic Torts Law,” published by Gann Law Books. He earned his J.D., cum laude, from Seton Hall University and his B.S., magna cum laude, from Trenton State College in Mechanical Engineering Technology.

    Melissa Peña

    Peña, Chair of the firm’s Bankruptcy & Creditors’ Rights Practice Group, a member of the Management Committee, and Chair of its Diversity & Inclusion Committee, concentrates her practice in the areas of bankruptcy, commercial litigation, and mortgage foreclosures. Whether inside or outside the courtroom, Peña aims to find practical business solutions for her clients. She utilizes litigation as a tool to further her client’s business objectives in a cost-effective manner.

    Peña serves on the Board of Directors for Meritas, as Chair of the Meritas Finance Committee as an Executive Committee Member, and as Co-Chair of its Financial Services/CRABS Section. She is also a member of the Bankruptcy Inn of Court, New York County Lawyers’ Association, and National Association of Women Lawyers. Peña earned her J.D., cum laude, from The American University Washington College of Law in 2003 and her B.A., magna cum laude, in Political Science, from George Washington University in 2000.

    Jill Lebowitz

    Lebowitz devotes her practice to estate planning, trust and estate administration, and counseling tax-exempt organizations. She is a Fellow of The American College of Trust and Estate Counsel (ACTEC), a national organization of approximately 2,500 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence, and experience as trust and estate counselors.

    Lebowitz is a Past Chair of the New Jersey State Bar Association’s Real Property, Trust & Estate Law Section, and continues to serve on the Section’s Board of Consultors. She is also a Past President of the Greater Middlesex/Somerset Estate Planning Council and continues to serve on its Board of Trustees. Lebowitz earned her LL.M. in Taxation from New York University School of Law, her J.D. from Rutgers University School of Law—Newark, and her B.A. from New York University.

    Shauna Deans

    Deans, a member of the firm’s Diversity & Inclusion Committee, focuses her practice on estate planning and administration, including inheritance and gift taxation. She counsels beneficiaries and fiduciaries of estates and trusts on marshaling assets, issues regarding basis, and maximizing of tax savings. Deans is also certified by the State of New Jersey as a civil mediator and has assisted parties in the settlement of special civil, small claims, and landlord/tenant matters on behalf of the Court. Deans received her J.D. from Howard University School of Law in 2010, and her B.A., magna cum laude, from Spelman College in 2007.

    Posted in: Jill Lebowitz, Melissa A. Peña, News, Shauna M. Deans, Steven A. Karg | Tags: , , ,

  • Jan 28, 2021Jill Lebowitz Named Norris McLaughlin Estate, Trust, and Tax Law Practice Group Co-Chair

    Jill Lebowitz, a Member of the law firm Norris McLaughlin, P.A., has been named Co-Chair of the firm’s Estate, Trust, and Tax Law Practice Group along with James J. Costello, Jr., and Judith A. Harris.

    “I am honored to be a co-chair of the firm’s Estate, Trust, and Tax Law Practice Group and look forward to my new leadership role. It is a privilege for me to continue to serve the families and business community of New Jersey as part of our estate, trust, and tax team,” said Lebowitz.

    About the Norris McLaughlin Estate, Trust, and Tax Law Practice Group

    Norris McLaughlin’s estate, trust, and tax law attorneys have vast experience in all aspects of state, federal, and international tax law, with an emphasis on the planning and administration of trusts and estates. To assure that assets pass to intended beneficiaries at as little cost as possible, including minimizing state and federal tax burdens, which may require the use of sophisticated and creative planning techniques, the firm provides services in four main areas: business tax, employee benefits, tax controversy, and trusts and estates. Members of this diverse group (many of whom hold master’s degrees in tax law) frequently lecture on tax and business issues to the tax sections of the American Bar Association, the New Jersey State Bar Association, and the Society of Certified Public Accountants, and other organizations.

    About Jill Lebowitz

    Lebowitz devotes her practice to estate planning, trust and estate administration, and counseling tax-exempt organizations. She is experienced in drafting sophisticated estate planning instruments and counseling individuals and families regarding estate, gift, and generation-skipping transfer tax issues. Lebowitz advises clients on the development of both simple and complex estate plans, philanthropic planning, and business succession issues. She drafts estate planning instruments including wills, revocable living trusts, insurance trusts, dynasty trusts, charitable trusts, grantor retained annuity trusts, qualified personal residence trusts, shareholder agreements, limited liability company operating agreements, durable powers of attorney, and advance directives for health care.

    In addition, Lebowitz handles all aspects of trust and estate administration, as well as fiduciary litigation and guardianship matters. She prepares federal and state estate and inheritance tax returns and federal gift tax returns. Lebowitz is knowledgeable in drafting disclaimers and agreements regarding post-mortem planning, informal distribution agreements, judicial fiduciary accountings, and handling court proceedings to effect final distribution of estates and trusts. She counsels individuals and financial institutions regarding their fiduciary duties as personal representatives and trustees, including advising on legal and tax issues, as well as issues in connection with administering trusts. She also assists individuals, families, and fiduciaries with all aspects of fiduciary litigation, and handles guardianship matters.

    Lebowitz regularly advises tax exempt organizations about federal tax exemption issues, state charitable registration filings, and governance issues. On behalf of tax-exempt organizations, she drafts nonprofit corporation documents and prepares federal applications for tax exempt status, state charitable registration filings, and state property tax and sales tax exemption applications. Lebowitz has extensive experience advising individuals, family and corporate foundations, and tax-exempt organizations on nonprofit corporate governance, private foundation excise taxes, domestic and international grant-making, executive compensation, excess benefit rules and intermediate sanctions, unrelated business income, scholarship programs, and fundraising issues.

    Lebowitz is a Fellow of The American College of Trust and Estate Counsel (ACTEC), a national organization of approximately 2,500 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence, and experience as trust and estate counselors. She has also been selected for inclusion on the current list of New Jersey Super Lawyers in the Estate & Probate section. Lebowitz is a Past Chair of the New Jersey State Bar Association’s Real Property, Trust & Estate Law Section, and continues to serve on the Section’s Board of Consultors. She is also a Past President of the Greater Middlesex/Somerset Estate Planning Council and continues to serve on its Board of Trustees.

    Lebowitz earned her LL.M. in Taxation from New York University School of Law, her J.D. from Rutgers University School of Law—Newark, and her B.A. from New York University.

    Posted in: Estate Planning & Administration, Jill Lebowitz, News, Taxation | Tags: , ,

  • Jul 21, 2020Jill Lebowitz to Speak on New Jersey Inheritance Tax at NJICLE Estate Planning Summer Institute

    Jill Lebowitz, a Member of the law firm Norris McLaughlin, P.A., will present “Digging Deeper into the New Jersey Inheritance Tax” for the New Jersey Institute of Continuing Education (NJICLE) Estate Planning Summer Institute.

    “Each year, it is my pleasure to participate in the NJICLE Estate Planning Institute. Especially now, during these unprecedented times, it is more important than ever to stay informed,” said Lebowitz.

    About the NJICLE Estate Planning Summer Institute

    The two-day program, co-sponsored by the New Jersey State Bar Association Real Property, Trust and Estate Law Section, will be held on Thursday, July 23, and Friday, July 24, 9:00 a.m. – 4:00 p.m., as a live webcast. The Institute offers 13.4 CLE credits, including one ethics/professionalism credit. For more information and to register, visit njsba.com or call NJICLE at 732-214-8500.

    About Jill Lebowitz

    Lebowitz devotes her practice to estate planning, trust and estate administration, and counseling tax-exempt organizations. She is experienced in drafting sophisticated estate planning instruments and counseling individuals and families regarding estate, gift, and generation-skipping transfer tax issues. Lebowitz advises clients on the development of both simple and complex estate plans, philanthropic planning, and business succession issues. She drafts estate planning instruments including wills, revocable living trusts, insurance trusts, dynasty trusts, charitable trusts, grantor retained annuity trusts, qualified personal residence trusts, shareholders agreements, limited liability company operating agreements, durable powers of attorney, and advance directives for health care.

    In addition, Lebowitz handles all aspects of trust and estate administration, as well as fiduciary litigation and guardianship matters. She prepares federal and state estate and inheritance tax returns and federal gift tax returns. Lebowitz is knowledgeable in drafting disclaimers and agreements regarding post-mortem planning, informal distribution agreements, judicial fiduciary accountings, and handling court proceedings to effect the final distribution of estates and trusts. She also counsels individuals and financial institutions regarding their fiduciary duties as personal representatives and trustees, including advising on legal and tax issues, as well as issues in connection with administering trusts. She also assists individuals, families, and fiduciaries with all aspects of fiduciary litigation and handles guardianship matters.

    Lebowitz regularly advises tax-exempt organizations regarding federal tax exemption issues, state charitable registration filings, and governance issues. On behalf of tax-exempt organizations, she drafts nonprofit corporation documents and prepares federal applications for tax-exempt status, state charitable registration filings, and state property tax and sales tax exemption applications. Lebowitz has extensive experience advising individuals, family and corporate foundations, and tax-exempt organizations on nonprofit corporate governance, private foundation excise taxes, domestic and international grant-making, executive compensation, excess benefit rules and intermediate sanctions, unrelated business income, scholarship programs, and fundraising issues.

    Lebowitz is a Fellow of The American College of Trust and Estate Counsel (ACTEC), a national organization of approximately 2,500 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence, and experience as trust and estate counselors. She has also been selected for inclusion on the list of New Jersey Super Lawyers in the Estate & Probate section.

    Lebowitz is a Past Chair of the New Jersey State Bar Association’s Real Property, Trust & Estate Law Section, and continues to serve on the Section’s Board of Consultors. She is also a Past President of the Greater Middlesex/Somerset Estate Planning Council and continues to serve on its Board of Trustees.

    Lebowitz earned her LL.M. in Taxation from New York University School of Law, her J.D. from Rutgers University School of Law—Newark, and her B.A. from New York University.

    Posted in: Estate Planning & Administration, Jill Lebowitz, News, Taxation | Tags: , ,

  • Feb 05, 2020The Secure Act and Its Impact on Your Estate Plan

    As the festivities of the New Year have waned and we approach Tax Season, we bring you news of a recent legislative development that warrants your attention and may require changes to your estate plan. During the final weeks of 2019, Congress enacted federal tax legislation known as the “SECURE Act.”

    The SECURE Act

    The law makes important changes to the federal tax code that will impact distributions from retirement accounts such as 401(k)s, 403(bs)s, IRAs, and tax-qualified annuities (referred to in this legal advisory collectively as “Retirement Accounts”). Those changes may affect you during your lifetime and may also affect the way Retirement Accounts are distributed to your beneficiaries after your death. Consequently, the law may also limit your ability to protect retirement accounts from your beneficiaries’ creditors in a tax-efficient manner.

    This legal advisory summarizes the key aspects of the SECURE Act, which is effective as of January 1, 2020, that may affect your estate plan. We hope you find it helpful in understanding certain major changes enacted by this legislation and how they might affect you. However, bear in mind that the law will affect everyone differently. Therefore, we strongly urge you to contact our office to arrange a time for us to discuss this new law in detail, so that we may act to make any necessary revisions to your estate plan as soon as possible.

    Changes Affecting You

    One component of the SECURE Act that will affect many people during their lives is a change in the age at which a person must begin taking distributions from a Retirement Account. Prior to the SECURE Act, most people (except those who were not yet retired) were required to begin taking distributions from Retirement Accounts by April 1st of the year following the year in which they reached age 70 ½. Under the SECURE Act, the age is increased to 72 for those who were not yet required to take distributions under the old law.

    Also, the SECURE Act removes the age cap for funding traditional (non-Roth) IRAs, meaning that qualifying individuals over age 70½ are now eligible to make deductible and nondeductible contributions to a traditional IRA (and may, in some instances, present additional opportunities for funding a Roth IRA).

    These changes involve additional detail and nuance beyond the summary provided in this Alert and may present an opportunity for some to take further advantage of the tax-deferred savings offered by Retirement Accounts. Feel free to reach out to any member of the Norris McLaughlin Trust, Estate, and Individual Tax Law Practice Group to discuss those opportunities in coordination with your accountant or financial advisor.

    Changes Affecting Your Beneficiaries

    Perhaps the most significant changes concerning estate planning brought about by the SECURE Act regard how Retirement Accounts are distributed after the account holder’s death to avoid penalties while continuing to defer taxes. Under prior law, it was possible to “stretch” the distribution of inherited Retirement Accounts over the life expectancy of a beneficiary. Beneficiaries were required to take a required minimum distribution each year based on their life expectancy and the undistributed balance of the Retirement Account could continue to grow income tax-free. Better yet, leaving the balance of a Retirement Account to a trust, properly drafted to meet IRS requirement, for the benefit of a beneficiary, could protect retirement benefits from the beneficiary’s creditors and ensure that those benefits remain in the family upon the beneficiary’s death, while still benefiting from income tax-free growth for the undistributed portion of the Retirement Account.

    The SECURE Act has changed those rules so that most beneficiaries will be required to receive the full amount of an inherited Retirement Account within 10 years of the death of the person who funded the Retirement Account. Certain beneficiaries, including your spouse; your minor children (but not grandchildren); and beneficiaries who are disabled, chronically ill, or no more than 10 years younger than you, are exempt from the 10-year rule and are still permitted to take distributions over their expected lifetimes (although, children who are minors at the time of inheritance must now take the full distribution within 10 years of reaching the age of majority). However, Retirement Accounts left to those beneficiaries in trust might not qualify for the life expectancy payout, depending on the terms of the trust. Even special needs trusts might require review, as they must be structured narrowly to ensure that the stretch is preserved. Provisions that allow the trust to benefit another individual might be problematic.

    The good news is that the SECURE Act does not change the method of designating your beneficiaries to receive Retirement Accounts. If you have existing beneficiary designations in place, those designations are still valid. However, the SECURE Act does introduce a host of new considerations that must be taken into account when structuring your estate plan to maximize the benefit of Retirement Accounts and best protect your beneficiaries.

    Unfortunately, Congress gave us little warning that these changes were imminent. Accordingly, estate plans that previously offered a sound approach to planning for Retirement Accounts may no longer provide a good solution.  For example, some of you may have plans in place that leave Retirement Accounts to a trust known as a “Conduit Trust.” All distributions from Retirement Accounts paid to a Conduit Trust must be distributed directly from the Trust to the beneficiary. That might have been a good approach under the old law since distributions could be stretched over the expected lifetime of the trust beneficiary. However, under the SECURE Act, that same Conduit Trust might now require distribution of the entire Retirement Account to the beneficiary within 10 years of the death of the account owner or upon a minor child reaching the age of majority. Depending on the circumstances, under the SECURE Act, other planning techniques might better serve the goals those plans are meant to achieve.

    Take Action

    With the implementation of the SECURE Act effective January 1st of this year, we recommend that we review your estate plan as soon as possible to ensure that it disposes of your Retirement Accounts in keeping with your objectives.  We welcome the opportunity to discuss these changes with you, answer any questions you may have, and make recommendations specifically for you. Please contact our office to arrange a meeting or phone conference at your earliest convenience so that we can help you find the best planning solutions to meet your needs and those of your family.

    Note:  The contents of this letter are for informational purposes only and are not intended to constitute legal advice or form an attorney-client relationship. For information and advice particular to your situation, please contact one of the following attorneys in our Trust, Estate & Individual Tax Practice Group:  A. Nichole Cipriani, James J. Costello, Jr., Shauna M. Deans, Nicholas J. Dimakos, Robert E. Donatelli, Victor S. Elgort, Hon. Emil Giordano (Ret.), Christopher R. Gray, Judith A. Harris, Abbey M. Horwitz, Dolores A. Laputka, Jill Lebowitz, Kenneth D. Meskin, Michael T. Reilly, Shana Siegel, Milan D. Slak.

     

    Posted in: A. Nichole Cipriani, Abbey M. Horwitz, Christopher R. Gray, Dolores A. Laputka, Estate Planning & Administration, Hon. Emil Giordano (Ret.), James J. Costello, Jill Lebowitz, Judith A. Harris, Kenneth D. Meskin, Michael T. Reilly, Milan D. Slak, Nicholas J. Dimakos, Robert E. Donatelli, Shana Siegel, Shauna M. Deans, Taxation, Victor S. Elgort |

  • Jul 18, 2019Jill Lebowitz to Present at NJICLE Estate Planning Summer Institute

    Jill Lebowitz, a Member of law firm Norris McLaughlin, P.A., will present “Digging Deeper into the New Jersey Inheritance Tax” for the New Jersey Institute of Continuing Education (NJICLE) Estate Planning Summer Institute. The two-day program, co-sponsored by the New Jersey State Bar Association Real Property, Trust and Estate Law Section, will be held Thursday, July 25, and Friday, July 26, from 9:00 a.m. to 4:00 p.m. at the New Jersey Law Center in New Brunswick. Lebowitz will be speaking on the second day at 1:40 p.m. The Institute offers 13.4 CLE credits (including 1.0 ethics/professionalism credit) and is also available as a live webcast. For more information and to register, visit njsba.com or call NJICLE at 732-214-8500.

    Lebowitz devotes her practice to estate planning, trust and estate administration, and counseling tax-exempt organizations. She is experienced in drafting sophisticated estate planning instruments and counseling individuals and families regarding estate, gift, and generation-skipping transfer tax issues. Lebowitz advises clients on the development of both simple and complex estate plans, philanthropic planning and business succession issues. She drafts estate planning instruments including wills, revocable living trusts, insurance trusts, dynasty trusts, charitable trusts, grantor retained annuity trusts, qualified personal residence trusts, shareholders agreements, limited liability company operating agreements, durable powers of attorney, and advance directives for health care.

    In addition, Lebowitz handles all aspects of trust and estate administration, as well as fiduciary litigation and guardianship matters. She prepares federal and state estate and inheritance tax returns and federal gift tax returns. She is knowledgeable in drafting disclaimers and agreements regarding post-mortem planning, informal distribution agreements, judicial fiduciary accountings, and handling court proceedings to effect final distribution of estates and trusts. She also counsels individuals and financial institutions regarding their fiduciary duties as personal representatives and trustees, including advising on legal and tax issues, as well as issues in connection with administering trusts.  She also assists individuals, families, and fiduciaries with all aspects of fiduciary litigation and handles guardianship matters.

    Lebowitz regularly advises tax-exempt organizations regarding federal tax exemption issues, state charitable registration filings, and governance issues. On behalf of tax-exempt organizations, she drafts nonprofit corporation documents and prepares federal applications for tax-exempt status, state charitable registration filings, and state property tax and sales tax exemption applications. She has extensive experience advising individuals, family and corporate foundations, and tax-exempt organizations on nonprofit corporate governance, private foundation excise taxes, domestic and international grant-making, executive compensation, excess benefit rules and intermediate sanctions, unrelated business income, scholarship programs, and fundraising issues.

    Lebowitz is a Fellow of The American College of Trust and Estate Counsel (ACTEC), a national organization of approximately 2,500 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence, and experience as trust and estate counselors. She has also been selected for inclusion on the list of New Jersey Super Lawyers in the Estate & Probate section.

    Lebowitz is a Past Chair of the New Jersey State Bar Association’s Real Property, Trust & Estate Law Section and continues to serve on the Section’s Board of Consultors. She is also the Immediate Past President of the Greater Middlesex/Somerset Estate Planning Council and continues to serve on its Board of Trustees.

    Lebowitz earned her LL.M. in Taxation from New York University School of Law, her J.D. from Rutgers University School of Law—Newark, and her B.A. from New York University.

    Posted in: Estate Planning & Administration, Jill Lebowitz, News | Tags: , , , , , ,

Categories

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume you consent to our cookie policy. Learn more.