First Microbrewery in Hackensack

Bruce Rosenberg secured approval for the first microbrewery in the City of Hackensack and only the second in Bergen County. The addition of Alementary Brewery is seen as part of the city’s significant efforts toward redevelopment. Says Rosenberg, “What the City and planning board made clear during the approvals process was that they want to encourage the types of entrepreneurial business and adaptive reuse of existing buildings being pursued by Alementary Brewery.” The owners plan to open by Fall 2016 and offer a dozen beers, half for sale off-site at local bars and restaurants and the other six available only at the brewery.

Overview of the New Jersey Inheritance Tax

Recently, a number of bills have been introduced advocating the repeal of the New Jersey Inheritance Tax, which is a transfer tax imposed when certain transferees receive a gift or bequest. Legislators who advocate for repeal argue that it is unduly burdensome. Read more

Rethink the Credit Shelter Trust

For many years, New Jersey resident married couples with estates that exceeded the estate tax exclusion amount routinely implemented Wills that contained a two part trust scheme – a credit shelter trust funded in the amount of the available estate tax exclusion and a marital trust. The merits of continuing to use a credit shelter trust to avoid the New Jersey Estate Tax must be revisited. The reasons for the shift in planning – (i) a trust’s income taxation is similar to individuals, but the tax brackets are very compressed; (ii) assets which fund a credit shelter trust do not receive a basis adjustment at the death of the surviving spouse; and (iii) post-mortem domicile planning or gifting strategies can be implemented to avoid the New Jersey Estate Tax. Read more

Is it Time to Update Your Estate Plan?

There have been significant revisions to the federal estate and gift tax laws over the past five years. In 2010, the federal estate tax was repealed for one year only. When the federal estate tax was reinstated in 2011, an exclusion amount significantly higher than the New Jersey Estate Tax exclusion amount was included. Read more

Winne Banta Joins International Referral

Gary Redish — and Winne Banta — were recently accepted for membership in International Referral, a global group of over 800 members from around the world that operates across the legal, accountancy, finance and transaction services fields.

Avoid the Peril of DIY Estate Planning

The volume of available online information on estate and gift tax issues and advanced estate planning techniques is staggering and there is no shortage of web based services offering the sale of “basic” estate planning documents. Read more

Kahn Noted Once Again in Chamber USA

Richard Kahn has once again been noted by Chambers USA as a “Ranked Lawyer” in New Jersey Real Estate. He was commended for his “vast experience in handling commercial real estate transactions.” He was also noted for his “excellent business sense.”