Jun 19, 2012

Shirley B. Whitenack was quoted in the Star Ledger's Biz Brain column

Shirley B. Whitenack was quoted in the Star-Ledger’s Biz Brain column on April 3, 2012:

Q. What are the federal and state tax ramifications for a resident alien living in New Jersey whose spouse, a U.S. citizen, dies first? Is the estate taxed differently when a non-citizen outlives a citizen? Does the amount of the estate make a difference? Which assets count?

A. “The transfer of property from a deceased spouse to his or her United States citizen spouse is subject to an unlimited marital deduction, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park. This means that taxes are deferred until the death of the surviving spouse.”

“‘The unlimited marital deduction, however, is not available when property is transferred to a surviving non-U.S. citizen spouse,” Whitenack said. “An estate tax must be paid on the amount in excess of the estate tax exemption amount.’” To view the entire column, go to http://www.nj.com/business/index.ssf/2012/04/ask_the_biz_brain_2.html.