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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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Taking advantage of child tax exemptions and trusts

Here is something that many non-custodial parents overlook in their divorce settlements: child tax exemptions. Non-custodial parents in New Jersey often assume that the child tax exemption, which can be very significant, especially when you consider all of the years of a minor child's life, is only available to the custodial parent.

However, if a non-custodial parent addresses this issue in the divorce settlement, then both parents can share in the exemption.

It is true that, if a non-custodial parent doesn't negotiate in the divorce agreement for a child tax exemption, the right to claim the entire exemption typically goes to the custodial parent. That exemption can be shared, however, if the non-custodial parent takes the proper legal steps.

An attorney with experience in family law and estate planning can help clarify these matters and negotiate for a favorable settlement that takes all tax matters into consideration. Of course, tax planning is closely bound up with estate planning, and New Jersey residents who are planning their estates will want to be aware of the legal options for reducing their tax burden.

For instance, establishing a trust is one way of minimizing the estate tax and protecting assets for children and other beneficiaries. A comprehensive estate plan will take into account any complex family matters, which could include the distribution of assets to children from a previous marriage. Taking advantage of the child tax exemption now could help provide greater assets to a child in the future.

New Jersey residents who want to learn more about asset preservation may want to visit our estate planning website.

Source: FOX Business, "7 Tax Mistakes You Don't Know You're Making," Maryalene LaPonsie, Jan. 17, 2014

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