When Gifting Real Estate in NJ, What is the Actual Date of the Gift?
We have clients who want to gift to their ownership in New Jersey Real Estate. These clients want to complete their gift in 2022. …
After Divorce, What Agreements Should You Review to Protect Loved Ones?
Just divorced? Getting divorced? Been divorced and haven’t done anything about changing key documents? Obviously, I think it is important that you review your …
Estate Planning: Beware of the Gift of Debt
It’s great to inherit property but what if that gift brings with it a big string – a string of debt attached to it …
Sick of New Jersey’s Obscene Taxes? Then Consider Changing Your Domicile and Move to Florida
Sick of New Jersey’s high taxes and anti-business politics in the state legislature? Then join the growing list of ex-patriots leaving for Florida and …
Beware of the Beneficiary Form (Part 4 of 4)
This is the fourth and final article about beneficiary designation and NJ probate and estate planning. For non-retirement assets with beneficiaries correctly titled, your …
Health: The Use of Discretionary Trusts to Protect Assets From Creditors and the IRS
No one wants their life savings seized by creditors, but can you leave an inheritance to a child or loved one who has spending …
Do You Want a Monthly Check From the VA?
You may be eligible for a monthly check from the VA in many cases of between $1,200 and $3,252 per month (or more for …
Beware of the Beneficiary Form (Part 3 of 4)
This is the third post of a four part series on estate planning and beneficiary designations. I continue with my discussion of a beneficiary …
Beware of the Beneficiary Form (Part 2 of 4)
This is the second post on the subject of beneficiary designations and their importance in New Jersey probate and estate planning. Who Can Be …
The Marital Deduction: A Valuable Federal Estate Tax Planning Tool
The federal estate tax marital deduction is one of the most important estate planning tools available to a married couple. The basic marital deduction …
You May Be Entitled to a Tax Deduction If You Make Charitable Donations
As you may be aware, the IRS allows tax deductions for qualifying charitable contributions. But the government has made charitable gifting a complicated area …
Think Ahead When Estate Planning and Leaving a Disproportionate Inheritance or Disinheriting a Child
The majority of parents and grandparents set up their estate plans so that their children are significant beneficiaries. They also frequently distribute their assets …
Nursing Homes for Eligible Veterans in NJ
Nursing home placement for veterans residing in NJ is available from two sources within the Federal Department of Veterans Affairs — the veteran’s health …
Estate Planning Issues for New Jersey Residents With Ties to Other Countries
Estate planning can be especially important for those persons with international ties. Typically, international estate planning issues come up in two contexts. First, there …
Beware of the Beneficiary Form – It Can Kill Your Estate Plan (Part 1 of a 4-Part Series)
If you think your estate planning is done once you have signed a will or trust, think again. All your hard work can be …
Transferring Your Family Business to a Child Can Have More Complications Than You Think
Owners of family businesses often look forward to the day they will be able to retire and pass on the business to their child …
Trust Decanting in Estate Planning is a Great Strategy to Change an Irrevocable Trust
Irrevocable trusts are beneficial for estate tax purposes. They allow you to place your assets into a trust, potentially avoiding additional estate tax when …
Estate Planning for Blended Families
Many couples and spouses fail to get serious about estate planning until they are well into middle age. By then, one or both of …
Have You Selected the Right Person as Your Trustee? Caution: Your Decision Matters
When creating an estate plan, an important decision is selecting your fiduciary. By fiduciary, I mean the trustee under your revocable or irrevocable trust. …
Have You Selected the Right Person as Your Agent Under Your Power of Attorney?
When creating either (or both) an estate plan or a power of attorney, an important decision involves who to name as your fiduciary. By …
Federal Gift Tax Returns: Avoiding Mistakes
Under the tax code, the general rules applicable to income tax returns apply to annual gift tax returns. That is, a 3-year statute of …
Understanding the Legal Impact of a Premarital Agreement in a Second Marriage
New Jersey law allows a spouse to waive his or her right to inherit the estate of a deceased spouse. A spouse’s premarital waiver …
Can Creditors Make a Claim against Joint Account Assets in New Jersey after Death?
The decedent owned several joint bank accounts with his wife. He died intestate, meaning he died without a will or trust in place. Under New …
Be Careful About How Often You “Roll Over” Your IRA
A long-standing rule about how many IRA-to-IRA “rollovers” a taxpayer can make in a single year has dramatically changed. Read this post to avoid …
Understanding the Maze of What is and What is Not Allowed to Be Done With an SNT (Special Needs Trust)
Understanding how to benefit from and establish a Special Needs Trust (SNT) can be complicated and confusing. The rules governing their creation and administration and …
New Jersey Laws on Estate Recovery Against a Deceased Medicaid Nursing Home Resident Leaving Behind a Disabled Child
New Jersey is allowed to file a lien against the assets of a deceased Medicaid beneficiary. Generally, the only available asset is the person’s …
Is Your NJ Business Exempt From Mandatory Spenddown to Qualify for Medicaid?
When the State considers an applicant’s eligibility for Medicaid, it meticulously examines the applicant’s finances to ensure that all resources are valued below the …
The After Thought of Transferring Assets – A Real Life Example of Good Intentions Going Wrong
When I talk to some people about long-term care and Medicaid, I sometimes hear strong opinions that “it is wrong to transfer assets in …
Do You Have the Right Fiduciary for Your Estate?
Warning: Your Selection Does Matter When creating an estate plan, especially in your will and/or trust, an important decision you must make is the …
What is the NJ Elective Share Law as Relates to Your Surviving Spouse?
If a spouse dies and he or she does not leave their estate to a surviving spouse, the surviving spouse may, under NJ law, …