A Sad Story of an Estate Plan Screwed Up Because of a Homemade (Internet Store) Will
A recent inquiry to my office illustrates the risks of a “do it yourself” last will. Here, the person used a common will software …
Can a Contingent Beneficiary Demand an Accounting?
Can any trust beneficiary can compel a trustee to account? Does the type of contingency make a difference? While trust beneficiaries generally can seek …
Annual Gifting Limits Raised to Reduce Potential Estate Death in 2022
The amount you can gift without filing a tax return is increasing to $16,000 in 2022. The federal estate tax exclusion is increasing to …
How to Deal with Banks and Brokerage Firms When Using a Power of Attorney
Banks are a pain in the *&s! when it comes to using a Power of Attorney. If an employee of the bank reviews the …
How the SECURE Act Changes Inherited IRA Planning
Federal tax laws which allowed retirement accounts to remain tax deferred by allowing certain beneficiaries to delay the withdrawal of account funds over their …
If Someone Dies Immediately Before Signing a Will, Can it Be Salvaged?
Can a copy be treated as an original if the original is lost? Is a Will signed electronically during quarantine valid? Traditionally, a deceased …
Contracts to Make or Revoke a Will – Preserving Your Estate Plan
Many of our couples who seek estate planning execute “sweetheart wills.” That is, each executes a will stating that upon the death of the …
Gift Taxes vs. Inheritance Taxes: Which is Worse?
Generally, there is no income tax imposed upon assets beneficiaries inherit. However, when they later sell inherited assets, (i.e., appreciated securities and real estate), …
When Should I Be Looking to Do an Estate Plan?
When you die, you will leave an estate. Your estate is comprised of everything you owned, saved and accumulated during your life. It is …
Is an Inherited IRA Protected from Bankruptcy and Creditors?
New Jersey has fraudulent transfer laws that prevent property “made in trust” for a debtor to be available to creditors to satisfy their debts. …
Naming a Guardian in a Will
It is a good idea when drafting a last will and testament that you put language in there appointing a guardian for your minor …
What is a “Durable Power of Attorney”, and What Authority Does It Grant?
A “Power of Attorney” is a written legal document that legally permits a person to make decisions and act for another person. We call …
Can I Control What Happens to My Corpse After My Passing?
While working on health care directives, I have had clients ask me about leaving special instructions for their loved ones on what they can …
Child Support Can Be Placed in a Special Needs Trust to Preserve Government Benefits
Child support can be directed to a first party special needs trust, if one exists. Child support cannot go into a third party special …
I Quit! I Refuse to Continue to Be Your Power of Attorney
You’ve heard of buyer’s remorse. What seemed like no big deal becomes more than expected and so the Power of Attorney gives up and …
You Don’t Lose Your Status as a Partner if You Assign Your Partnership Interest to Your Revocable Trust
Four dentists formed a partnership to acquire and maintain a dental office building. The then-partners amended their agreement to allow one of the partners …
Hey, Mr. Executor, Know Your Role
If you have been named as an estate representative, knowing your responsibilities is very important. The following article is a general introduction to your …
Does an Inherited IRA Have Creditor Protection Status Under NJ Law
In some states creditors can seize an Inherited IRA The IRS and Bankruptcy Court(s) can also seize an Inherited IRA This article discusses inherited …
Taxation of Special Needs Trust Made Simple(er)
This article discusses basic tax principles of a Special Needs Trust; hereafter referred to at times as a SNT. Each Type of Special Needs …
To Make a Gift to a Minor Beneficiary, Do You Always Need to Set Up a Trust?
Consider making a gift to a minor by way of the Uniform Transfer to Minors Act or the Uniform Gift to Minors Act instead …
Creating a Trust is the Best Solution for Keeping Money Away From a Spendthrift Daughter-in-Law and Son-in-Law
Creating a trust limits the ability of beneficiaries to squander trust assets and income. If you have a son-in-law or daughter-in-law who is reckless …
Your Federal and State Income Taxes Are Not Affected by Creating a Properly Drafted Revocable Trust
A Revocable Trust is a popular estate planning tool. Some people think that creation of a Revocable Trust creates complexity under the tax code. …
A Tragic Case of a Young West Point Cadet Who Died Wanting to Preserve His Legacy
The parents of a deceased cadet at the West Point Military Academy (“West Point”) who was scheduled to graduate last year was involved in …
A Will Should Not Include a Personal Property Clause
Personal property items should be discussed in your Last Will. Do not itemize personal property in your Will, but rather create a list of …
If the Federal Estate Tax Exemption is Reduced in the Future, Will Your Estate Be Penalized?
Today the Federal Estate death tax exemption is very high. Only the very wealthy are subject to federal death taxes. The law may change …
We feel confident that Fred will be able to help us
Fred took our needs very seriously and worked quickly so that we would have all the pertinent documents in place. Your staff willingly spent …
Remote Notary Act Memo
Recently, New Jersey law changed to allow attorneys and notaries to notarize documents over video conference. This is important for business owners who need …
To POLST or Not to POLST? Your Answer May Kill You!
POLSTS are simple forms which can help patients express their wishes in the event they cannot express them for themselves. A “POLST” is a …
Trustee of a Revocable Trust Has Legal Obligations to Trust Beneficiaries
New Jersey law allows a Court to remove a Trustee for reasons including “….unfitness, unwillingness, or persistent failure of the Trustee to administer the …
Guardianship of Young Children in Your Last Will When You’re Foreign Born and No Family Members Live in the US
NJ has many foreign-born parents with minor children If a foreign-born parent dies can they appoint a guardian for their children from their home …