Beware 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 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 …
After Divorce, What Agreements Should You Review?
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 …
Beware 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 …
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 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 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 …
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. …
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 …
What to Do When a Person Cannot Physically Sign a Last Will and Testament
Recently, a client wanted to sign her Last Will but because of a stroke and inability to speak; she was unable to sign it. …
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 …
Spotlight on NJ Elder Law: What Families Really Need to Know Before a Crisis Hits an Elderly Family Member
When I meet with new clients, the first appointment is often with the children of aging parents. Commonly, they come to us just before …
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 …
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 …