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 …
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 …
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 …
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 …
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 …
A Florida Resident’s Friend Who Lives in New Jersey May Not Serve as Personal Representative
With so many individuals moving to Florida, they often ask me about Florida’s elder law issues and questions. One thing unique in Florida is …
Leaving an IRA to a Loved One? How to Avoid a Tax Bomb
An IRA trust is a terrific way to protect your IRA from wasteful spending by beneficiaries if you die Federal IRA tax laws require …
Selecting The Right Person(s) to Be the Guardian of Your Child(ren)
Deciding who should be the guardian of your kids is a tough decision Close family members are not always the best choice This article …
If You Have a Trust, Do You Also Need a Last Will?
If you have a living trust in place, why would a person need a will? The answer straightforward : You need a last will …
Medicaid Gifting Rules and the Annual Federal Gift Tax Exclusion Are Unrelated: Don’t Be Confused!
I’ve written numerous posts about Medicaid gifting and the misconceptions surrounding the annual gift tax exclusion rules. Generally, I’m asked the question whether New …
A DNR (Do Not Resuscitate) Order is Legal in New Jersey Without a Terminal Illness
We’ve all heard about a “Do Not Resuscitate Order” (DNR) but probably don’t know (precisely) what it means, or how it applies to …
No Contest Clause in Will Can Be (Un)enforceable in New Jersey
Many clients want to avoid challenges to their Last Will and Trust. They are generally concerned about some family member who is “all about …
Can You Exclude Your Ex-Spouse as the Guardian for Your Children After Separation/Divorce in Your Will/Trust?
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Guardianship and Estate Planning Attorney A client was referred to me …
A Granddaughter Does Not Owe Gift Tax on Money She Inherits for College Tuition
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney I’m always asked about gift taxes when clients …
Can You Gift Real Estate to a Minor Under the Age of Eighteen (18) and if so, How?
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Real Estate Attorney I was recently asked if there was a …