Estate Planning: More Than A Will
By Parag P. Patel, Esq.www.patellawoffices.com During our lifetime, most of us strive to create and build upon our net worth. We generate savings, purchase a home, and eventually invest in stocks, bonds, mutual funds, IRAs and retirement plans. Unfortunately, most
Estate Planning Checklist
This initial estate planning questionnaire is presented in a narrative form. The detailed explanations and the space provided for answers are designed to garner more complete and helpful information than would be afforded by merely filling in blanks. ESTATE PLANNING
Guardianship of Children With Special Needs
Two good posts coming from Leanna Hamill in Massachusetts and Tredway, Lumsdaine & Doyle in California on planning for children with special needs. Among the excellent suggestions are the following:Special Needs Trust – allowing parents, grandparents and guardians to provide
Estate Planning in New Jersey
Estate Planning in New JerseyYou can save a lot of money and potential chaos and hard feelings among those closest to you by preplanning how you want your assets managed when you are incapacitated, and how your property will be
Naming Your Executor
You should name an executor in your will. In order to decide who is best to carry out this position, you need to know what responsibilities the position has. The executor’s job is to start the probate process with the
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management & protection of family assets
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management and protection of family businesses, real estate, and investments. They also can be used to facilitate gifting, since interests in the entity given to
What is a Stretch IRA?
Trusts in General – A trust is a legal relationship that exists when one person or an entity (the Trustee) holds title to money or property for the benefit of one or more people (the Beneficiaries). The terms of the
PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
Today President Bush signed the Housing and Economic Recovery Act of 2008. The eagerly anticipated housing-rescue law is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures
Family Limited Liability Companies (LLCs)
As a proponent of Family Limited Liability Companies (LLCs) for asset management, creditor protection, and ease of gifting, I was pleased to read about the U.S. Tax Court’s decision in Mirowski v. Commissioner, T.C. Memo 2008-74. March 26, 2008. Mrs.
The New Jersey Civil Union Act: Tax Benefits?
On February 19, 2007, following the New Jersey Supreme Court’s decision in Lewis v. Harris, New Jersey effectuated the Civil Union Act (hereinafter, “the Act”). The Act grants couples in same sex civil unions equal protection and equal rights to
Deferral is the Name of the Game: Funding a Trust With Retirement Assets
Many people today have a large concentration of their wealth in their IRA accounts and/or retirement plans, such as Pension, Profit Sharing and 401(K) plans. As a result, for married couples, it may be necessary to utilize these assets to
Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure
By Scott Goldstein 6/2/2008 NJBIZ magazine Owners of closely held companies—especially family businesses—have a lot on their minds, and it often doesn’t involve what happens if an owner or partner dies or leaves the company unexpectedly.“To fail to plan is
Leave Your IRA to a Special Needs Trust
In a private letter ruling recently, the IRS addressed the issue of transferring an inherited IRA into a Special Needs Trust. The law around taxation of inherited IRAs and the interaction with trusts has been unpredictable and fast-moving for several
Contesting a Will: Protect Your Parents From Undue Influence
Contesting a Will: Protect Your Parents From Undue Influence Ways to Avoid Will Contests and Estate Litigation In our estate litigation practice, inquiries from persons seeking to contest a decedent’s last will and testament are on the rise. Often the
Administrator of a Probate Estate: Duties and Responsibilities
The procedures in an estate administration may take from six months to several years, and a client’s patience may be sorely tried during this time. However, it has been our experience that clients who are forewarned have a much higher
Deficient Nursing Homes Listed
The federal Centers for Medicare & Medicaid Services (CMS) has released the complete list of U.S. nursing homes that have failed to meet safety and quality standards for care.The list, which identifies 131 “Special Focus Facilities” that require additional oversight,
Living Wills in New Jersey
Living Wills in New Jersey Anyone who cares about the feelings of their family members, or their own final health care treatment, should consider executing a Living Will. It has become an essential element in the practice of Estate Planning
Recent Case Allows Special Needs Trust After Death
A New York trial court recently approved a trustee’s petition to reform his deceased father’s trust in order to protect his disabled sister’s Medicaid benefits. In Matter of Newman (2008 NY Slip Op 50127, Jan. 22, 2008). When he died
New guidance on fixing a botched IRA stretch after it’s “too late”
To preserve the ability to stretch IRA distributions for a beneficiary, that individual must start taking withdrawals based on his/her life expectancy in the year after death. If those required withdrawals don’t start on time, can you still rectify the
Living Trusts Are Revocable And Not An Asset Protection Tool
This great post comes from Jennifer N. Sawday of The California Estate Planning Blog. Her post is titled: Living Trusts Are Revocable And Not An Asset Protection Tool and describes a fundamental (and often misunderstood) aspect of asset protection planning
Mediating Probate Disputes
A lawyer involved in a probate dispute must be able to advise his or her client both about the client’s legal rights and remedies and about the client’s options for resolving the dispute. If the lawyer advises the client only
Introduction to Special Needs Estate Planning
Special Needs Estate Planning focuses on the need to provide for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. It is essential that we start planning
THE ABCs OF STRETCH IRAs
You can plan to have your heirs inherit your IRA assets. Can an IRA keep growing for a century or more? In theory, it can. Some people are planning to “stretch” their Individual Retirement Accounts over generations, so that
A Change in Domicile to Florida Can Help Minimize Taxes
The below article applies to New Jersey, as well as New York Retirees who have homes in both New York and Florida may be able to reduce or eliminate New York income and estate taxes, and also reduce the real
“Leave a Legacy” – Beneficiary Designation on your Retirement Plan
Published in the Robert Wood Johnson Foundation newsletter. By Parag Patel Esq. Your largest asset may be your retirement plan. But did you know that your retirement plan can be taxed TWICE at your death? When you plan your estate,
Supplemental Needs Trusts
Supplemental Needs Trusts, also called a special needs trust, is a trust in the United States that is designed to provide benefits to, and protect the assets of, physically disabled or mentally disabled persons and still allow such persons to
Problems with Joint Tenancy Property
Could joint tenancy, one of the most common forms of holding title to assets, lead to an estate planning disaster for your heirs? Joint tenancy, often called “joint tenants with right of survivorship,” is a form of holding equal interests
The Expensive NJ Inheritance and Estate Tax
Inheritance and Estate Tax New Jersey imposes a transfer Inheritance Tax, at graduated rates, on property having a total value of $500 or more which passes from a decedent to a beneficiary. If a decedent’s death occurs on or after
2008 New Year’s Resolutions: Keep your estate planning on the right track
Here are 10 things you can do in 2008 to keep your estate planning on the right track. 1) Last Will and Testament Make sure you have an up-to-date, professionally-prepared Will and/or Living Trust. Keep the original in a safe
2007 Year-End Tax Planning Tips
Year-End Tax Planning Tips Due to uncertainty over the pending “extender” legislation, this year may prove to be more challenging than usual.We expect Congress to provide another one-year patch to assure that moderate incomes are not entrapped by the Alternative