Passwords and Estate Planning
The best way to address concerns raised by assets in the electronic age from an estate planning and estate administration perspective is to employ some practical advice: •Each spouse keeps a spreadsheet of Institution Name, Website, Account Number, User Name,
Adult Children Need Estate Planning Too
The greatest fear for any parent is hearing that their child is having a medical emergency. Whether it be a car accident or a physical or mental catastrophe, the parents are immediately notified and rush into action. Did you know
Probate of Estates in New Jersey
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent
Special Needs Planning Mistakes
1. Disinheriting the child. When a special needs child is disinherited, that child will need to depend on government benefits such as Medicaid and Supplemental Security Income (SSI). While these programs can be greatly beneficial, it is not wise to
Latest Medicaid Information for New Jersey for 2011
Protections for the Community Spouse: Community Spouse Resource Allowance (CSRA): Minimum: $21,912 Maximum: $109,560 Increased CSRA: Permitted. New Jersey follows the income-first rule. Annuities: Actuarially sound annuities are not permitted. Monthly Maintenance Needs Allowance: Minimum: $1,821.25 Maximum: $2,739 Transfers: Average
How to Limit a Executor’s Personal Liability for Taxes
There are three risk-management tools every probate lawyer needs to know...
Frequently Asked Probate Questions
1) How do I begin the probate procedure? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. The probate cannot be completed until 10 days
Estate Planning for Non-Traditional Families
Estate planning for traditional couples usually consists of having a Will, Financial Power of Attorney, Medical Power of Attorney and Advanced Health Care Directive. There are typically three types of couples that need planning significantly different from that of traditional
Still Beware of State Death Taxes…
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state
Estate Planning New Year’s Resolutions
Review and Revise Your Estate Plan If you have already established a will, you should be aware that the laws that govern estate planning (such as power of attorney rules, Medicaid regulations, and estate and gift tax laws) change frequently.
Top 9 Most Expensive Medicaid Mistakes
1. Mistakenly thinking it’s too late to plan. Even after a person has moved to a nursing home it is not too late to plan. Our law firm can assess your situation and provide you with numerous options. 2. Transferring
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows through on the framework agreed