Letter to Your Spouse
By Parag Patel, Esq. In addition to your estate planning, it’s a good idea to have a non-binding letter to your spouse, children and other heirs outlining where the important documents are kept and who
Ten Things to Do to Prepare a Will for Probate
If you are the executor of a will there are many things you must do to get that will ready for probate. Probate means the process by which the deceased’s assets are gathered; outstanding debts,
Estate Planning When a Spouse is Confronting Health Issues (Estate Planning for the Healthy Spouse)
When one spouse is a resident of a nursing facility or medical institution (the “institutionalized spouse”), but the other spouse continues to live in the community (the “community spouse”), the community spouse may take a
A great time for GRATs
The rate is the lowest it has been since the inception of the 7520 rate in May 1989.
2009 Tax Update
A few things have changed with the coming of a new year—below are some tax items to be aware of. Estate and gift taxes: The basic federal estate-tax exemption increased to $3.5 million from $2
HOW IS MY NJ ESTATE DISTRIBUTED WITHOUT A WILL IN NJ?
New Jersey law provides how your Estate will be distributed if you do die without a Will. The property referred to in this section deals with assets in the decedent’s name alone. A)If you die
Estate Planning and Life Insurance Trusts
By Parag P. Patel, Esq. Few people realize that, even though they may have a modest estate, their families may owe the government hundreds of thousands of dollars because they own a life insurance policy
Probate Basics
The legal process of transferring of property upon a person’s death is known as “probate.” Although probate customs and laws have changed over time, the purpose has remained much the same: people formalize their intentions
President-elect Obama’s tax plan
Tax-Plan Highlights Here are some of the details of President-elect Obama’s tax plan. INCOME TAXMaintain current tax rates of 10% to 28% for most Americans. Reinstate top tax rates of 36% and 39.6% on joint
2008 Year End Estate and Trust Taxes and Planning: Before It’s Too Late!
Although year-end tax planning generally focuses on income taxes, a thorough year-end tax assessment should include reviewing your estate plan and estate tax situation as well. In 2008, the highest marginal estate tax rate is
10 Costly Mistakes to Avoid in Helping Families with Special Needs
This article examines the unique planning requirements of families with children, grandchildren or other family members (such as parents) with special needs. There are many misconceptions in this area that result in costly mistakes in
THE PROBATE PROCESS IN NJ
Probate is the process whereby a Will is proved to be valid by a Surrogate, who has the authority to determine the authenticity of such a document. It also involves appointing an individual for an