What Happens When an LLC Member Dies in New Jersey ? In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer able to run their business. This includes not only situations like retirement, career change and...
Celebrate International Women's Day. Get your Estate Planning in order.
Things to Consider Before Leaving Your Retirement Account to your Minor Child Many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated than you may think, especially if your child is a minor.
A right of occupancy trust allows you to designate a beneficiary to live at your residence or use another piece of real estate for a designated time period or until the beneficiary dies or moves away.
On Friday, July 8, 2022, the IRS issued a revenue procedure (Rev. Proc. 2022-32), extending the time to elect portability of a deceased spouses unused exclusion amount for as much as five years after the decedent's death. Prior to t...
It's Time to Shed the Taboo of Speaking about Finances and Death Most of my Clients have one thing in common. They believe their finances and legacy planning are private matters. There are times when it is not only beneficial but necessary to discuss these delicate topics with those you trust!
A power of appointment is an estate planning tool used to provide significant flexibility in design and strategy. This should not be confused with a Power of Attorney, an important document that is a necessary part of a complete Life and Legacy Plan. The power of appointment is a power reserved ...
Myths about Estate Planning Estate planning can be a very challenging process. While it may not be quantum physics or brain surgery, making the decision to prepare an estate plan forces us to face the fact that is we will not live forever. Avoiding thoughts of our death is one reason estate pl...
Today is World Cancer Day. World cancer day, held every February 4th, is the global uniting initiative led by the Union for International Cancer Control to raise awareness, improve education, initiate action, and promote a united positive movement with a goal of creating a future without cancer.
Take steps to start your Life and Legacy planning today! Take action to ensure you voice is heard when you are unable to speak for yourself. Make the decision to protect yourself, your loved ones, your business, your property by design and not by default!
Zoning Laws and Municipal Ordinances Before starting with any real estate or land development project in New Jersey, it is essential to understand the state's zoning laws. In New Jersey, each municipality is permitted to establish its own building and land use laws, often called municipal zoning...
If you are a New Jersey resident looking to make improvements or changes to your home or commercial property, you may need to file a land use application to make that happen. Each municipality across the state of New Jersey operates independently when it comes to land use applications, often lead...
Industrial properties are attracting bold investors who wisely hesitate to plow earnings back into a heated stock market. Investors today are well aware of stock market risks. When retail investment markets are frothy, wise investors return to commerce fundamentals. Industrial properties supporti...
Where do you find a good plumber? Who can recommend a good Italian restaurant? Who is the best divorce attorney in town? Sometimes these answers are found by asking family, friends, and neighbors, but many people find answers to these questions on social media and review sites such as Google, Yel...
Business owners often get caught up in the day-to-day management and functions of their businesses, and with good reason. As a business owner, you company may feel like a part of you, and you are likely the heart and soul of the company you lead. Your community and clients admire you, and you hav...
Regardless of whether you're a larger company or a mom-and-pop shop, many business owners face the same question regarding commercial property. The decision to lease or buy commercial real estate should be carefully weighed. Factors like cash flow, location, and your long-term business goals will...
Anytime you agree to undertake a real estate venture with another individual or entity, it's advisable that all parties put the agreement in writing. Joint venture real estate agreements are an excellent, legally enforceable tool designed to outline expectations and obligations between two or mor...
New Jersey is different from other states in that it requires a commercial property purchaser to first conduct a Preliminary Assessment to be protected under the New Jersey Spill Compensation and Control Act (Spill Act). In recent cases, the court discovered that most purchasers do not perform ad...
It depends. This is an answer that is given often. While it is an unpopular response, it is almost always accurate. In many states, one reason to prepare a trust is to avoid the expense and difficulty associated with probating a will. Probate in New Jersey is an inconvenience, but it is less a burdensome and less costly process than many other states. If the only reason you are considering a trust is to avoid probate in New Jersey, alternative estate planning options are likely better suited for your needs.
A Use and Occupancy Agreement is an agreement between the Buyer and the Seller in a residential real estate transaction that that allows one party the right to use and occupy the property for a set period of time without having an otherwise legal right to do so. It can put in place to allow a Buyer to move into the property...
On March 17, 2021, the IRS issued IR-2021-59, which announced that the federal filing and payment deadline for individual taxpayers, including those who pay self-employment tax, has been extended to May 17, 2021, due to the challenges and unique circumstances surrounding the COVID-19 pandemic.
The key to a successful business is surrounding yourself with the right people, having financial knowledge, implementing effective processes, and preparing a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year...
A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or familyreasons. Relocating your residence from one state to another requires ...
The steps to a real estate transaction are governed by the terms of its Contract. It is important to understand the terms of the contract and the consequences of your action or inaction within those terms. An experienced real estate attorney will not only explain the traditional terms and exceptions within a standard ...
The New Jersey Revised Statutes 54:35-19 requires a 10-day notice, inventory and inspection of the content of a safe deposit box. However, in 1992, the Division of Taxation determined it would waive these requirements, allowing for the release of the contents of a safe deposit box without inspec...