Blog

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.

Continue Reading

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...

Continue Reading

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.

Continue Reading

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...

Continue Reading

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 ...

Continue Reading

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 ...

Continue Reading

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...

Continue Reading

Residence is Undefined  Residence is not defined by the sections of statute and code governing Inheritance Tax.  N.J.A.C. 18:26-11.1(b)1, however, lists indicia of residence and suggests, but does not require, that abandonment of New Jersey and intention not to return could be relied upon to est...

Continue Reading

The New Jersey Inheritance Tax is not a tax on the estate but rather a tax on the transferee's right of succession to property transferred by a decedent.  As a practical matter, the distinction may not make a difference, as the personal representative in charge of the estate is required to deduct...

Continue Reading

New Jersey Inheritance Tax is an obligation to the transferee of a decedent's estate.  In general, when the decedent is a New Jersey resident, the transfer of ALL of his or her property is subject to Inheritance Tax, except for transfers that qualify as exempt transfers (generally as determined b...

Continue Reading

It has been said, “…in this world nothing can be said to be certain, except death and taxes.”  Benjamin Franklin made this statement on November 13th, 1789, and most would agree the statement still rings true today.  Both of these unpleasant certainties must be considered when preparing your esta...

Continue Reading

New Jersey does not presently have an Estate Tax The New Jersey Estate Tax Law was enacted in 1934 and phased out to complete elimination for estates of decedents dying on or after January 1, 2018.  Originally meant to compensate for any excess of the maximum credit allowable under the Federal E...

Continue Reading

Many people consider their animals as more than just a pet.  They are part of the family.  As with other dependent family members, you may wish to plan for and ensure their comfort and care when you are no longer able to do so.  One way to do this is by creating a pet trust. When you set up a tr...

Continue Reading

It is important for every adult to have an estate plan. This is true regardless of your age or the value of your estate. It is important for you to decide how the assets you have accumulated during your lifetime will be distributed in your death. It is important for individuals and couples to ap...

Continue Reading

A trust is a legal entity and fiduciary relationship that allows an individual called a  trustor or grantor to give another party, the trustee, the right to hold title to property and assets for the benefit of a third party, the beneficiary. Trusts are created for a number of reasons, for exa...

Continue Reading

What is an Advanced Directive?  An Advance Directive, sometimes called a Healthcare Directive or Advance Healthcare Directive, is a document that is created to ensure your preferences as to medical treatment are followed if you are unable to make your own decisions.  It goes into effect if your ...

Continue Reading

A Power of Attorney is a legal document that allows the principal to appoint an agent to act on his or her behalf. Powers of Attorney are only effective during the life of the principal, and the designation ends upon the death of the principal. There are different types of Powers of Attorney (POA)...

Continue Reading

A Will, sometimes called a "Last Will and Testament," is a document that designates how your assets and possessions will be distributed and, if necessary, appoints individuals to care for you minor children upon your death. A Will will appoint an an Executor or Executrix, who serves to adminis...

Continue Reading

Starting a New Business Starting a business is an exciting time with much to consider.   Properly forming your business is an important first step, as it can protect your personal assets and provide favorable tax treatment. If you are interested in forming a business in the state of New Jersey, ...

Continue Reading

Estate Planning is a term that includes the planning and preparation of documents that will direct how your family, property, health, medical decisions, money, and even pets, are treated in the event of your death, disability or incapacity. An estate plan often includes documents you may...

Continue Reading