The usual testamentary intent for a couple is for the deceased spouse’s estate to pass to the surviving spouse. The IRS allows the estate of the first spouse to die to pass to the surviving spouse estate tax deferred. Taxes only become due and payable on the surviving spouse’s estate …
New Jersey Law prohibits anyone from selling, giving, transferring, assigning or otherwise disposing of, nor receiving, purchasing or otherwise acquiring a firearm unless, the person receiving the firearm is a licensed dealer or possesses a valid Firearm Purchaser Identification Card (FID). However, there is an exception for firearms inherited provided …
Clients fret over how much of their estate to leave to family, but devote little attention to their four legged loved ones. Provisions for one’s animals can be made informally through a Letter of Instruction left with your last will and testament or formally through a trust set up in …
Recently, a number of our clients have asked for literature on the difference between a Durable Power of Attorney, Conservatorship, and Guardianship. What is a Power of Attorney? A power of attorney is a legal document where one person (the principal) authorizes another (the agent) to act on their behalf. …
While happily married, it is common for a couple to leave everything to each other in their wills or to name an in-law to act as executor or trustee. However, once the marriage sours, the thought of such things become unpalatable. Unfortunately, your soon-to-be-ex-spouse could still inherit your estate unless …
Now more than 15 years ago, the world watched as Terri Schiavo’s family repeatedly litigated her fate. Regrettably, this highly publicized family conflict could have been easily avoided had Terri prepared an Advanced Medical Directive (“AMD”). An AMD is a written statement explaining an individual’s wishes in the event that …
Trusts come in many shapes and sizes. One size does not fit all. Which trust to use, or whether to use a trust at all, depends on the circumstances of each case. Living Trust v. Testamentary Trust A trust created and funded during one’s life is an “Inter Vivos” or …
As of August 1, 2019, New Jersey has a law allowing capable, terminally ill adult patients to end their lives. Known as the Medical Aid in Dying for the Terminally Ill Act, the law provides that doctors may prescribe medication to be self-administered by the terminally ill to end their …
Candidate Biden, and now President-Elect Biden, proposed changes to the Estate Tax Landscape. Current Tax Currently, the Estate tax exemption is $11.58 Million per person and $23.16 Million per couple, which means a couple can transfer $23.16 Million to their heirs tax-free during their lives or upon their deaths. These …
Any last will and testament is potentially subject to judicial challenge. If a will is prepared in accordance with the formalities required by state law, the surrogate is empowered to accept its presentation. New Jersey requires wills to be written and signed by the testator (maker of the will) in …
