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How to Include Charitable Gifts in Your Estate Planning in New Jersey
Estate Planning in New Jersey can be a complicated task. Often, when considering who will benefit from your assets in the future, you think of loved ones. However, another option is to donate assets, property, or cash to charities and organizations in addition to your established list of beneficiaries. There are many ways of doing this. It is important to consider all of your options and choose what is best for you. When in doubt or if you have any questions, it is wise to consult an attorney.
What are Charitable Gifts?
Charitable gifts are...
Read More....An Unsigned Will Found to Be Invalid in New Jersey
An unsigned will In New Jersey means nothing, if you write a will and do not properly sign it then it will be considered as void. This is why it is important to understand the correct procedure for creating a valid Last Will and Testament if your final wishes are to be carried out. In order for a Will to be valid in New Jersey, it must be written and signed by the decedent and two witnesses.
https://vimeo.com/1028566052?loop=0When a Will is not prepared carefully and in conformance with the requirements under the law, estate matters can quickly...
Read More....When is a Guardianship or a Power of Attorney Appropriate?
Power of attorney and guardianships are two legal tools whereby one person helps or makes legal decisions for another. In both scenarios, an individual is appointed to make legal decisions on another’s behalf.
While they function similarly, these tools have distinct differences that are important to understand.
https://vimeo.com/1028565104?loop=0What is Guardianship?
A guardianship is when one person is appointed by the Court to make decisions on behalf of someone else who is legally incapacitated. The guardian can generally...
Read More....What Are Your Rights as a Trust Beneficiary?
As a trust beneficiary, it is important to understand your specific rights in order to protect your interest in trust assets.
What is a Trust and a Trust Beneficiary?
To understand trust beneficiary rights, we must first understand what constitutes a trust beneficiary. A trust beneficiary is someone who receives assets, whether it be money or property, through a trust. The person who sets up the trust is the grantor, who then gives control of the trust to a trustee. The trustee holds legal title to the assets on behalf of the beneficiary...
Read More....Filing a Final Tax Return for a Decedent as an Executor
As tax season approaches, the thing that most people do not realize is that a final tax return needs to be filed even after a person passes away. It is important to understand what steps need to be taken for those with the responsibility of filing taxes for a deceased family member. When an individual passes away, if they earned a certain amount income in the year they died, their income tax return most likely needs to be filed. The same is true for any income earned for an Estate.
Who Needs to File a Final Tax Return? It is the responsibility...
Read More....What is a Tangible Personal Property List and What Are The Benefits?
Our tangible personal property is often important to us, as is ensuring they go to the desired family or friends after we are gone. This can get complicated when it comes to tangible personal property for a number of reasons, including the fact these are often objects with both sentimental and real value. In order to ensure these items are taken care of and given to the people who you want, consider writing a tangible personal property list.
What is a Tangible Personal Property List? Tangible property is generally understood as objects ...
Read More....CONDEMNATION – DO NOT SLEEP ON YOUR RIGHTS
Do not sleep on your rights, the rights you have relating to real property is extremely important. This is where consulting an attorney is often worthwhile, because if you sleep on your rights, you could unknowingly be giving up alot. You want to be prepared for possible scenarios that could result in you losing your property, which is what happened in the following case. If the defendant had been aware of what was expected of her in this process, the verdict may have been entirely different.
To provide a bit of background, The Borough...
Read More....An Overview of Minor Trusts in New Jersey
Minor trusts can be helpful in terms of distributing designated assets to an individual on your terms. If you are the parent, guardian or relative of a child and want to ensure their future is financially secure, you might consider looking into minor trusts. They can provide financial stability as a minor child reaches adulthood and in the years that follow. To learn more about minor trusts and how to approach creating one, keep reading.
What is a Minor Trust? A minor trust, as the name suggests, is a trust in which the beneficiary is under...
Read More....Drafting a Power of Attorney in New Jersey
Drafting a power of attorney (“POA”) is an important step in the estate planning process. However, there are some important factors and choices to make when you are drafting a Power of Attorney document. It is best to know all of your options and to talk to an attorney before you make any final decisions.
What is a Power of Attorney?
A POA is a legal document that allows another person to make decisions and act on your behalf. Those decisions or actions could be legal, financial, or medical in nature depending on the type of POA you execute. ...
Read More....Understanding Real Estate vs Real Property in New Jersey
Real property can be confused with both personal property and real estate, none of which mean quite the same thing. To learn more about these differences, keep reading.
Understanding Real Property
While terms like “real property”, “personal property”, “real estate”, and even “land” can all be used in similar contexts, understanding their differences is important. In legal contexts specifically, knowing what each term entails is vital in communicating clearly. Real property is sometimes used less frequently, and therefore understood...
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