Estate Planning
Inheritance Tax Comparison: NJ, PA & DE
This article should make you familiar with the general inheritance tax considerations in New Jersey, Pennsylvania, and Delaware. Tax considerations are a large part of the job of an administrator or executor of a Will. You should consult a certified public accountant with regard to all tax issues. The requirements vary by state, so you should make yourself familiar with the laws of your state in order to be properly prepared.
What is Inheritance Tax?Inheritance tax is a percentage of money that beneficiaries must pay when receiving...
Read More....A Properly Executed Will: Lessons from Aretha Franklin’s Estate Battle
Aretha Franklin’s estate battle teaches us lessons about a properly executed will. The recent jury verdict in the case of Aretha Franklin’s estate has shed light on the significance of having a properly executed will and the consequences of failing to do so. The legal issue surrounding her handwritten documents found in her couch after her death is a valuable lesson about the importance of a properly executed will.
Aretha Franklin, a global music star known for her iconic hits, passed away in 2018 at 76 without leaving behind...
Read More....Deeds & Undue Influence In New Jersey
Undue influence in New Jersey can become a problem when transferring property according to a Last Will and Testament, as deed is required to initiate that transfer. This legal document must be signed by all involved parties and will have the specifics of the property included. However, this can become complicated if the issue of undue influence is argued during or after the deed is signed. Keep reading to learn how deeds operate in estate planning, and how claims of undue influence can get in the way.
What is a Deed? How Does it Operate in... Read More....Intestacy in NJ
Did you know that if someone dies without a valid will, the law of intestacy in NJ governs who inherits the estate? A New Jersey Court recently decided a case involving an interesting set of facts in intestacy. In the case, Douglas Castellano (“Douglas”) died without a valid will, resulting in a dispute between his siblings and his biological son, Gregory Allen Bock, Jr. (“Gregory, Jr.”)
Gregory, Jr.’s mother, Elisa married Gregory Allen Bock, Sr. (“Gregory, Sr.”) two months after she ended a two-year relationship with Douglas Castellano. ...
Read More....Changing Circumstances And Estate Planning
Estate planning is an ongoing process that often requires changes. It is likely that you’ll have to make changes and adjustments to your Will several times to reflect changes in your life.
It is impossible to predict all of life’s events, and sometimes these unpredictable events can impact what you have stated in your Will.
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How Can You Prepare for Changing Circumstances?
It’s difficult to have a plan for every possible circumstance, particularly for those years into the future. However, the ...
Read More....When to Challenge a Will for Fraud, Undue Influence, or Insane Delusion
If loved ones are manipulating a loved ones will after their demise you may be asking yourself the question of when to challenge a will for fraud. After a Will goes through probate, sometimes beneficiaries or other interested persons decide that they are dissatisfied or have reason to be suspicious of the Will's devises and beneficiaries. In this case, it is possible for them to still present their case--though, since the Will has already been probated, the time to file a caveat is over. Instead, the person may challenge a will for fraud....
Read More....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....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 ...
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