Except in the case of spouses, civil union partners and domestic partners, when a New Jersey resident dies owning a jointly held asset, whether it is real estate, stocks, bank accounts, etc., the entire value of the asset will be taxed as if it belonged to the decedent. If the…
A holographic will is a will that is handwritten, signed and dated by the testator (the person whose will it is). Under New Jersey estate planning Law, holographic wills can be probated and will serve to ensure that the Testator’s assets are bequeathed according to the Testator’s wishes. In fact,…
Many financial accounts provide the account holder with the option to designate beneficiaries. If a beneficiary is designated on a financial account, upon the death of the account holder, the assets to the account do not pass according to the provisions of the decedent’s Last Will and Testament, but instead…
If a person wants to control the distribution of funds held in an IRA after their death, it is possible to do so by naming a trust as the beneficiary of the IRA. However, in order to minimize tax consequences, the trust named as the beneficiary must be a “look-through”…
On June 18, 2018, The New Jersey Human Services Commissioner announced a new program to help individuals with disabilities through ABLE accounts which can now be opened in New Jersey. By opening an ABLE account in New Jersey, individuals with disabilities can save tax free for certain eligible expenses (qualified…
The last acts of an Executor of an estate are often making final distributions to the beneficiaries of the estate. But beware, in New Jersey, before making distributions, an Executor should require each beneficiary to provide a properly executed refunding bond and release. Under New Jersey law, N.J.S.A. 3B:23-24, the…
Generally, before the estate of a decease person can sell real estate, the individual(s) named as executor in the will must probate and be formally appointed as executor. If there is no will, then the closest heir at law must apply to the surrogate’s court to be appointed as administrator…
When you think about estate planning, most people think about their physical possessions, their real estate and their financial assets, but in this day and age, you also need to consider your digital assets. You may have as much as 20 years of active digital presence. This can include documents,…
Frequently, when you or a family member are first diagnosed with dementia, you still have the capacity and are legally “competent” to make your own estate planning decisions. The four documents discussed here will assist a person with dementia and their loved ones as the disease progresses and they no…
The New Jersey Estate Tax is being phased out beginning with residents dying on or after January 1, 2017. Governor Christie signed a new law [1], the new tax laws reduce the estate tax for resident decedent’s dying in 2017 by increasing the exemption amount to $2,000,000.00, and then eliminating…