Call To Schedule a Free Consultation
Toll Free 800-645-9625
Local 732-518-8038
A Compassionate Full Service Law Firm
Evening and Weekend Appointments Available

Middlesex County Estate Planning and Bankruptcy Legal Blog

Don't make this estate tax planning mistake

Parents may want to leave their children money when they're gone, but they might want to ensure that their children don't have to pay taxes on this wealth transfer. This concern could lead parents to assume that the best course of action is to give their children the bulk of their inheritances while they're still alive. Doing so, however, could be a very big mistake and lead to serious, unintended tax consequences.

Until this year, 2018, residents of the state of New Jersey were subjected to three different taxes upon death: the New Jersey inheritance tax, the New Jersey estate tax and the federal estate tax. However, new laws have changed whether individuals will be struck with these taxes or not.

What is wage garnishment, and how can you make it stop?

There are many negative consequences to owing a significant amount of debt. In addition to the stress of watching your balances increase and getting calls from debt collectors, you may also get notice of a wage garnishment. This means that your New Jersey employer will be withholding a portion of your wages for the purpose of paying off your debts. 

Receiving only a portion of your earned wages can be incredibly frustrating and overwhelming, possibly making your financial situation worse. Fortunately, there are limits to this process, and there are legal ways by which you can make it stop. It may also be helpful to understand how the wage garnishment process works.

Comprehensive estate planning must include periodic reviews

Once you get your estate plan together, you might think that you can file it away and forget about it. This isn't the case at all. You will need to review the estate plan periodically to ensure that it accurately reflects your family and financial situations.

There are many times in your life when you should review the contents of your estate plan. We can help you to find out what if any updates need to be made to your estate plan when important life changes occur.

Filing for bankruptcy does not mean you give up your property

The choice to deal with your overwhelming debt through bankruptcy is not an easy decision to make. It is a major step for New Jersey consumers, and it requires careful thought and consideration before you move forward. Before you file for Chapter 7 bankruptcy, you may find it beneficial to learn about how this process will affect your property rights.

Some people wrongly assume that filing for bankruptcy will mean they have to relinquish their property. Despite the fact that Chapter 7 is liquidation bankruptcy, there are exemptions available. This means that you will likely be able to keep a significant portion of the property you own.

Estate planning: Consider the impact of estate taxes

When you are creating your estate plan, there are many things you have to think about. One of these is how you will be able to pass along as much of your estate to your loved ones when you pass away. This means that you need to consider your debts, but it also means that you need to think about estate taxes.

Not all estates are subjected to taxes, but the ones that are have a hefty chunk taken out of them. You should sit down with your estate and determine if your loved ones are going to have to pay the estate tax.

Estates are sometimes subjected to legal disputes

Family estate disputes are a horrible situation for anyone to go through. These come at a time when your emotions are already raw because of the loss of your loved one. Instead of having to worry about an estate dispute, you should be free to spend your time remembering your loved one and mourning the loss.

Unfortunately, some people can't just accept what is in an estate plan or allow the intestate laws to determine what is going to happen. These individuals might decide that they are going to challenge a will or take action to call the estate plan into question.

Do I need a trust in my estate plan?

For many people, a will is sufficient for their estate planning needs. A simple estate with few assets and limited beneficiaries probably does not need a more elaborate plan as long as the benefactor makes provisions for medical and financial powers of attorney. However, you may be wondering if a will is enough for your estate.

There are some circumstances for which a living trust may be a positive addition to your estate plan. To know whether your situation requires a trust, it may be helpful to have a clearer understanding of what trusts are and the benefits they provide.

An estate's bills must be paid in a specific order

The probate system is mystifying to some people until they have to deal with it after a loved one dies. Some people get confused about what is going on. They might think that they can just grab their loved one's assets and move on with life. This isn't the way that it works.

When you are going through the probate process, the estate will need an administrator. This person has a big job to do. The administrator has to find the estate's assets and the heirs to the estate. The job doesn't stop there. This individual also has to pay bills for the estate, but these must be handled in accordance with the law.

Make your estate administrator's job a little easier

Your estate plan is where your loved ones will turn when they want to make sure they are following your final wishes. This is often a great source of comfort for them. When you create the estate plan, you will name an estate administrator. This person will make sure that your affairs are taken care of. You should make sure that you name a person who is responsible, pays attention to details and is able to handle the duties.

We realize that having to deal with a person's estate isn't always easy. There are quite a few things that these individuals have to do that might be hard to do when they are so raw with emotion from your death. This is the reason that some people choose to name an administrator who isn't related to them.

Harper Lee's will is now public information

A New York Times legal action has forced open the details of Harper Lee's will.

The notoriously reclusive author of To Kill A Mockingbird, which has inspired generations of lawyers to emulate the character and bravery of character Atticus Finch, died in 2016 after a lengthy illness and a protracted stay in a nursing home.

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.