Beware of the Beneficiary Form – It Can Kill Your Estate Plan (Part 1 of a 4-Part Series)
If you think your estate planning is done once you have signed a will or trust, think again. All your hard work can be …
Transferring Your Family Business to a Child Can Have More Complications Than You Think
Owners of family businesses often look forward to the day they will be able to retire and pass on the business to their child …
Trust Decanting in Estate Planning is a Great Strategy to Change an Irrevocable Trust
Irrevocable trusts are beneficial for estate tax purposes. They allow you to place your assets into a trust, potentially avoiding additional estate tax when …
Estate Planning for Blended Families
Many couples and spouses fail to get serious about estate planning until they are well into middle age. By then, one or both of …
Have You Selected the Right Person as Your Agent Under Your Power of Attorney?
When creating either (or both) an estate plan or a power of attorney, an important decision involves who to name as your fiduciary. By …
Federal Gift Tax Returns: Avoiding Mistakes
Under the tax code, the general rules applicable to income tax returns apply to annual gift tax returns. That is, a 3-year statute of …
Understanding the Legal Impact of a Premarital Agreement in a Second Marriage
New Jersey law allows a spouse to waive his or her right to inherit the estate of a deceased spouse. A spouse’s premarital waiver …
Be Careful About How Often You “Roll Over” Your IRA
A long-standing rule about how many IRA-to-IRA “rollovers” a taxpayer can make in a single year has dramatically changed. Read this post to avoid …
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People listened to us and responded to our questions
Our experience with Hanlon Niemann & Wright, P.C. was positive and successful. Our questions were patiently answered. We were able to explain our wants …
What to Do When a Person Cannot Physically Sign a Last Will and Testament
Recently, a client wanted to sign her Last Will but because of a stroke and inability to speak; she was unable to sign it. …
I would highly recommend Hanlon, Niemann & Wright for Elder Law, Estate Planning & Assisted Living preparation
Fred Niemann, Stephen Kornas, Chris Balioni & their support team are prescient, proactive and proficient with navigating ongoing Elder Care challenges. – OM
Do You Have the Right Fiduciary for Your Estate?
Warning: Your Selection Does Matter When creating an estate plan, especially in your will and/or trust, an important decision you must make is the …
Spotlight on NJ Elder Law: What Families Really Need to Know Before a Crisis Hits an Elderly Family Member
When I meet with new clients, the first appointment is often with the children of aging parents. Commonly, they come to us just before …
What Happens If You Die Without a Will?
We all know we are supposed to do estate planning, but not all of us get around to it. So what happens if you …
A Sad Story of an Estate Plan Screwed Up Because of a Homemade (Internet Store) Will
A recent inquiry to my office illustrates the risks of a “do it yourself” last will. Here, the person used a common will software …
Can a Contingent Beneficiary Demand an Accounting?
Can any trust beneficiary can compel a trustee to account? Does the type of contingency make a difference? While trust beneficiaries generally can seek …
Annual Gifting Limits Raised to Reduce Potential Estate Death in 2022
The amount you can gift without filing a tax return is increasing to $16,000 in 2022. The federal estate tax exclusion is increasing to …
How to Deal with Banks and Brokerage Firms When Using a Power of Attorney
Banks are a pain in the *&s! when it comes to using a Power of Attorney. If an employee of the bank reviews the …
If Someone Dies Immediately Before Signing a Will, Can it Be Salvaged?
Can a copy be treated as an original if the original is lost? Is a Will signed electronically during quarantine valid? Traditionally, a deceased …
Contracts to Make or Revoke a Will – Preserving Your Estate Plan
Many of our couples who seek estate planning execute “sweetheart wills.” That is, each executes a will stating that upon the death of the …
Gift Taxes vs. Inheritance Taxes: Which is Worse?
Generally, there is no income tax imposed upon assets beneficiaries inherit. However, when they later sell inherited assets, (i.e., appreciated securities and real estate), …
When Should I Be Looking to Do an Estate Plan?
When you die, you will leave an estate. Your estate is comprised of everything you owned, saved and accumulated during your life. It is …
Is an Inherited IRA Protected from Bankruptcy and Creditors?
New Jersey has fraudulent transfer laws that prevent property “made in trust” for a debtor to be available to creditors to satisfy their debts. …
Naming a Guardian in a Will
It is a good idea when drafting a last will and testament that you put language in there appointing a guardian for your minor …
What is a “Durable Power of Attorney”, and What Authority Does It Grant?
A power of attorney (POA) is a written document under which an individual, called the principal, appoints either another individual or legal entity as …
Can I Control What Happens to My Corpse After My Passing?
While working on health care directives, I have had clients ask me about leaving special instructions for their loved ones on what they can …
Child Support Can Be Placed in a Special Needs Trust to Preserve Government Benefits
Child support can be directed to a first party special needs trust, if one exists. Child support cannot go into a third party special …
I Quit! I Refuse to Continue to Be Your Power of Attorney
You’ve heard of buyer’s remorse. What seemed like no big deal becomes more than expected and so the Power of Attorney gives up and …
You Don’t Lose Your Status as a Partner if You Assign Your Partnership Interest to Your Revocable Trust
Four dentists formed a partnership to acquire and maintain a dental office building. The then-partners amended their agreement to allow one of the partners …