Buy-Out of Business Partner With Life Insurance Results in Massive Income Tax Hit From IRS
A recent U.S. Supreme Court decision in Connelly v. United States disputes a common succession strategy for many closely owned businesses with more than …
2025 Estate Tax Update
In 2025, only estates over $13,900,000 will have federal death tax exposure. Married couples will escape federal estate tax if their combined value is …
Do Beneficiaries Pay Taxes on Life Insurance Policies?
Do you have to pay taxes on money received as a beneficiary? The general answer to my blog title is no; not usually. Most …
Can My Family Inherit My Season Tickets Under a Parent’s Will or Trust?
New Jersey like New York is sports crazy especially when it comes to the Yankees, Mets, Jets, Giants, Rangers, Devils, Phillies and Eagles. (I …
Our experience at your firm was positive in all regards
We enjoyed our meetings with Fredrick P. Niemann, Esq. He made us feel completely at ease as he patiently explained and answered our questions …
What to Do When You Inherit a Nonqualified Commercial Annuity
• As a beneficiary of a nonqualified annuity, you have options to choose from when an annuity is passed on to you. Clients who …
The Importance of Having a Premarital Agreement
A Premarital Agreement is a legal contract that outlines how a couple’s assets and debts will be divided in the event of divorce or …
Understanding the Legal Rights of Same-Sex Spouses of Minor Children
Introduction What is the legal status of a non-birth spouse to a child(ren) born to their spouse during marriage? What happens if the birth …
How the SECURE Act Changes Inherited IRA Planning
Federal tax laws which allowed retirement accounts to remain tax deferred by allowing certain beneficiaries to delay the withdrawal of account funds over their …
A Holder of a Life Estate Cannot Force a Partition of Real Estate
A court in NJ is allowed in an action for the partition of real estate to “direct the sale of the real estate if …
When Gifting Real Estate in NJ, What is the Actual Date of the Gift?
We have clients who want to gift to their ownership in New Jersey Real Estate. These clients want to complete their gift in 2022. …
After Divorce, What Agreements Should You Review to Protect Loved Ones?
Just divorced? Getting divorced? Been divorced and haven’t done anything about changing key documents? Obviously, I think it is important that you review your …
Over Age 62? Consider a Domestic Partnership Instead of Getting Married
In love with someone but don’t want to get married? There is an alternative to marriage in New Jersey. It’s called a Domestic Partnership. …
Can You Inherit Bitcoin?
Are you or have you already bought into the crypto craze? If you don’t own cryptocurrency yourself, odds are you’re related to someone who …
Beware of the Beneficiary Form (Part 4 of 4)
This is the fourth and final article about beneficiary designation and NJ probate and estate planning. For non-retirement assets with beneficiaries correctly titled, your …
Health: The Use of Discretionary Trusts to Protect Assets From Creditors and the IRS
No one wants their life savings seized by creditors, but can you leave an inheritance to a child or loved one who has spending …
Do You Want a Monthly Check From the VA?
You may be eligible for a monthly check from the VA in many cases of between $1,200 and $3,252 per month (or more for …
Beware of the Beneficiary Form (Part 3 of 4)
This is the third post of a four part series on estate planning and beneficiary designations. I continue with my discussion of a beneficiary …
Beware of the Beneficiary Form (Part 2 of 4)
This is the second post on the subject of beneficiary designations and their importance in New Jersey probate and estate planning. Who Can Be …
The Marital Deduction: A Valuable Federal Estate Tax Planning Tool
The federal estate tax marital deduction is one of the most important estate planning tools available to a married couple. The basic marital deduction …
You May Be Entitled to a Tax Deduction If You Make Charitable Donations
As you may be aware, the IRS allows tax deductions for qualifying charitable contributions. But the government has made charitable gifting a complicated area …
Think Ahead When Estate Planning and Leaving a Disproportionate Inheritance or Disinheriting a Child
The majority of parents and grandparents set up their estate plans so that their children are significant beneficiaries. They also frequently distribute their assets …
Estate Planning Issues for New Jersey Residents With Ties to Other Countries
Estate planning can be especially important for those persons with international ties. Typically, international estate planning issues come up in two contexts. First, there …
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 …