Charitable Giving: Donor-Advised Funds

We frequently consult with clients who inquire about making charitable contributions, but they are unsure how they wish to allocate their contributions. Many clients approach us with a tax situation which presents an opportunity to make a charitable gift, but the client may not have a clear idea as to which charities are important to … Continue reading “Charitable Giving: Donor-Advised Funds”

When Accidents Happen

In my years of practice, I have addressed the issue of when accidents – whether due to car accidents, strokes, or other debilitating illnesses – happen unexpectedly. I have seen firsthand what difficulties this causes families. While many people do prepare for end of life planning – i.e. a Last Will and Testament – often … Continue reading “When Accidents Happen”

Digital Assets in Estate Planning 2016 Florida Update

Florida has become the latest state in a nationwide trend by state legislatures to address the disclosure of digital assets from service providers to estates. Pursuant to the Florida Fiduciary Access to Digital Assets Act (“Act”), online service providers are deemed to be the custodians of their respective users’ “digital assets.” The Act defines “digital … Continue reading “Digital Assets in Estate Planning 2016 Florida Update”

NEW JERSEY ESTATE TAX PHASE-OUT

While the proposed decrease in New Jersey sales tax and increase in gas tax is garnering all of the headlines, the proposed phase-out of the New Jersey estate tax will have a significant impact on New Jersey residents. On Friday afternoon, New Jersey Governor Chris Christie announced that he reached a compromise with the Democrat-controlled … Continue reading “NEW JERSEY ESTATE TAX PHASE-OUT”

Who Gets What? Contract Protects Will in Blended Family

Non-traditional families can present interesting challenges in the event of a death. For instance, a husband and wife may have children and grandchildren from prior marriages. How do you ensure that they will be adequately provided for if you predecease your spouse? The Superior Court of New Jersey recently ruled on a case where a … Continue reading “Who Gets What? Contract Protects Will in Blended Family”

Who to Appoint as Executors and Trustees and What’s the Difference?

When we prepare wills for clients, we are often asked about the difference between a personal representative and a trustee. Generally, a personal representative is tasked with preparing funeral arrangements, paying taxes and debts owed by the decedent and ensuring that the decedent’s wishes are carried out. Traditionally, a person that manages the affairs of … Continue reading “Who to Appoint as Executors and Trustees and What’s the Difference?”

In the Matter of the Estate of O’Mealia: A Case Study on Contracts to Enforce Wills

Non-traditional families present unique issues during their lifetimes as well as after death. For instance, a husband and wife may have children and grandchildren from prior marriages. How do you ensure that they will be adequately provided for if you predecease your spouse? The Superior Court of New Jersey recently held that a written agreement … Continue reading “In the Matter of the Estate of O’Mealia: A Case Study on Contracts to Enforce Wills”

A GIFT SPLITTING PRIMER

Caution: If you and your spouse make gifts, a gift tax return may need to be filed even if the amount is under the yearly threshold. The annual gift exclusion allows an individual to gift up to $14,000 per year per person. This means that you can give away up to $14,000 per year to … Continue reading “A GIFT SPLITTING PRIMER”