Category Archives: Estate Planning
“Domestic Partners” and Transfer Inheritance Taxes
Generally, when a person dies, New Jersey death taxes apply. We have two levels of taxes: NJ Estate Taxes. These are only owed if the decedent has more than $675,000 in total assets, including life insurance. NJ Transfer Inheritance Taxes. The rate depends on a person’s relationship to the decedent. Depending on the closeness of […]
Estate Planning: Talking With Your Family
Planning your estate can be a difficult and emotionally-charged process. How does one go about discussing an estate plan with those who it will affect the most—family? As unpleasant and painful as a conversation about your Estate plan might seem, it is an extremely important topic to discuss with your loved ones. You need to […]
Estate Planning and Retirement Accounts
When planning your Estate, it is important to recognize that certain assets will be distributed to a designated beneficiary at death, rather than according to your Will. A common example of this is a joint bank account. Say a mother and her daughter have a bank account held jointly, with right of survivorship. If the […]
Estate Administration Part 3: Your responsibilities as the Administrator of the Estate
As mentioned in the previous post, here are the specific responsibilities that come with being the Administrator of an Estate: (a) Apply to become Administrator of the Estate – you must wait 5 days after the date of death. However, the Surrogate’s Office will often accept the papers in advance of this and hold same until […]
Estate Administration Part 2: So you’re the Administrator of an Estate—now what?
You have received Letters of Administration from the Court… You submitted all the required paperwork to the Surrogate’s Court and have been officially appointed Administrator of your loved one’s Estate. This is a great honor, but also carries a great deal of responsibility. To help you understand your responsibilities and to help you administer the […]
Estate Administration Part 1: How to Apply for Letters of Administration
Ordinarily, a person specifies in his or her Will who they would like to deal with the matters of their Estate when they pass away. This is often a spouse, relative, or close friend—someone who the person trusts to act in the best interests of their Estate and their family. The person named in a […]
Q and A: “My mother passed away and the bank won’t let me use her POA. What happened?”
Unfortunately, a Power of Attorney is no longer valid if the Principal dies. The purpose of your POA was to allow you to act on your Mother’s behalf during her lifetime. At her death, the POA automatically terminates. Now you must qualify as her Executor (if she has a Will) or Administrator (if she does […]
Power of Attorney Part 6: Does the POA expire?
Unless specified otherwise, a POA will not expire. On rare occasions a POA will contain an expiration date; however, we strongly advise against including this, as you can always just change your POA if the need arises. If you do not list an expiration date in your POA, it will never expire in New Jersey. […]
Power of Attorney Part 5: What if I want to change my POA?
Many people are satisfied after establishing their Power of Attorney. However, things can change and you may lose trust in your Agent, or your Agent may move away. If this is the case, you must: Cancel the Power of Attorney. Notify your Agent and anybody who has been given a copy of your Power of […]
Power of Attorney Part 4: What if I don’t have a Power of Attorney, and am injured/fall ill?
Having a Power of Attorney (“POA”) is essential for being prepared for possible accidents in the future. As an example, say a person over the age of 18 gets into an accident and is incapacitated as a result, and now needs someone to act on his or her behalf. However, they did not set up […]
