Legal Tip of the Week!

This week’s tip came about as a request from an existing client who wanted me to discuss the topic of codicils.  So here goes… A codicil is nothing more than a short amendment (1-2 page document) that addresses minor changes in an existing Last Will & Testament (“Will”).  You may have prepared an elaborate Will a […]

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Legal Tip of the Week – 1/3/2017

Happy New Year! Here’s wishing you all a healthy, happy and prosperous 2017! For our first legal tip of the year, we want to discuss the subject of Joint Wills.  Every now and then we get clients who have either downloaded a Joint Will form from the internet or want our office to design one […]

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Legal Tip of the Week – 12/22/2016!

Professional advisors like myself are always coaxing, urging, encouraging and maybe sometimes pestering you to get your estate planning done because we really want to convey to you the importance of getting your estate affairs in order.  However, there is one type of scare tactic being used by some well-meaning folks which is completely inaccurate and […]

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Legal Tip of the Week!

This week’s legal tip is about the importance of preserving official documents in perpetuity.  This may sound contradictory to what we have normally heard – which is generally around 5-7  years and primarily for IRS purposes.  However, from the estate administration perspective, documents like birth certificates, death certificates, surrogate’s Letters testamentary etc. ought to be […]

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Legal Tip of the Week!

Most of us know, but its worth re-iterating, that our assets are divided into probate and non-probate assets.  The Will addresses only probate assets – i.e assets that we own in our individual names; however life insurance, retirement accounts, joint accounts, POD or TOD accounts, etc. pass outside of the Will to the beneficiaries named […]

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Legal Tip of the Week!

Its all about the “timing”!  In the estate administration world (and especially in New Jersey). there are two important deadlines that every Executor or Administrator needs to become quickly aware of – (1) the estate tax (both state and federal) filing deadline which is 9 months from the date of death; and (2) the New […]

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Legal Tip of the Week!

Some of you may know that in the past I’ve touted the benefits of life insurance trusts (ILITs) to hold insurance policies with significant death benefits which, although income tax free, are not estate tax free… Up until recently, I had been telling NJ residents with assets well over our current $675k threshold that ILITs […]

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Wills vs. Trusts – Simply Put

Everyone has heard of Wills and Trusts. Most articles written on these topics, however, often presume that everyone understand the basics of these important documents. But, in reality, many of us don’t – and with good reason – as they’re rooted in complicated, centuries-old law. Let’s face it, if you’re not an estate planning attorney, […]

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