Inheritances

Gifting assets to your loved ones during your lifetime can be a rewarding experience. Aside from the potential tax advantages, this practice allows you to witness the impact of your generosity firsthand and help ease potential financial burdens for your loved ones. However, while...

In Re Estate of Kremer, No. A-3649-22 (App. Div. Dec. 4, 2024) The Decedent executed a self-proving will on October 7, 1992, naming one sister as the executor (the Defendant/Appellant) and the other as the successor executor. In 1997, the Decedent married her husband...

Losing a family member is difficult, and dealing with the aftermath can be even more intense, especially when handling their will. If you’re a beneficiary and suspect something isn’t right, you might feel overwhelmed and unsure about your next steps. The good news is...

Recent IRS regulations direct that if you inherited an IRA or 401(k) from someone who died in 2020 or after, and the decedent died after age 72, you (the beneficiary) must start taking Required Minimum Distributions (“RMDs”) right away! When the inherited IRA rules...

As you create your estate plan, you may decide to simply leave money directly to your own children. Your heirs are old enough to know how to use this money properly and you don’t really want to have any control over it. You’re just...

You love your children, and you want to know that they’re secure in life even when you’re no longer here to help them. You have a considerable amount of wealth you can pass on — but should you? From investors like Warren Buffet to...

Many New Jersey residents know that their family members may end up arguing about their inheritance. Even if each inheritance is equal in value, those who are receiving them may not think so. One way to limit — or eliminate — those rivalries, is...

New Jersey’s recognition of same-sex marriage has resulted in significant changes to the rights of same-sex couples. Married same-sex couples now have the same rights as all married couples. As a result, there are changes with retirement benefits and Individual Retirement Accounts (“IRA”) and...

To marry, or not to marry? While the obvious answer can usually be found in one’s heart, many couples also look to the pros and cons of marriage- in terms of things like healthcare benefits, retirement benefits and tax implications. Until recently, however, many...

Scientific advances in the area of conception have allowed numerous couples here in New Jersey and around the country to have a child when they could not conceive one naturally. Technology also allows men and women to freeze either their sperm or eggs for...

It may not take New Jersey residents much imagination to believe that Walt Disney left behind a sizable estate. The children of Disney’s deceased daughter were left an inheritance. However, one of Disney’s grandchildren has yet to receive any of the money set aside...

These days, many New Jersey residents have active online lives. Facebook pages, iTunes accounts and other online accounts require some estate planning in order to be dealt with accurately after a person’s death. Without some advance planning, surviving family members could encounter considerable issues...

New Jersey fans of the television show “The Sopranos” may have already heard that James Gandolfini passed away recently. Now that his family has to settle his estate, it has come to light that Gandolfini’s estate plan may not have been well thought out....

Back in 1959, a 13-year-old boy’s brother threw a snowball at a tree and missed. It may surprise some in New Jersey to know that chance encounter over a snowball led to a lifetime friendship between that young boy and the friend of the...

When New Jersey business owners plan their estates, they may wish to leave both their business and non-business assets to all of their children. However, this can present a challenge if not all of the children are involved in the business. It may be...

It used to be a common practice for parents to leave an inheritance for their children, and many parents in the past took great care to do so. However, a recent study shows that inheritance practices in New Jersey and elsewhere are changing. As...

Planning for retirement and creating an estate plan are two important things for older adults to take care of. Some people in New Jersey are uncomfortable talking to a third-party professional about their retirement and inheritance plans. However, most people have even more trouble...

Facebook, for instance, will not allow anyone access to a Facebook page unless they created it. They have specific guidelines for those who wish to create a memorial page for someone who has passed away. On the other hand, Apple acknowledges that the company...

Many individuals fail to engage in estate planning so those who do should be commended. But the process should not end when those documents are signed. Regardless of whether New Jersey law applies or that of another state, events may occur in a family...

Estate planning can differ wildly according to each person’s unique needs and desires. For example, New Jersey farmers may run into special problems when attempting to leave the family farm behind. In fact, any kind of inheritance can have special considerations, but many of...

Most people have probably not opted to have a conversation with an attorney to discuss the intricacies of estate planning. Let’s face it; having a discussion about death isn’t one that most people look forward to having. That said, most people in New Jersey...