http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php NJ Estate Planning Blog en-us Fri, 11 May 2012 13:34:50 -0500 Fri, 11 May 2012 13:34:50 -0500 http://blogs.law.harvard.edu/tech/rss By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Lawyer   In many situations, the borrower may choose to invest the loan proceeds in a vehicle that has the potential to yield a higher rate of return than the interest rate charged on the intra-family loan.  Similar to a commercially structured loan arrangement, a payment schedule is established and, upon repayment of the loan in full, the borrower retains the excess amount, less any ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336761290&title=wealth-transfer-illustration-with-the-use-of-an-intra-family-loan Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336761290&title=wealth-transfer-illustration-with-the-use-of-an-intra-family-loan Fri, 11 May 2012 13:34:50 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Administration Attorney   Depending upon the complexities of your New Jersey estate administration and the legal and financial experience and background of the executor and/or trustee, your executor/trustee may or may not need the assistance of a qualified lawyer or estate accountant in assisting in the responsibility of administering a trust and/or estate. If your executor/trustee does decide to seek additional legal assistance, Hanlon Niemann, a ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336760971&title=checklist-for-executors-of-a-new-jersey-estate Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336760971&title=checklist-for-executors-of-a-new-jersey-estate Fri, 11 May 2012 13:29:31 -0500 By Fredrick P. Niemann, Esq. a New Jersey Special Needs Trust Attorney   Choosing a trustee is one of the most difficult decisions for a person with special needs. The trustee of a special needs trust must be able to perform all of the functions of a trustee – accounting, investments, tax returns and distributions – and also be able to meet the needs of the special beneficiary. This means having an understanding of New ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336760782&title=choosing-the-trustee-for-your-new-jersey-special-needs-trust Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336760782&title=choosing-the-trustee-for-your-new-jersey-special-needs-trust Fri, 11 May 2012 13:26:22 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Administration Attorney   The 3rd Circuit of the United States Court of Appeals  which covers New Jersey has determined that an estate with a remainder payable entirely to a charitable trust did not qualify for recovery of attorneys' fees.   The Decedent in this case created a charitable trust. His various wills transferred the residue of his estate to the charitable trust, with the exception of ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162820&title=no-attorney-fees-to-estate-after-settlement-of-will-contest Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162820&title=no-attorney-fees-to-estate-after-settlement-of-will-contest Fri, 04 May 2012 15:20:20 -0500 By Fredrick P. Niemann, Esq. a New Jersey Probate Attorney   Using a Last Will & Testament (Will) as your primary estate planning tool means that your estate will go through probate with the County Surrogate upon your death. It is important to note, however, that the only assets that  go through probate are assets that you own in your individual name that are not in a living trust (more on living trusts later) and ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162603&title=what-is-probate-in-new-jersey-(part-i) Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162603&title=what-is-probate-in-new-jersey-(part-i) Fri, 04 May 2012 15:16:43 -0500 By Fredrick P. Niemann, Esq. a New Jersey Will Lawyer   Certain events will automatically cause you to change your present Will.  These events include (1) getting married; (2) getting divorced; and (3) having children. If you get married after making your Will and do not rewrite it, your new spouse automatically gets a share of your Estate.  Is that what you want?  Their share is called an "elective share”.  Exceptions to this rule are ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162326&title=factors-that-should-influence-your-will--marriage-divorce-and-children Asset Protection http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1336162326&title=factors-that-should-influence-your-will--marriage-divorce-and-children Fri, 04 May 2012 15:12:06 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Lawyer   Intra-family loans can potentially accomplish multiple estate and financial planning goals simultaneously.  Shifting wealth from one generation to another in an effort to save transfer taxes may be at the forefront of the lender’s mind.  But many intra-family loan arrangements also benefit the younger generation in other ways.  For example, parents or grandparents may provide a child with funds to make down payment ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1335552099&title=understanding-the-details-of-intra-family-loan-agreements Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1335552099&title=understanding-the-details-of-intra-family-loan-agreements Fri, 27 Apr 2012 13:41:39 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Lawyer   Individuals with potentially taxable estaes frequently seek creative and effective ways to minimize or eliminate transfer tax exposure.  The aim is to pass as large a portion of their wealth as possible to their heirs, rather than the IRS or local taxing authorities.  In the historically low interest rate environmnent that currently exists, opportunities for gift and estate tax savings, including intra-family loans, ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1335551868&title=intra-family-loans-can-provide-estate-planning-benefits Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1335551868&title=intra-family-loans-can-provide-estate-planning-benefits Fri, 27 Apr 2012 13:37:48 -0500 By Fredrick P. Niemann, Esq., a NJ Wills Attorney   In New Jersey, Appellate Courts typically give deference to lower court decisions, since the lower courts have a better opportunity to see evidence, listen to witnesses, and overall gain a closer look at the case. While this does not mean that the Appellate Division will refuse to overturn an improper decision by the lower courts, it does make it difficult for some parties who lose and ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334939145&title=nj-appellate-courts-gives-great-respect-to-lower-court-decisions-as-displayed-in-recent-wills-case Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334939145&title=nj-appellate-courts-gives-great-respect-to-lower-court-decisions-as-displayed-in-recent-wills-case Fri, 20 Apr 2012 11:25:45 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Attorney   How much does notarization cost?  Notary fees vary from state to state.  Prices are set per page or per signature and usually range from $0.50 to $10.00.  Check with your notary to determine what fees will apply to your situation.   Where can I find a notary?  You can usually find a notary at your bank or at most UPS or Mail Boxes ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938705&title=notarizing-your-documents-–-what-is-a-notary-public-(part-2) Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938705&title=notarizing-your-documents-–-what-is-a-notary-public-(part-2) Fri, 20 Apr 2012 11:18:25 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Lawyer   The Internal Revenue Service (IRS) announced that the maximum contribution employees can make to their 401(k) pension plans without paying upfront taxes will rise by $500 to $17,000 in 2012.   The increase is required by law to adjust for inflation.  The ceiling had not increased since 2009 because inflation had been too low to trigger an increase. Companies and businesses that set ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938458&title=irs-raises-maximum-401(k)-contribution-by-employees-to-17000 Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938458&title=irs-raises-maximum-401(k)-contribution-by-employees-to-17000 Fri, 20 Apr 2012 11:14:18 -0500 By Fredrick P. Niemann, Esq. a New Jersey Guardianship Attorney   Full guardianship is gives a person full legal rights over another.  This is useful when the other person whom the guardian is entrusted with does not have any cognitive function.  People with children or older adults whom have serious cases of dementia may benefit from this.  This effectively places all responsibility for the other person’s well being and care under the guardian.  Guardianships ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938164&title=guardianship-law-nj-–-obtaining-full-guardianship Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334938164&title=guardianship-law-nj-–-obtaining-full-guardianship Fri, 20 Apr 2012 11:09:24 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Attorney   A notary public is a person trained and appointed by the state of New Jersey to serve as an impartial witness to important events.  Notaries can perform many tasks, one of the most important of which is to verify that a signature on a document is the actual signature of the person named in that document. Is notarization required by law?  In New ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157546&title=notarizing-your-documents-–-what-is-a-notary-public-(part-1) Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157546&title=notarizing-your-documents-–-what-is-a-notary-public-(part-1) Wed, 11 Apr 2012 10:19:06 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Attorney   Faulty beneficiary designations can often lead to the unintentional disinheritance of family members.  For example, when filing a beneficiary election form for life insurance, many parents direct that the insurance provider be paid to "...my children in equal shares"?  In this example, what if one of the children predeceases the parent and has his or her own children?  That deceased child will not ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157325&title=caution--be-careful-about-beneficiary-designations-when-estate-planning Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157325&title=caution--be-careful-about-beneficiary-designations-when-estate-planning Wed, 11 Apr 2012 10:15:25 -0500 By Fredrick P. Niemann, Esq. an Estate Planning Attorney   A Decedent’s estate includes an intestate estate (where a person dies without leaving a valid will) as well as a testate estate subject to administration. A decedent’s estate consists only of assets subject to probate administration, and therefore does not include property that passes by right of survivorship or by contact directly upon an owner’s death (e.g. life insurance). The regulations define a trust as an ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157140&title=overview-of-estates-and-trusts-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1334157140&title=overview-of-estates-and-trusts-in-new-jersey Wed, 11 Apr 2012 10:12:20 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Attorney   The term beneficiary is used to describe an heir, legatee, devisee, or beneficiary of a trust or estate. An income beneficiary in a trust is entitled to income, and, in some cases, a portion of principal.   A remainderman is a beneficiary of a trust who receives all property remaining in the trust when the term of the income beneficiary has been completed. ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333135701&title=understanding-what-it-means-to-be-a-beneficiary Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333135701&title=understanding-what-it-means-to-be-a-beneficiary Fri, 30 Mar 2012 14:28:21 -0500 By Fredrick P. Niemann, Esq.  A New Jersey Will Contest Attorney   New Jersey’s will contests are dramatically increasing along with its splintering family units, highly litigious society and rising wealth. More and more will contests in the state also grow into litigation; but few New Jersey attorneys specialize on bringing these will contests to courts. Most litigants are hence forced to seek the help of New Jersey trial lawyers, who are not necessarily well-versed ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333135207&title=will-contest-cases-on-the-increase-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333135207&title=will-contest-cases-on-the-increase-in-new-jersey Fri, 30 Mar 2012 14:20:07 -0500 By Fredrick P. Niemann, Esq.  A New Jersey Will Contest Attorney   New Jersey’s will contests are dramatically increasing along with its splintering family units, highly litigious society and rising wealth. More and more will contests in the state also grow into litigation; but few New Jersey attorneys specialize on bringing these will contests to courts. Most litigants are hence forced to seek the help of New Jersey trial lawyers, who are not necessarily well-versed ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333134843&title=will-contest-cases-on-the-increase-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333134843&title=will-contest-cases-on-the-increase-in-new-jersey Fri, 30 Mar 2012 14:16:15 -0500 By Fredrick P. Niemann, Esq., a NJ Probate Dispute Attorney   Disputing the validity of a will is a complex matter that requires the assistance of a knowledgeable NJ Probate Dispute Attorney. Consulting with one of these experienced attorneys can help you determine whether or not you have a valid reason for contesting your will. NJ Courts will only allow wills to be contested under certain circumstances in which the legitimacy of the will is questioned. ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333134687&title=disputing-a-will-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1333134687&title=disputing-a-will-in-new-jersey Fri, 30 Mar 2012 14:11:27 -0500 By Fredrick P. Niemann, Esq. a New Jersey Estate Planning Attorney   A fiduciary is a person who has a duty to act primarily for the benefit of another person (e.g. a trust beneficiary)   The fiduciary is the person responsible for filing a tax return on behalf of the entity.  This can be an individual or a corporation (e.g. the bank’s trust department).   For trusts, it is the trustee named in the trust ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533832&title=the-role-of-the-fiduciary-in-new-jersey-estate-planning Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533832&title=the-role-of-the-fiduciary-in-new-jersey-estate-planning Fri, 23 Mar 2012 15:17:12 -0500

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533571&title=income-respect-of-a-decedent-(ird)-in-new-jersey-estate-administration Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533571&title=income-respect-of-a-decedent-(ird)-in-new-jersey-estate-administration Fri, 23 Mar 2012 15:12:51 -0500 By Fredrick P. Niemann, Esq. a New Jersey Trust Lawyer   Happily married couples looking for an innovative way to use their increased gift-tax exemption without diminishing their combined cash flow should consider the Spousal Lifetime Access Trust (SLAT).  A SLAT is an irrevocable trust created by a married person for the benefit of his or her spouse.  Usually, the spouse is granted a life estate, followed by further retention in trust of the principal ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533381&title=how-about-creating-a-spousal-lifetime-access-trust-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1332533381&title=how-about-creating-a-spousal-lifetime-access-trust-in-new-jersey Fri, 23 Mar 2012 15:09:41 -0500 By Fredrick P. Niemann, Esq., a NJ Estate Planning Attorney   After 14 years, a widow recently brought a claim to collect her share of her husband’s property left intestate after his death. The wife had collected the husband’s property he left to her in his will upon his death, then moved to South Carolina with her son. She then returned down the road, claiming both she and her son were owed their share of the ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331922145&title=court-denies-wife’s-claim-to-husband’s-estate-based-on-doctrine-of-laches Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331922145&title=court-denies-wife’s-claim-to-husband’s-estate-based-on-doctrine-of-laches Fri, 16 Mar 2012 13:22:25 -0500 By Fredrick P. Niemann, Esq., a NJ Arbitration and Estate Planning Attorney   It isn’t uncommon for a dispute to arise over the value of a deceased individual’s interest in a company. The dispute is typically between the beneficiaries of the decedent’s estate and those who own the interest in the rest of the company. In these disputes, Courts often favor arbitration as the proper forum. In a recent NJ Court case, the Court compelled ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331921801&title=nj-court-rules-that-widow-should-be-party-to-arbitration-to-determine-the-value-of-her-late-husband’s-interest-in-company Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331921801&title=nj-court-rules-that-widow-should-be-party-to-arbitration-to-determine-the-value-of-her-late-husband’s-interest-in-company Fri, 16 Mar 2012 13:16:41 -0500 By: Fredrick P. Niemann, a NJ Guardianship Attorney A Revocable Living Trust (also known as RLT or Living Trust) is one of the most common types of trusts.  Essentially, "revocable” means you can add and subtract from it, change your mind, amend it and terminate it at any time.   If a person has a stroke or dies without a trust, there’s something you should know: there are no payable-on stroke clauses on bank accounts!  ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331921245&title=a-revocable-living-trust-can-avoid-a-costly-guardianship Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331921245&title=a-revocable-living-trust-can-avoid-a-costly-guardianship Fri, 16 Mar 2012 13:07:25 -0500 By Fredrick P. Niemann, Esq. a NJ Estate Administration Attorney   Most individuals don’t think about the administration of their estate until they see their elder years approaching. By the time they reach their middle age, some are in their second marriage. Sometimes, both spouses may have children from a previous marriage that they want to be able to care for once they die. Proper preparation to administer one’s estate in this situation can be key ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327684&title=in-second-marriages-proper-estate-administration-key-to-protecting-your-spouse-and-children Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327684&title=in-second-marriages-proper-estate-administration-key-to-protecting-your-spouse-and-children Fri, 09 Mar 2012 15:14:44 -0600 By Fredrick P. Niemann, a NJ Trust Attorney    In certain court proceedings involving minors under the age of 18, the NJ Courts will appoint a guardian ad litem. This individual looks after the interests of the minor throughout the proceedings, since the minor is not old enough to look after themselves. It is important that this guardian ad litem not have any interests that conflict with that of the minor, a subject that came ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327450&title=nj-appellate-court-reinstates-guardian-ad-litem-after-lower-court-removed-individual-due-to-conflict-in-trust-suit Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327450&title=nj-appellate-court-reinstates-guardian-ad-litem-after-lower-court-removed-individual-due-to-conflict-in-trust-suit Fri, 09 Mar 2012 15:10:50 -0600 By Fredrick P. Niemann, Esq. a Special Needs Trust lawyer   As a general rule, it is not appropriate to disinherit a child with a disability.  Instead, we believe a Special Needs Trust is a much better way to provide loving care for a vulnerable child. Disinheriting the child means that you make sure that you do not leave any money to the child directly. This is part of the very simplistic idea that one ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327253&title=protecting-your-assets-with-a-special-needs-trust-for-a-child-with-a-disability-(part-iii-of-iii-part-series) Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1331327253&title=protecting-your-assets-with-a-special-needs-trust-for-a-child-with-a-disability-(part-iii-of-iii-part-series) Fri, 09 Mar 2012 15:07:33 -0600 By Fredrick P. Niemann, Esq. a New Jersey Will Contest and Dispute Lawyer   A Will contest is an action that opposes the external and formal validities of the Will. Issues on external validity include failure of due execution, lack of testamentary capacity, undue influence, mistake, fraud, or lack of intent that the document should be a Will. A Will contest assisted by experienced New Jersey will contest lawyers will most likely succeed – and ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1330716230&title=contesting-a-will-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1330716230&title=contesting-a-will-in-new-jersey Fri, 02 Mar 2012 13:23:50 -0600 By Fredrick P. Niemann, Esq. a New Jersey Trust Lawyer   A Trust is a fiduciary relationship that allows a grantor, or the owner of properties, to transfer his ownership to one or more beneficiaries. Trusts established through a Will are Testamentary Trusts that take effect upon the grantor’s death and subject to probate. When carefully planned and written with New Jersey trust and probate lawyers, Testamentary Trusts become practical approaches in conveying properties even ...

http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1330715960&title=how-to-use-a-trust-in-new-jersey Estate Plan http://www.njestateplanninglawyer.com/documents/njestateplanningblog.php?entry_id=1330715960&title=how-to-use-a-trust-in-new-jersey Fri, 02 Mar 2012 13:19:20 -0600