Keeping Your Assets In Your Bloodline

Keeping Your Assets in Your Bloodline

Without proper estate planning, your assets can easily end up in the pockets of unintended recipients.

For example, you may be planning to leave your entire estate to a daughter who happens to be married to someone whom you may not care for or trust. Simply naming your offspring as the sole beneficiary does not keep the money out of the hands of that spouse. Once assets pass to your daughter, she may deposit the assets into accounts held jointly with her spouse, which is, of course, her prerogative.


Review Your Will While On Coronavirus Lockdown

Review Your Will While on Coronavirus Lockdown

When life is operating normally, we usually find ourselves with too little time to handle some of the less urgent matters that we face. Many of us tend to procrastinate, believing there will be plenty of time in the future to address those issues.


The Secure Act, What You Should Know

The Secure Act: What You Should Know

In January 2020, the U.S. Congress passed the SECURE Act. The legislation is intended to give Americans more flexibility with their retirement and estate planning.

Also known as the “Setting Every Community Up for Retirement Enhancement” Act, the SECURE Act provides several measures designed to help taxpayers, retirees, and others.

While some legislators and their staff obviously spent an excessive amount of time creating the acronym “SECURE,” the law does offer several valuable benefits.


New Jersey Gift Tax Explained

New Jersey Gifting Explained

While the State of New Jersey does not levy an Estate and Gift Tax, lifetime gifts of significant value do have IRS reporting requirements that givers should note. Note that the tax treatment of gifts is often confusing and can affect the giver’s tax liability. A donee or recipient of the gift  does not pay income tax on the money received. 


What Should Executors Disclose to Beneficiaries?

What Should Executors Disclose to Beneficiaries?

Executors undertake many duties while assuring the proper division of assets according to the wishes of the deceased. The responsibilities must be performed in accordance with the laws of the state in which the testator resided.

If the person had died without a will, the court would identify an administrator to manage the estate with the same responsibilities as a named executor.