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Beneficiary Designations Need to Be Updated

A recent New Jersey Appellate Division decision should remind you to keep track of the designations of all non-probate assets to ensure that they pass in accordance with your testamentary intentions.
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Seamless Family Business Succession Planning

Family business succession planning is a critical and often challenging process for many family-owned businesses. The goal of a successful succession plan is to ensure a smooth transition of the business to the next generation, preserving the legacy and values that have been built over the years…
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Generation-Skipping Transfer Tax (GSTT)

As an estate planning attorney, I frequently encounter questions regarding the Generation-Skipping Transfer Tax (GSTT). This tax, often overlooked, plays a critical role in the strategic planning of estate transfers. In this article, I aim to demystify the GSTT and provide practical tax tips to those navigating this complex area. Understanding the Generation-Skipping Transfer Tax The Generation-Skipping Transfer Tax is a federal tax on transfers of property that skip a generation. This tax was introduced to prevent families from circumventing estate tax by transferring wealth directly to grandchildren or other “skip persons.” The Mechanics of GSTT The GSTT is levied…
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High Net-Worth Estate Planning

Residual income, especially prevalent in the entertainment industry, refers to ongoing payments received for work done in the past. This income can stem from royalties in TV shows, movies, music, or books. A notable example is the late Matthew Perry, whose role in Friends brought him substantial residuals, as highlighted in a CNBC article. The Importance of Estate Planning for Residual Income For individuals with significant residual income, estate planning is crucial. It ensures that their assets are distributed according to their wishes and can help mitigate complex legal and financial issues after their passing. Case Study:…
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Helping an Aging Parent

Though it’s a topic none of us like to think about, preparing for the eventualities that accompany our parents' aging is not just essential but a necessity.
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Estate Planning for Elderly Parents

Estate planning is a crucial process for everyone. However, it becomes particularly imperative for our elderly parents. As they advance in age, creating a complete estate plan ensures that their wishes are honored, and their affairs are in order for the inevitable. This guide will walk you through the essential steps and documents involved in estate planning for aging parents, helping you to make financial and medical decisions that are aligned with their desires. Understanding the Importance of an Estate Plan for Your Elderly Parent Estate planning is not merely about distributing assets. It’s a comprehensive approach to managing an…
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Do Heirs Pay Credit Card Debt?

It's a morbid yet common worry: What happens to credit card debt when you die?
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Understanding Charitable Giving Laws

When it comes to donating, many people seek not only the personal satisfaction of helping others but also the potential financial benefits, including possible tax deductions. Words such as deduction, charitable giving, charitable contribution, charity, charitable tax deduction and rules for giving often come up in these discussions. Understanding these terms and the laws surrounding charitable donations can help individuals and businesses make informed decisions about their charitable contributions, while taking advantage of any available tax deductions. In this article, we delve deep into charitable giving laws, exploring various facets and rules that govern tax deductions for charitable contributions. Whether…
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Navigating Estate Tax

Navigating the intricacies of your financial legacy can be a daunting task. Understanding the nuances of the estate tax and implementing robust estate tax planning strategies can ensure that your beneficiaries enjoy the fruits of your labor without being overburdened by tax liabilities. What Is Estate Tax and Who Is Subject to Estate Tax? The estate tax, often called the death tax, is a tax levied on the total value of a person's estate upon their death. If the estate exceeds certain thresholds, it becomes subject to federal estate tax, potentially diminishing the wealth passed on to heirs.
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Reasons to Review Your Will

Reviewing your will is something that many people know they should do but often put off. However, various life circumstances and legal changes can significantly impact your estate planning needs. Ensuring that your estate plan, including your will and other estate planning documents, reflects your current situation is essential for peace of mind and securing your beneficiaries’ future. Why Is it Crucial to Review Your Will Regularly? Your will is not a static legal document. As your life changes, so also might your wishes regarding how your assets are distributed after your death. It’s common for relationships, financial circumstances and…
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