Blog

Married couples in New Jersey may own a successful and profitable business together. However, their marriage may not have been as successful as their business, and they may make the decision to divorce. When this happens, they have several options for handling the division of the family business in a divorce. Option one: one spouse keeps the business If one spouse wants to keep the business and the other spouse does not, the spouse keeping...

When creating an estate plan, individuals in New Jersey and elsewhere need to make some difficult decisions. While this often means considering what will happen with one’s property and assets after his or her death, it also requires one to name an individual to manage the process. The estate administration process is handled by an executor; thus, it is vital that one considers what this role entails when naming an executor to handle his or...

When starting up a business there are different options to consider, including if the entrepreneur wants to start a business from scratch or consider a franchising opportunity. For that reason, entrepreneurs should be familiar with the potential benefits of being a franchisee. Rewarding: Flexible schedule: Minimize risk: Benefit from ongoing support and training programs: Access to a new business market and economies of scale and benefit from known brand name: Marketing materials and marketing support:...

It is difficult to think about the future when the present is so unexpected. Nonetheless, individuals in New Jersey and elsewhere should take the time to consider what they want for their future and what can be done now to protect it, especially when it comes to their loved ones and their inheritances. No matter a person’s age, if they are single or married, have children or not or in school or in a career,...

If you are a small business owner in New Jersey, such as the sole owner of a small manufacturing company, you may want to make sure your employees understand their rights and duties. One way to accomplish this is by executing a comprehensive employee handbook. Doing so can help prevent legal claims, such as a sexual harassment suit, before they arise. The following is an overview of some important clauses that you may want to...

No matter the size, scope or age of an organization, it is wise for business owners to have a solid succession plan in place. While some natural succession might occur – assistant managers becoming managers, for example – it is important that business owners take a careful look at staff and the future needs of the company. There are certain mistakes that managers make, however, that can completely derail a well-developed succession plan, including: Don’t...

There are few guarantees in life for people in New Jersey, however, one of them is that people will continue to grow older and eventually they will pass away. It is not something people like to think about all the time, but it is going to happen and it is important that people plan for it. People cannot bring their belongings with them when they pass and they generally want their property to end up...

During our current economic climate, estate planning has become a hot topic. Indeed, last week, we analyzed several factors that may mean that one needs to craft an estate plan. And, this week, we will go over additional considerations. Estate size The most talked about reason for an estate plan is one’s estate size. For single and young people, their estate size is such that they can likely just put a payable on death designation...

Many Haddonfield area residents don’t think about estate planning until they’ve reached the age of retirement. This can be a mistake, though, as nearly everyone should have some sort of estate plan in place. What are the life stages where a person should consider an estate plan? First baby and subsequent children When a couple has their first child it can be a good time to create an estate plan. The estate plan should include...

Being selected as an estate executor may be an honor. Before accepting this position, however, you should understand the important probate and estate administration duties that executors must perform. The estate Executors act on behalf of the testator who signed the will and handle all the testator’s financial and other final arrangements. New Jersey law also governs these duties. Regardless of the estate’s size, you must determine whether you have the time and knowledge to...