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A will lays out how a New Jersey resident wants their property distributed upon their death. This means if someone dies without creating a will, the intestacy laws of that state dictate how property will be handled. This means the decedent’s bank accounts, real estate, securities and all other assets will be allocated to someone in a manner the decedent had probably not intended. Intestacy laws differ state by state and whether the person was...

Your business is not inherently immune from probate – the lengthy, time-consuming, often-expensive legal process that occurs following one’s passing. Without proper preparations, this means the business’ operations can be derailed and held up indefinitely, potentially impacting its finances. In a world where one lost day can make or break a company, being stuck in business purgatory for a stretch of time may be crippling. This is why a business owner should integrate a succession...

Probate takes place after a person dies to assure that their estate is distributed correctly. There are many things to know about probate if you are preparing your estate plan, you rea a beneficiary or you were selected as the executor responsible for probate and estate administration. Probate defined This is a court-supervised process, governing most estates, to take control of the decedent’s assets and to transfer ownership from a decedent to their beneficiaries. The...

One of the things that many people forget about when estate planning is state taxes. While many know about federal taxes, sometimes they forget about state taxes. In New Jersey, depending on when the person passes, there may be two, estate and inheritance taxes. Estate Tax As a prerequisite, only those that are residents of our state pay our state’s estate taxes. And, the estate tax is only paid when it is higher than the...

Contracts are often the backbone of most business dealings in New Jersey. Therefore, it can help for business owners in the Haddonfield area to have a basic understanding of what constitutes a legally binding contract. The following elements must be met for a contract to be enforceable. Elements of an enforceable contract First, one party to the contract must make a specific offer to the other party, and second, the other party must accept that...

Most people in New Jersey never have any contact with the court system outside of, perhaps, a traffic violation. That’s why when you have been named the executor of a deceased loved one’s estate, you may have a wide variety of questions about the process. Working through probate and estate administration issues can, indeed, be complex at times. For example, one of the most important steps the executor of an estate needs to accomplish is...

Some budding entrepreneurs in the Haddonfield area may wish to own a business but starting a business from the ground up is not their only option. Sometimes a person would rather buy an existing business or even purchase a franchise. The following is a brief introduction to buying an existing business versus franchising. Essentially, buying an existing business versus franchising boils down to how much control one can exercise regarding their business. Franchising offers a...

Estate planning offers those who make one for themselves (known as a “Testator”) peace of mind towards their future. Establishing wills, trusts, funeral wishes, and healthcare directives allows a testator to see that they have protected their best interests for years. While these benefits are all valuable, when should someone make an estate plan for themselves? Estate planning covers a lot of areas of planning for the future. It is not hard to see the benefits...

It is always a good idea for New Jersey residents to have an estate plan regardless of the circumstances. However, when there is a national health problem in progress, that can make it even more vital to have estate planning documents or update the ones that are already in place. It is difficult to think about life and death issues at any time, and knowing which documents to create and update is essential. A fundamental...

Much like estate planning is not for the old, considering elder law issues is not something for just the elderly to consider and work through. A young adult at the ripe age of 18 could begin this process; however, no matter when an individual begins the elder law estate planning process, it is important to note that there are different stages of this process. While drafting an estate plan that deals with elder law issues...