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When couples are heading for divorce, they rarely think of their estate plan. Often, divorce is more about getting through it. But, for those going through the process, you should know that it can have a significant impact on your estate plan both legally and what you actually want the estate plan to contain after the divorce is finalized. New Jersey Statutes 3B:3-14 According to New Jersey Statutes 3B:3-14, a divorce or annulment automatically revokes...

There comes a time when a business owner may need to prepare to transfer leadership to a new group of people. Sometimes, this is because the owner chooses to retire or because they move on to a new venture. Business succession planning can ensure that the business continues to grow, even when it changes hands. In a small, family-owned business, this can involve transitioning the business to a new generation of owners. Business succession planning...

Many individuals and families set up a trust as a way to provide for their children. This goal takes on added urgency when the child has special needs. Fortunately, trusts come in many forms and are highly adaptable to many needs and situations. One type of trust, known as a special needs trust, can provide for a child with special needs both while the parents are alive and after they are gone. Trust basics When...

An estate plan helps assure that your wishes are carried out after your death or if you ever become incapacitated. For anyone who is at least 50, estate planning is essential. But common mistakes can undermine your planning. An estate plan helps assure that your wishes are carried out after your death or if you ever become incapacitated. For anyone who is at least 50, estate planning is essential. But common mistakes can undermine your...

As part of doing business, you might routinely ask employees to sign non-compete agreements, in which they agree not to work for competitors within a certain geographic range and within a certain timeframe. The purpose of non-compete agreements is to ensure your business’ trade secrets and other proprietary information is not unduly disclosed to your competitors by a former employer to your detriment. Non-compete agreements come under fire While you might only have the best...

All too often, small businesses imagine compliance with federal and state rules and regulations are the concerns of the big fish in the pond, that their noncompliance will go unseen, that sound compliance procedures and policies are not an essential part of the business build. But this isn’t so. The smallest company can be reached by state and federal regulations, and a lack of compliance is exposure. What might happen? Compliance irregularities leave a business...

People in New Jersey may have wills or they may not when they pass away. Whether they have a will or not though does not change the fact that most of the time administration of their estate needs to go through probate. This is the legal process that allows people to transfer the property of the deceased to beneficiaries and pay any creditors they owed at the time of their death. If people did have...

If you own a business in the Garden State and you want to pass it on to your family members as part of your estate plan, you need to consider some key steps and concepts. New Jersey business succession planning is the process of preparing for the transfer of ownership and management of your business when you retire, die or become incapacitated. Identify your goals and objectives What do you want to achieve with your...

Although you’ve put in a lot of thought and work to create your initial estate plan, it’s important to realize that these documents should change as major life events occur. Otherwise, your estate assets might end up passing down to someone you never intended to inherit in the first place. Neglecting to update your estate plan can also create confusion, which could lead to litigation over your estate. As a result, your loved ones might...

Being appointed an executor for an estate in New Jersey comes with many responsibilities. As part of your executor duties, you must identify and locate all estate assets, value them and distribute them to the intended heirs and/or use them to pay off the estate debts. Once you have identified and located the assets, you need to prepare an inventory of the state. The inventory should also include the estate’s debts. It can help to...