Blog

Over the past decade or so, many states have been eliminating their inheritance tax. In fact, only five states still have an inheritance tax, including New Jersey, Kentucky, Maryland, Nebraska and Pennsylvania. Though, at least our state, unlike Maryland, does not have both an estate and inheritance tax. Though, understanding the inheritance tax when doing an estate plan is extremely important. New Jersey inheritance tax The inheritance tax applies to those assets (gifts) transferred to...

When thinking about estate planning in New Jersey, most people will focus on wills and trusts. However, there are other aspects to having a comprehensive estate plan that suits an individual’s needs. If, for example, a person is concerned about the possibility of being incapacitated and wants to ensure their affairs are handled in a way they deem appropriate, they will have a guardianship. The guardian will know the protected person’s desires and adhere to...

When setting up a business, it is important to be familiar with the legal tools to help the business owner do that. An operating agreement is one of those legal tools that can help protect the business owner and their business which is why it is valuable to be familiar with what they do and what should be included in one. What to include in an operating agreement An operating agreement can outline how the...

You may have a successful career in a large company in the big city, but as time goes on you want to leave your current employment to work for a smaller company such as one in the Haddonfield area. When this happens your new employer may want you to sign a non-compete agreement. Before signing it is important that you understand how a non-compete affects your rights as an employee. The following is a basic...

Incapacity planning is an important overall part of the estate planning process. It ensures the estate planner will be taken care of according to their wishes if they become incapacitated and are unable to handle their own financial affairs or direct their own medical affairs. For that reason, estate planners should know what factors to consider when selecting an agent. How to select an agent for incapacity Incapacity planning can be achieved through powers of...

Planning for one’s future in New Jersey is important. It is important to plan for events that may occur and to ensure that they will be protected if unexpected events occur. It is also important that people plan for one’s death. This is typically done through estate planning and can include drafting wills, trusts and having a power of attorney among planning for other aspects of growing older. Some people may do this relatively early...

Organizing a business and legally starting it is just one of many steps a small enterprise in New Jersey must take in order to get the operation up and running at a profit. Along the way, businesses will no doubt face other legal issues. These common legal issues can affect businesses in any part of the country. Employment laws can be difficult to navigate For one, if a small business is going to have employees,...

New Jersey families with a member who is disabled and cannot work face a troubling conundrum: many government programs, such as Medicaid and Supplemental Security Income, pay significant monetary benefits to disabled persons, but eligibility for these benefits depends upon the income of the disabled person. If the disabled person has significant assets or is given significant monetary gifts by friends and relatives, the person’s eligibility for the government assistance program may cease. To solve...

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...