Estate Administration and Bad Credit

Estate Administration and Bad Credit | The Pollock Firm LLC

Everybody knows that good credit is important for receiving favorable financing terms when buying a car or a house. Let me give you another reason to keep your credit up – Estate Administration and Bad Credit can cause serious problems. Generally, if you have bad credit, you will NOT be allowed to act as the […]

Robert J. Goldberg, Esq. Joins The Pollock Firm

Robert J. Goldberg, Esq. Joins The Pollock Firm

The Pollock Firm LLC is pleased to announce that Robert J. Goldberg has joined our firm as an associate attorney. Rob grew up in Haddonfield, New Jersey and graduated cum laude from Rutgers New Brunswick in 2014 with a B.A. in Communications.  In 2018, Rob received his Juris Doctor degree from Rutgers Law School in Camden, […]

How to Manage a Revocable Trust

Manage a Revocable Trust | The Pollock Firm LLC

Back in May of 2022, I wrote a post explaining What is a Revocable Living Trust. In this post, I would like to focus on how to manage a Revocable Trust. (I will be using the term Revocable Trust and Living Trust to mean the same thing.) In understanding how to manage a Revocable Trust, […]

Fake Will – An Extreme Example to Help Understand NJ Intestate Laws

Fake Will | The Pollock Firm LLC

Have you ever wondered what happens if you don’t have a Will? The answer is that you die intestate, and the laws of the state in which you are domiciled govern. Since reading through the statutes can be tricky, I have created a sample Fake Will so that you can better visualize the effect of […]

Inflation Updates for 2023

Inflation Updates for 2011

Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2022-38. Here are the important inflation updates for 2023 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2023 2023 […]

Understanding Basis

Understanding Basis

The original cost of an asset is only the starting point for determining basis.

IRS Now Allows For 5 Year Estate Tax Portability Election

Estate Tax Portability Election | Pollock Firm

Under a new IRS ruling, a surviving spouse now has 5 years to make an estate tax portability election. The relevant IRS revenue procedure can be found here: Revenue Procedure 2022-32. The 5 year rule can only be used if an estate tax return isn’t otherwise required to be filed. What is Estate Tax Portability? […]