Dealing with death and probate is never easy. However, over the past decade, New Jersey has done a number of little things to make various parts of the probate and estate administration process more manageable. In 2016, NJ adopted the Uniform Trust Code, which makes it much easier to modify an irrevocable trust without having to go to Court. In 2018, NJ repealed its state estate tax. Now, NJ motor vehicle owners can designate a transfer on death beneficiary.
Learn 7 reasons why you should create an irrevocable trust. An irrevocable trust is a great way to minimize taxes, protect your assets, and control your wealth.
If you have an IRA, 401k, 403b, or other retirement account, chances are that you’ve completed a standard beneficiary form. Simply put, it designates who should receive the account upon your death. Most of these forms are very simple, and it works for most people. However, every once in a while you may need something […]
If you have a loved one who died outside of New Jersey, but they owned real property in New Jersey, what do you do? The answer is to conduct an Ancillary Probate in NJ.
Generally, this means you will conduct a second probate action in New Jersey after you have done one in the state (or country) where the Decedent was domiciled.
Hello all. This is just a friendly reminder that April 18 is Tax Day for 2023. Returns for income taxes for individuals, trusts, and C-Corporations that use the calendar year as its fiscal year are due on Tax Day. Additionally, gift tax returns are also due on Tax Day. If you owe an income tax […]
A Stretch IRA Trust is a trust designed specifically to receive retirement assets upon the death of the account holder. While colloquially known as a Stretch IRA Trust or an IRA Stretch Trust, these trusts can be used for any IRA, 401(k), 403(b), SEP, ROTH, 457 plan, or similar retirement account. Broadly speaking, the purpose of a Stretch IRA Trust is to allow the owner of a retirement account to leave money to a beneficiary in a tax efficient manner while also protecting the funds from creditors.
The easiest way to understand what a Stretch IRA Trust is and how it works is to take a step back and look at how retirement accounts work in general when the account holder passes away. After all, a Stretch IRA Trust only becomes funded after the death of the account holder and only if the Stretch IRA Trust is named as a beneficiary.
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 administrator of the estate of parent or loved one.
When a person passes away without a Will, the closest next of kin can petition the Court to act as Administrator for the decedent’s estate. The Court will usually agree to let the next of kin act as Administrator provided that they agree to pay for a Surety Bond. A Surety Bond (also frequently called a Probate Bond) is basically an insurance policy that provides the intestate beneficiaries and creditors of the estate with a way to receive some money in the event the Administrator absconds with the funds.
The Court will require a Surety Bond in almost all situations in which the decedent dies without a Will. A person can only qualify for a Surety Bond if he or she has good credit or significant assets to their name.
Obviously, the way to avoid this situation is to make sure your parents and loved ones prepare a Will which states that no bond is required. However, if you find that you are involved in an estate administration in which the decedent did not prepare a Will, before you spend a lot of money trying to qualify as an Administrator, Executor or Trustee, make sure you have good credit.
The attorneys at The Pollock Firm LLC are available to assist you if you wish to create an animal trust or a pet trust.
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, New Jersey. After law school, Rob completed a judicial clerkship with the Honorable Judge Harrington, Superior Court of New Jersey, Burlington County, who handled land use and complex business litigation matters. During Rob’s clerkship, he was sworn in as a member of the New Jersey bar.
Following his clerkship, Rob worked for a plaintiff’s personal injury law firm for three years before coming to The Pollock Firm. Robert J. Goldberg is a member of the New Jersey State Bar Association and the Burlington County Bar Association.
Robert J. Goldberg, Esq. will be joining our Wills, Trusts, and Estates team. In addition to estate planning and probate work, he is looking forward to assisting clients with business matters