Estate Administration

Federal Estate Tax Portability

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Federal Estate Tax Portability | Pollock Firm LLC

Historically in America, each citizen and permanent resident had a certain amount of assets that they could pass on to their heirs free of an estate tax. This amount is known as the federal estate tax exemption. In 2010, the government passed a law allowing for federal estate tax portability. Federal estate tax portability enabled […]

Qualified Domestic Trust (QDOT)

What is a QDOT?

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QDOTs

A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction. A QDOT usually defers the federal estate tax until […]

New Jersey

Appointment of a NJ Funeral Representative

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Funeral Representative

In 2019, the State of New Jersey quietly updated the law with respect to the appointment of a Funeral Representative. Under the old law, in order to designate a Funeral Representative, the only way to do so was by inserting a provision in your Will.  The new law allows a person to designate a Funeral […]

New York

Change to New York Power of Attorney Form

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Power of Attorney Form

Effective June 13, 2021, New York will be changing its statutory financial Power of Attorney form. The new statute is a significant improvement compared to the previous statutory power of of attorney law. The new New York Power of Attorney form is more simple than its predecessor and helps to ensure that it will be […]

Uncategorized

Congratulations to Merideth E. Ketterer

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Congratulations to Merideth E. Ketterer

Congratulations to Merideth E. Ketterer, Esq. on passing the New Jersey bar exam!  Merideth joined The Pollock Firm LLC full time last summer following a judicial clerkship. She had previously interned with our firm in 2018. Merideth primarily focuses on estate planning and estate administration work.  In addition, she has significant experience with adoption law.  […]

Estate Planning

Basics of Life Insurance Trusts

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Basics of Life Insurance Trusts | The Pollock Firm LLC

Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]