To our valued clients and professional family: The Pollock Firm LLC shares your concerns about the ongoing Coronavirus (COVID-19) outbreak. Since it is clear that, for the foreseeable future, we must all change how we lead our daily lives and interact with others, we wish to take a moment to discuss the impact on our […]
There are many reasons to create a Will. Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]
The new law specifically allows retirement money that is paid to a Special Needs Trust for a disabled person to be paid out over the lifetime of the disabled person. Whereas, retirement money paid to most adults that is not disabled must be withdrawn over ten years. Accordingly, it may actually be MORE tax efficient now to name a Special Needs Trust as beneficiary of an IRA.
The Secure Act makes major changes to the rules for inherited IRAs, 401(k)’s, ROTHS, and other deferrable retirement accounts. Effective January 1, 2020, most non-spousal beneficiaries will be required to withdraw an inherited retirement account within 10 years from the date the original owner dies.
The IRS has recently announced many 2020 Tax Updates. The inflation adjustment announcement can be found in Revenue Procedure 2019-44. This includes increases to the federal estate and gift tax exemption limits and increases to the contribution limits to retirement plans. The 2020 Tax Update also increases the income threshold for a small business to […]
We are pleased to announce that Kevin A. Pollock has recently been added to the speaking panel for the 2019 Animal Law Symposium. Kevin will be speaking about estate planning for pet owners, including the creation of pet trusts. He will also be discussing relevant income tax laws and NJ Inheritance tax laws that pertain […]
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 problem with the old law was that you cannot probate a […]
New Jersey’s Aid in Dying law is officially allowed to go into effect. Last week I posted how a Mercer County judge temporarily halted the NJ Aid in Dying law from going into effect. However, yesterday, that ruling was overturned by a New Jersey Appellate Court, and shortly thereafter, the New Jersey Supreme Court denied […]
Breaking News On August 15, 2019, a State Superior Court Judge in Mercer County granted a request to halt NJ’s Aid in Dying Law from taking effect. The NJ Aid in Dying law is designed to allow terminally ill patients to end their own lives with the assistance of a medical professional. Medically assisted suicide […]