Repeal of the NJ Estate Tax – Should married couples update their wills?
Effective January 1, 2018, New Jersey repealed its estate tax. The question then become how does this affect you and do you need to do anything about it? For most people the change is a positive one because it means their heirs pay less taxes and they do not need to do anything to update […]
Growing Problem of Banks refusing to Honor a Financial Power of Attorney
Please be advised that more and more banks are refusing to accept any financial power of attorney other than their own form. This may not be a huge problem if you are still competent, but if you become incapacitated later and have not sign the “Bank approved form”, it could make life very difficult for […]
A Trust can Qualify for a Section 121 Deduction (For Sale of a Personal Residence)
Typically, people take it for granted that there will not be any tax when they sell their personal residence. Technically, there is a tax, but the government also offers a limited exclusion under Section 121 of the Internal Revenue Code. For individuals who sell their primary residence, you can exclude the first $250,000 of gain. […]
Using Revocable Trusts to Prevent Elder Fraud
There are many schools of thoughts on the use of Revocable Trusts, also know as Living Trusts or Grantor Trusts. Some attorneys love them as a way to avoid probate; others, including myself, are more hesitant to recommend them. My hesitancy in using them stems from the fact that in New Jersey probate is usually […]