2025 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2025 for the government programs from which our clients receive benefits.  It starts with the Social Security Administration, which announces its cost of living adjustment (COLA).  Other government programs then adjust their
What Qualifies as a Last Will and Testament? Part 3
In my last 2 blog posts I have explained the elements of a last will and testament.  New Jersey law clearly sets out the requirements which, if followed, make the probate process much easier than when the law is not followed. While I am always an advocate for consulting with an experienced
What Qualifies as a Last Will and Testament? Part 2
In my blog post last week, I explained the elements of a validly executed will.  When someone dies with a will, it must first be admitted to probate before the executor named in the document can begin to do what is required to administer the decedent’s assets. In New Jersey, if the
What Qualifies as a Last Will and Testament? Part 1
What Qualifies as a Last Will and Testament? Part 1 In my first conversation with family members after a loved one dies, not infrequently someone will tell me that the decedent (person who died) verbally expressed his or her wishes about how they wanted their estate to be distributed. In some cases
Social Security Benefits and Taxes (Part 2)
In last week’s post I talked about Social Security.  I specifically focused on how, for many Americans, Social Security benefits are the sole source of income but most of these benefits are subject at least in part to income tax.  That is the case for a single person who has more than
Social Security Benefits and Taxes (Part 1)
Social Security benefits are the primary source - and in some cases the sole source - of income for a majority of Americans.  Many Americans have little to no retirement savings.  Company pension plans have become rare and even when available, most people do not stay with a single company long enough
What is an Insolvent Estate? (Part 3)
In my blog post last week, I explained that when the assets of a decedent are insufficient to cover all estate debts, the debt is classified by priorities.  Debts are entitled to be paid in a certain order of priority.  Eventually, however, in the case of an insolvent estate we will get
What is an Insolvent Estate? (Part 2)
In this week’s blog post, I continue a discussion of insolvent estates.  An insolvent estate is one in which there are not enough assets to cover all of an estate’s debts. The personal representative can’t, however, simply pay the bills as they come in.  That’s because New Jersey probate law determines in
What is an Insolvent Estate? Part 1
As I have written about previously in this blog, estate administration involves gathering the assets of the person who died, paying all debts and taxes owing, and distributing the remaining assets to the rightful heirs - determined either by a will if there is one or by state intestacy laws
The SECURE Act’s 10 Year Rule (Part 2)
In last week’s post, I wrote about the SECURE Act, specifically the change that for most beneficiaries does away with the ability to stretch out the time period by which funds must be withdrawn from these accounts.  This change will affect most children who inherit retirement accounts from their parents.  Being 25