New IRS Regulations Applicable to SECURE Act – Part 2
The subject of last week’s post was the proposed regulations concerning the SECURE Act which was passed by Congress and signed by President Trump at the end of 2019.  This law made significant changes to the rules concerning IRAs and other tax deferred retirement accounts. To briefly summarize, while the new law
New IRS Regulations Applicable to SECURE Act
I last posted about the SECURE Act a year ago. (2/28/21, 3/8/21 and 3/14/21) This law was passed by Congress at the end of 2019 and it included significant changes concerning retirement accounts, including IRAs and employer sponsored tax deferred accounts such as 401ks. The law was mostly negative although it did
Why It Pays to Have a Carefully Drafted POA – Part 2
In my post last week I told you about a call we received from a family member serving as agent under power of attorney (POA) for a client of ours.  The son had been refused access to his mother’s individual retirement account  (IRA) account because the bank claimed that the POA did
Why You Need a Carefully Drafted POA (Part 1)
In this week’s blog post I want to talk about a call we received from a family member of a client whose power of attorney we prepared about 12 years ago. The son who called was acting as agent for his mother and needed to access her IRA account. The bank where
If I Move to Another State Do I Need to Update my Legal Documents? (Part 2)
If I Move to Another State Do I Need to Update my Legal Documents? (Part 2) In my post last week I discussed the need to update a power of attorney or health care directive when one moves from one state to another. This week we talk about wills and trusts. Is there
If I Move to Another State Do I Need to Update my Documents?
It’s a common question we get from clients who intend to move out of New Jersey.  We also get calls from people moving to New Jersey who want us to review estate planning documents prepared in another state.  These documents may include wills, powers of attorney, health care directives and trusts. Do these
Longtime Partners but Never Married (Part 5)
In last week’s post about Bill and Mary, I told you that we applied for a guardian to be appointed for each of them. The court approved their neighbor and friend, Nancy. Bill had sufficient assets to pay for his care for at least several years. Mary did not. By the time we were
Longtime Partners but Never Married (Part 4)
In my last 3 posts I have been telling you about the saga of Bill and Mary.  First Bill had a stroke.  Mary called concerned about how to care for him and still be able to afford to pay her bills.  Most of the assets, including the house, are in Bill’s name.  Should they
Longtime Partners but Never Married (Part 3)
In this 3rd post on longtime partners living together but never married, Bill needed long term care and Mary was concerned about how to pay for it and at the same time be able to afford her own living expenses.  As I explained last week, the house they lived in and
Longtime Partners but Never Married (Part 2)
In my post last week I began to tell you about Bill and Mary. Partners for 50 years, they never actually tied the knot. Bill had a stroke and they are now faced with $14,000 per month in long term care expenses. The home they live in is owned by Bill. Mary is not