Considerations When Leaving an Estate to Non-U.S. Beneficiaries – Part 1
In some respects, naming a non-U.S. citizen as a beneficiary of your estate is no different than naming a U.S. citizen (with the exception of a spouse). For example, while the amount that can be passed free of federal estate tax (there currently is no New Jersey estate tax) is currently
Am I Too Young for an Estate Plan or a Long Term Care Plan? Part 4
In this 4th post of 4, I continue to discuss the topic of a catastrophic illness or injury hitting a younger family. We discussed the issues of long term care which may be needed for extended periods of time or for life. Advances in medical science can save lives but a lot
Am I Too Young for an Estate Plan or Long Term Care Plan? (Part 3)
In this 3rd post, I continue to discuss the topics of sudden catastrophic illness or injury at a younger age than one might ordinarily expect - such as someone in their 30’s, 40’s or 50’s. Advances in medical science have saved many people who 20, 30, or 40 years ago probably
Am I Too Young for an Estate Plan or Long Term Care Plan? Part 2
In my blog post last week I talked about a scenario we are seeing with increasing frequency. We have had a number of what we call crisis calls relating to a family member who has experienced a sudden onset of injury or illness causing the need for long term care -
Am I Too Young for an Estate or Long Term Care Plan? Part 1
Most of the crisis long term care stories I tell here in this blog are of people in their 60’s, 70’s, 80’s and older. They have not planned for the cost of long term care and are then beset with sudden illness or injury. The reality, however, is that there is no
The Time and Expense of Having No Will
People will sometimes ask me why they need a will if they don’t have any probate assets. This might be because they believe everything is owned jointly with right of survivorship or because they own nothing. It usually turns out, however, that they do own something. It might be a car that is
Changing Distributions After Death – Part 3
In my last two posts I have been talking about the challenge of redistributing an inheritance after death. Many people assume that they are free to accept the sum bequeathed to them or not and that is absolutely true. But as I explained last week, there are tax ramifications, specifically gift
Changing Distributions After Death – Part 1
Often when we have an estate administration matter, the will being probated is an old one. In some cases the person never actually executed a will although he or she may have communicated to family members his/her wishes with regard to the distribution of assets. In other cases the family members agree
New IRS Regulations Applicable to SECURE Act – Part 4
In this last post on the new SECURE Act regulations we’ll cover how naming a trust as a beneficiary of a retirement account is affected by this new law. First, however, lets look at the problem of naming a trust as beneficiary and how the law before SECURE Act treated trusts. Before
New IRS Regulations Applicable to SECURE Act – Part 3
In this third post on new proposed IRS regulations applicable to the SECURE Act, I cover cases where a disabled individual is the beneficiary of a retirement account. Before I do, however, let’s briefly review the changes made by the SECURE Act. The law, which became effective for 2020 tax year,