A Capital Gains Tax Mistake (Part 2)
In my blog post last week I told you about a call I received from a client facing an unexpectedly large income tax bill. The increased tax resulted from real estate that he inherited from his parents - or so he thought. An inheritance is what one receives from someone as a
Second Marriage Issues – Part 4
In this week’s blog post I continue with a second marriage story. Wife had added Husband’s name to the deed to her home along with her children. Her intention was to allow him to remain in the home if she died first and then, when he died, the property would pass to
Second Marriage Issues – Part 2
In last week’s blog post, I began a discussion about second marriage issues. This week I will tell you about a specific second marriage problem in our office. Husband and wife each had children from a first marriage and no children as a result of their marriage the second for both. They did
Second Marriage Issues – Part 1
I have written often in my blog about second marriage issues. The reason is the potential that such marriages present different heirs for each spouse. In some cases one spouse has children from a previous marriage and the other does not. In other cases, the second marriage results in children as well as
Your Payable on Death Designation May Surprise You – Part 2
In my blog last week I began talking about payable on death designations. Wife died and 10 days later Husband died. Neither spouse had left a will but Wife had designated Husband as her primary beneficiary of her 401k. She did not designate any alternate beneficiaries. In the process of liquidating Wife’s 401k, we
How to Leave Personal Property (Part 4)
How to Leave Personal Property (Part 4) In my blog post last week discussing personal property, I explained that leaving a written list in your will can problematic for several reasons. This week I will tell you about one specific reason. The State of New Jersey may come calling. That’s because it periodically checks
How to Leave Personal Property (Part 3)
How to Leave Personal Property (Part 3) In this 3rd blog post on this topic I continue a discussion about how to leave personal property when one passes away. Last week I explained that when clients sign their wills, we also give them a personal property memorandum that they can complete at
How to Leave Your Personal Property When You Die (Part 1)
Some of the most contentious issues we see when guiding families with respect to estate administration involves tangible personal property. This is because of the emotional attachment to these items which may or may not also have financial value. New Jersey law provides a way to handle personal property which can alleviate
Is a Damaged Will an Invalid Will? Part 2
In my post here last week, I told you about a call we received from Son concerning Dad’s will. The original will had been in Son’s possession but after Dad’s passing he discovered that it had been damaged. Someone spilled liquid on it which had caused parts to be unreadable. When he separated
What is the Meaning of Per Stirpes? Part 2
In last week’s blog post, I explained the term “per stirpes”, which is typically found in a last will and testament. It is meant to cover the possibility that the person who I name in my will to receive a bequest has died before me. As I explained last week, the term