As estate planning attorneys, we are frequently asked by clients how often they should review their estate planning documents. Should it be every three years … every five years … every ten years? Rather than consider the response in terms of time, we prefer to advise clients to think in…
On December 20, 2019, President Trump signed into law the SECURE (Setting Every Community Up for Retirement Enhancement) Act (the “Act”), which significantly affects the law regarding taxable retirement accounts such as traditional IRAs and 401(k) plans.[1] Benefits of the Act. The following are among the pertinent beneficial provisions of…
When a person signs a will (or a will coupled with a revocable trust) in order to set forth a plan for the distribution of his or her estate following death, he or she often believes the estate plan is complete. But if the person has failed to carefully consider…
New Jersey’s passage of the “Aid in Dying for the Terminally Ill Act” makes it the eighth state in the nation to allow terminally ill patients to request medication to end their lives. The bill was signed into law by Governor Murphy on April 12, 2019, and became effective on…
One of the hallmarks of estate planning is the use of terms of art in legal documents. Terms of art are often encountered in a will or revocable trust. This article will discuss the Latin phrase “per stirpes” and related concepts in the context of estate distributions to beneficiaries. A.…
A recent decision from the Morris County Chancery Division, Probate Part, serves as an important reminder to not only think about the final disposition of your remains, but to communicate those thoughts to the significant people in your life. In an unpublished opinion, In the Matter of the Estate of…
Most clients do not want their lawyers to inherit their property. Yet sometimes the plans they desire to put into place are simply asking for that to happen. Litigation is expensive, and many states permit the attorneys’ fees to be paid from the trust or estate assets before anything is…
Elizabeth Candido Petite, a member of Lindabury’s Wills, Trusts & Estates practice group was interviewed by Faith Saunders of Princeton TV for her series; “Discover a New Future.” Elizabeth discusses some common issues concerning wills, trusts, and what happens to one’s property upon death. Among the questions Elizabeth answers are: Who…
Elizabeth Candido Petite, a member of Lindabury’s Wills, Trusts & Estates practice group was interviewed by Faith Saunders of Princeton TV for her series; “Discover a New Future.” Elizabeth and Faith discuss powers of attorney, advance directives for health care, and the consequences of not planning for incapacity during one’s lifetime.…
Increased exemptions for 2019. The IRS has announced that the gift and estate exemption has increased to $11.4 million per person in 2019. The exemption amount in 2018 was $11.18 million. This means that in 2019, an individual can make gifts during life or at death totaling $11.4 million without…