Should I Buy a Pre-Paid Funeral Plan? Pre-paid funeral plans can be a useful part of an estate plan. A traditional estate plan considers how your assets will best be divided upon your death. Why not finish your plan by providing for your funeral now?
Income Tax and Estates The beginning of the new year means that we will be receiving tax documents in the mail which are needed for the preparation of income tax returns by April 15th. Executors and administrators of estates should be aware of these documents
Who Pays the Inheritance Tax? Inheritance Tax is generally paid on inheritances left to anyone other than a spouse, children or grandchildren, in New Jersey. Money left to a sibling or a non-relative is subject to tax, which must be paid within eight months after
What You Need To Know About Living Wills in New Jersey “I’m not afraid of death. I just don’t want to be there when it happens.”—Woody Allen Living Wills, or “Advance Directives for Healthcare”, have been around for decades. Unfortunately, many people do not consider
Revocable Living Trusts are often recommended as a way of transferring assets to loved ones, in lieu of drafting a Last Will and Testament. The benefits of such a Trust are routinely stated: the need to avoid probate, privacy concerns and even avoidance of death
Your Designation of a Funeral Agent Under the Revised Right to Control Law On July 19, 2019, New Jersey Governor Murphy signed into law the revised, “Right to Control Law”. This law specifies who can authorize the funeral and disposition of the remains of a
The Client Care Program, now in its seventh year, was created to give our estate planning clients an opportunity to have their Last Wills, Powers of Attorney, Advance Directives for Healthcare or Living Wills, and other documents, reviewed in light of present-day law and opportunities.
If there is no Last Will and Testament appointing an Executor, or if none of the people named as Executor in a Last Will are able to act, then the appointment of an administrator will be necessary to administer the estate. Who will be
Dementia creates serious problems, no doubt. Among them is the compelling issue of who will make decisions for a person suffering from dementia, and who has the right to appoint such a decision-maker? What are the spouse’s rights? How about the children, individually? More importantly,
Inheritance tax will be the last remaining “death tax” in New Jersey, as of January 1, 2018. On that date, the state’s estate tax will disappear. New Jersey Inheritance Tax NJ Inheritance Tax: Who's paying? The “Transfer Inheritance Tax” is assessed against inheritances
A loved one has died. What to do? Whom do I call? Family and friends are all advising. Some are conflicting. Some are warning. I feel so stressed. What do I do? First Things First: Take Care of Your Family and Yourself Take care of
The Facebook “Hard Questions” blog recently addressed the issue of what should happen to people’s online identity when they die. https://newsroom.fb.com/news/2017/08/what-should-happen-to-online-identity/ This is a wonderful article expressing the emotional and practical issues surrounding one’s online postings after death and how, at least one company is
Can the terms of a Will be changed to make them “fair”? Let’s say that a parent has died. Under the terms of the parent’s Will, one of four children is disinherited. The child and parent did not get along, and, for good reason. The
“Control over my funeral” is becoming a developing issue in my practice. Funeral directors have asked me to sign statements that I have such authority when I have buried my wards as a court appointed guardian. Now, family survivors are disagreeing over the disposition of
Probating an estate is one of life’s duties for many of us. At some point, you may be called upon to handle a loved-one’s estate. It just happens. Whether being named as “Executor” in a Last Will, or stepping forward to act as “Administrator” where
A Complimentary Presentation by: Robert J. Shanahan, Jr., Esq. New Jersey Attorney at Law, Concentrating in Estate Planning and Elder Law June 9, 2017, 1:00 p.m. Hunterdon County Senior Center, Route 31 County Complex 4 Gauntt Place, Building # 1, Flemington NJ 08822 (908)788-1359 Passing
Personal Possessions. Those writing a Last Will and Testament, as we say in the law, often overlook “personalty”. We tend to focus on the money aspect of our estate: who will get our accounts, our IRA’s, our life insurance policies. We don’t spend time thinking
You could knock me over with a feather. I never thought I would live to see the day when the New Jersey Estate Tax would be repealed, but both houses of the legislature in Trenton passed a repeal bill, and Governor Christie signed it. (www.state.nj.us/treasury/taxation/njestatetax.shtml)
There is growing confusion over when an Executor must obtain a New Jersey Inheritance Tax Waiver to close a bank or investment account. My Executor clients in Hunterdon County are reporting that banks are requiring tax waivers to close or transfer an account. In nearly
A message to tenants in need of free legal services: We regret that our public health emergency has resulted in so many tenants in need of free legal services. However, Law Offices of Robert J. Shanahan, Jr., LLC do not provide free legal services.
This article has been a long time coming. I have thought about writing it many times, but stopped myself. But, I can’t take it anymore. The banks are driving us crazy. It’s not all banks. It’s just the very large, national banks. The guys that
Being “Fair” By Naming All Children as Fiduciaries Many parents prefer to name all of their children as Co-Executors, Co-Trustees or co-guardians in their Last Wills. They “just want to be fair” and not have to choose between them. Making this, and other types of
The law firm of Law Offices of Robert J. Shanahan, Jr., LLC is pleased to announce that Robert J. Shanahan, Jr. Esq. has been named a 2016 Five Star Professional as an Estate Planning Attorney. Robert J. Shanahan, Jr. practices in central New Jersey at
By: Robert J. Shanahan, Jr. Esq. During this month, I have joined a team of presenters in teaching a four-session course on Collaborative Law, sponsored by the Hunterdon County Bar Association. The course presents basic training for lawyers and other professionals who wish to practice
I know that you are only trying to help. When a client comes in and tells you that their spouse has died, your first instinct is to help your client through a difficult time. You may open an estate account, move some assets into it.
You’ve done the “right thing”, “stepped up to the plate”, and have signed a Last Will and Testament. You have protected your heirs, named an Executor, appointed a guardian for your kids, and maybe did some estate tax planning. When you die, everything will be
I often receive calls from people who have just lost a loved one and want to know what to do. Often, these calls occur within two days of the event, and the callers are either “shell-shocked” or, understandably, upset. They are very worried about how
By: Robert J. Shanahan, Jr. Esq. Much has been said about the use of mediation as a tool to avoid long and costly trials in civil litigation over the past two decades. It has been proven as a useful tool in settling business and family
Pending in the New Jersey legislature is a proposed law which would require Medicaid applicants to sell any life insurance policies they own and use the money toward nursing home care. Currently, New Jersey Medicaid applicants can keep term life insurance policies; they must cash
In New Jersey, and many other states, a surviving spouse has a right to one-third of a deceased spouse’s estate, despite provisions in the Last Will to the contrary. In other words, you may disinherit your spouse in your Last Will, but he or she
Many people leave a percentage of their estate, instead of a specific dollar amount, to one or more charities in their Last Will and Testament. Under New Jersey law, when a percentage of the estate is left to a charity, the State Attorney General's office