Despite an intention to add a spouse or domestic partner to their Will, at times a decedent may neglect to do so prior to his/her death. Under such circumstances, however, a surviving spouse or domestic partner may be...more
It is becoming increasingly commonplace for people to enter long-term romantic relationships without legally marrying. While there are no exact statistics on how many Americans fall into this growing category, a 2019 Pew...more
Even with a comprehensive estate plan, it’s likely you’ll have some assets in a residuary estate. Like the sediment at the bottom of your glass after you finish a fine wine, an estate plan may also leave some residue....more
A number of changes to Inheritance Tax (IHT) were announced as part of the Budget measures. We have covered each of the main measures below. It should be noted that these changes are not coming into effect until April 2026 at...more
Check out our April Elder Law and Special Needs newsletter! Our legal team explores important topics including beneficiary designations and the recent updates to the Medicaid divisor, which came into effect this month....more
What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more
Losing a loved one is an emotional and challenging experience, and dealing with the legalities of their estate can add another layer of complexity. In New Jersey, the probate process is the legal procedure through which a...more
A New Year is upon us, it is an election year, and a rollback of the federal estate, gift, and generation-skipping transfer taxes is scheduled for the not too distant future. State and federal estate and gift taxes are an...more
The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more
Join Robert F. Morris, Esq. to discuss some important topics such as: - What issues can impact your family and estate plan? - What planning opportunities are available to protect your intent? - What estate,...more
Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more
If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but...more
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets,...more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
This seminar will address topics such as: - What issues can impact your family and estate plan? - What planning opportunities are available to protect your intent? - What estate, inheritance, and other death taxes...more
Last week, I provided a very brief overview of the gift tax in a vlog. You can view the vlog here. In this blog post, I’ll expand on basic gift tax concepts, just in time to make your holiday gifts. What is the gift...more
If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more
Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics. What is the estate tax? At its foundation, the estate tax is a tax imposed on the...more
While there are many new tax policy implementations that may be imminent with the new Biden administration, there are two changes in particular that estate planning attorneys are watching closely. These include (1) a...more