Blog: Estate Planning & Administration

  • The roles and responsibilities of an executor
    When creating an estate plan, individuals in New Jersey and elsewhere need to make some difficult decisions. While this often means considering what will happen with one’s property and assets after his or her death, it also requires one to name an individual to manage the process. The estate administration process is handled by an executor; thus, it is vital that one considers what this role entails when naming an executor to handle his or...
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  • Three estate planning myths debunked
    Many people wait too long to begin planning their estate. This is part of the reason there’s over $50 billion of unclaimed cash floating around the United States. Part of the reason people put off estate planning is because of its unpleasant association with dying. But there’s another reason – misconceptions about the process abound. Yes. People don’t plan their estate because some pre-conceived notion tells them not to bother. Here are three estate planning...
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  • Estate and inheritance taxes and how they affect estate planning
    One of the things that many people forget about when estate planning is state taxes. While many know about federal taxes, sometimes they forget about state taxes. In New Jersey, depending on when the person passes, there may be two, estate and inheritance taxes. Estate Tax As a prerequisite, only those that are residents of our state pay our state’s estate taxes. And, the estate tax is only paid when it is higher than the...
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  • Named an executor? Now what happens?
    When someone names you the executor of his or her estate in New Jersey, it is a large responsibility. You will not typically have to do anything until the person dies, but upon the person naming you the executive, there are some things you should consider. The main being if you want to serve in this role or not. Being an executor means that you will have to carry out the wishes of the deceased...
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  • Serving as the executor of an estate
    You may have felt honored when your family member asked if you would be willing to accept the role of executor of his or her New Jersey estate plan. Now that you actually have to fulfill the duties, it may seem a little intimidating. We at Ritigstein Law, LLC, often assist executors in their administration tasks. Here are some responsibilities that are typical for closing out an estate. Begin the probate process SmartAsset.com notes that...
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  • Estate planning that involves blended families
    The objective a thoughtful estate plan is to address the unique and sometimes pressing needs of a client and their family. Some plans are straightforward because there is only a single child or spouse, but the high rate of divorce means that many drafting a will, trust or estate plan often will include second (or third) wives, biological children and step-children. It can get even more tangled if there are grandchildren or even great-grandchildren involved...
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  • How do we choose our child’s guardian?
    No parent likes the thought of passing away and leaving their child in need of care. It’s a terrible hypothetical, but one that families should be prepared for in the event of a tragedy. Whether your child is a minor or an adult without the capacity to care for themselves, who will be responsible for your child and their well being is a key factor to creating an estate plan. If you are struggling...
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  • The creation of a special needs trust could benefit your family
    Estate planning is a crucial step for every New Jersey family, but your family may have special needs that you should address with your estate plan. If you have a special needs child or you have a family member who will not be able to care for himself or herself in the future, you can include certain things in your plan for that person’s care. One of the ways you can do this is...
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  • Find out what mistakes could derail your estate plan
    Estate planning is an important step for all New Jersey adults, regardless of the size of their estates. You have worked hard to build your estate, save for your future and build wealth to leave your loved ones, and you have the right to decide what happens to it. Whether you own a little or a lot, estate planning allows you to make important decisions about your property. Having a will is good, but...
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  • Will your probate get stuck in the mud?
    Probate is one of those mysterious events that most people misunderstand. You may have heard from others that the purpose of estate planning is to avoid probate. While planning well to avoid probate may spare your estate some money in the form of taxes, few people take the time to make those plans, leaving loved ones to face the uncertainty that accompanies the settling of an estate. One of the most common questions people...
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MEET ATTORNEY MICHAEL D. RITIGSTEIN

Michael Ritigstein is a Founding Partner of the firm concentrating his efforts in supporting the firm's litigation, corporate and estate matters. Mr. Ritigstein graduated from the University of Delaware in 1996 and Seton Hall University School of Law in 2000. In 2007 he received a Masters of Law in Taxation with a concentration in Estate Planning, from Temple University's Beasley School of Law.

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