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When a New Jersey couple decides to get remarried they probably don’t consider the importance of estate planning. Generally, considering one’s assets and other important matters after their death is usually the farthest thing from an engaged couple’s mind. However, if a couple gets remarried and doesn’t update their existing estate plan it can be a recipe for disaster. In the midst of planning a wedding, it can be hard to think about estate planning,...

Unfortunately, this year has been marked by death. It is all around us, and if one turns on the TV or opens a web browser, it dominates the news. And, especially for those of us with kids, there is a drum beat to get an estate plan done, sooner rather than later. However, it is hard to know where to start, so this blog will be that stepping stone for our Haddonfield, New Jersey, readers...

Individuals of all ages need to take the time to develop a comprehensive estate plan. This set of documents allows people to determine and clearly state inheritance, powers of attorney, trustees, guardians and countless other factors. It is crucial, however, to remember to include instructions surrounding digital assets as well as physical ones. As years go by, people are starting to take more and more advantage of digital assets based on their convenience and ease...

For New Jersey business owners who are just starting out, choosing a business structure can be a difficult decision. Each type of business structure has its pros and cons, so it may be beneficial to speak with a small business law attorney to help determine which structure is best for you. What are the main types of business structures? There are a few business structures for business owners to choose from. Most businesses in the...

It is a misconception that estate planning only involves executing a will. While a will is an important legal document for New Jersey adults to draft and execute, there are other tools that individuals can and should consider creating in order to protect their interests. One of those documents is an advance health care directive, and this post will discuss them in more detail. What is an advance health care directive? Many people plan for...

A will lays out how a New Jersey resident wants their property distributed upon their death. This means if someone dies without creating a will, the intestacy laws of that state dictate how property will be handled. This means the decedent’s bank accounts, real estate, securities and all other assets will be allocated to someone in a manner the decedent had probably not intended. Intestacy laws differ state by state and whether the person was...

Your business is not inherently immune from probate – the lengthy, time-consuming, often-expensive legal process that occurs following one’s passing. Without proper preparations, this means the business’ operations can be derailed and held up indefinitely, potentially impacting its finances. In a world where one lost day can make or break a company, being stuck in business purgatory for a stretch of time may be crippling. This is why a business owner should integrate a succession...

Probate takes place after a person dies to assure that their estate is distributed correctly. There are many things to know about probate if you are preparing your estate plan, you rea a beneficiary or you were selected as the executor responsible for probate and estate administration. Probate defined This is a court-supervised process, governing most estates, to take control of the decedent’s assets and to transfer ownership from a decedent to their beneficiaries. The...

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...

Contracts are often the backbone of most business dealings in New Jersey. Therefore, it can help for business owners in the Haddonfield area to have a basic understanding of what constitutes a legally binding contract. The following elements must be met for a contract to be enforceable. Elements of an enforceable contract First, one party to the contract must make a specific offer to the other party, and second, the other party must accept that...