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Being chosen to be the executor of an estate in New Jersey is an honor, but it is also a role that carries with it many responsibilities. Probate and estate administration is governed by state law. However, in general, there are a number of duties the executor of an estate is obligated to fulfill. The executor must locate the assets of the deceased. Once located, the executor must make sure those assets are kept...

Most people do not think about estate planning in their 20s. Creating an estate plan seems like a task for far in the future, when you have more assets and are thinking about retiring. However, having an estate plan in place as early as possible is a good move for you and your family. If you do not have an estate plan, it is never too early to start creating one. If you have...

Many people avoid signing a power of attorney document at all costs because they mistakenly think it will take away all of their control over their financial decisions. However, signing a power of attorney may give you more control than you think. A financial power of attorney is a document that appoints someone, called an agent or attorney-in-fact, to make financial and legal decisions on your behalf. Some of these decisions may include paying your...

Forbes recently came out with its state rankings on business-friendliness for 2018. These rankings were reached through reviews of six different categories of factors: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life. Small business owners and entrepreneurs here in New Jersey may not be thrilled about the state’s performance in the rankings. New Jersey ranked in the bottom half of the country New Jersey was ranked as...

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...

When starting a business, you’ll need to select an ownership structure for your new venture. There are pros and cons to each business structure and it’s beneficial to devote time to learn about each one and choose the best for you. All of the decisions you make when beginning this journey are important, but choosing the type of legal structure is probably the most important thing relating to taxes. There are five main business...

Your co-owner may be a spouse, sibling, friend or professional connection, but your partnership agreement will form the basis of your working relationship for the lifespan of your business. Not only will determining ownership affect each owner’s personal finances, but it will also shape the way that your business grows over time. Keep in mind, however, that ownership and liability may not necessarily be the same; your attorney can provide further information about each...

After a loved one passes away, figuring out how to administer his or her estate can be challenging, particularly if you have never done it before. You’ve likely heard horrible things about estates languishing in probate and wonder if that is going to happen to you. If it does, do not worry. You do not have to endure the probate process alone. What is probate? Is it always necessary? How does it work in New...

Making most of the decisions regarding your trust may not have been terribly challenging. More than likely, you already had some idea of who to name as the beneficiaries, along with how and when distributions would take place. Then, it came time to decide who would administer your trust. This decision is the one that you may recognize carries a significant amount of importance for the futures of your beneficiaries. If you choose the...

As summer approaches, many people make plans for vacation. This is a time to relax and refresh so you can feel renewed when you get back to work. If you are a small business owner, you may wish to use your vacation — or any downtime — to consider the goals you have for your business. Goals are essential for new business ventures, but even veteran business owners can benefit from seeing plans through...