• What is an LLC operating agreement?
    The initial and most important decision for prospective business owners concerns business structure. For numerous reasons, the most popular type, the limited liability corporation (LLC), melds the advantages of a partnership with those of a corporation. Despite that, people recommend that the entity have an operating agreement to address issues that state law would otherwise determine. How many topics should the agreement address? A written document, the operating agreement is a legal contract that provides...
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  • Estate planning for special needs children
    When they are planning their estates, many New Jersey residents have their adult children and grandchildren as their top priorities. They hope to leave a legacy that will make life easier for their loved ones into future generations. One way to do this is by creating a trust that will protect assets and provide income for many years to come. For parents of children who have special needs, the goals are similar: They want their...
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  • Executors and other fiduciaries have important legal duties
    Like other states, New Jersey’s probate process relies on an estate administrator to gather a deceased person’s property, pay off all valid claims and distribute the balance to the person’s heirs. The property they have authority over is not their own. It belongs to a person’s estate and will ultimately go to the heirs. This is why the administrator has what is called a fiduciary duty to the estate. An estate administrator is not the...
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  • What will happen to your business in your divorce?
    Many married couples in New Jersey find that starting a business together is the best way to support their families and work toward their goals. However, if the couple eventually decides to get divorced, both parties may be concerned about what will happen to the business they worked so hard to build. Is the business marital property? The first step is often to determine whether the business assets are marital property. If the business was...
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  • The advantages and disadvantages of an LLC in New Jersey
    If you just beginning to form a new business, undoubtedly, you will have done your research and have learned about the process for starting a new business and the steps that you should follow to establish your business and in what specific order those steps need to be followed. Before you can even establish your business, you must choose a business structure so that you can run your business, register it and pay taxes. Many...
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  • What does a financial power of attorney do?
    Whether it be due to a medical condition or simply a result of getting older, there may come a day when you are no longer able to make decisions for yourself. In case that day comes, experts recommend choosing a trustworthy and responsible person to make financial decisions on your behalf. You can assign them responsibilities during the estate planning process by signing a financial power of attorney (POA). Choosing an agent for your financial...
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  • Adding a guardian to your estate plan
    When many people think about estate planning, they focus on money and assets. They think it is all about who gets what after they pass. However, a full estate plan includes much more, like powers of attorney, trusts, medical proxies, guardians, etc. And, for parents, your guardian designation can be one of your most important decisions. Who cares for your children? If you pass, who will care for your children? If you and your spouse...
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  • How do I start estate planning in New Jersey?
    No matter what your age and no matter where you are in your life, having an estate plan is important and necessary. The fact is that everyone has assets and a legacy that they wish to pass down to someone who is near and dear to their heart. No matter how large your estate is, it should be your decision where you want your assets to go so that your legacy is preserved and so...
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  • What options should I consider as I try to finance my business?
    Even the best business ideas will be limited in their reach if there is not adequate financing. In New Jersey, every business must have some form of capital to either get off the ground or to grow once it is in operation. This is a frequent obstacle that prevents prospective business owners from moving forward. It is relatively easy to look up the possible options to accrue money for a business, but it is vital...
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  • Tips for business succession planning
    Business founders and owners are like the rest of us and do not work forever. Businesses, especially smaller businesses, should plan and prepare for future leadership. Succession planning is important to assure that the business evolves, stays relevant and competitive, meets the demand of its customers and complies with small business law requirements. Start now Begin planning now. Even if your business is a new venture, incorporate succession into your business planning. Have a long-term...
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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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