The following list contains some of the most frequently encountered issues faced by parents of a child with special needs who wish to arrange a secure future for their disabled child through estate planning. Don’t disinherit the child with special needs. Carefully consider the division of assets among all of the children. Understand the differences.. read more →
State v. Kennedy, 61 N.J. 509 (1972) explored the issue of “legally authorized” transfers made by an agent under a power of attorney. Kennedy obtained a power of attorney that was assumed to have been executed by the elderly victim, authorizing Kennedy to draw upon the victim’s bank accounts. Kennedy misappropriated most of the money.. read more →
In the recent case of Rossius v. Krasheninnikoff, plaintiff filed a complaint in which she alleged undue influence by the defendant upon the decedent after she discovered that defendant had obtained letters testamentary from the Ocean County Surrogate’s Court by falsely claiming that he was kin to the decedent. After a three day trial, the.. read more →
Contrary to the expectations of many practitioners including the writer, Congress did not amend the federal estate tax laws in 2009. As a result, the Economic Growth and Tax Reconciliation Act of 2001 (“EGTRA”), passed by President George W. Bush, controls. EGTRA makes substantial changes to the federal estate tax laws in 2010 and thereafter… read more →
Defendant, Benjamin Levine, served as power of attorney for his aunt, Grace Levine. Defendant’s aunt was admitted to a convalescent facility owned by plaintiff, Hebrew Health Care, Inc. During the admissions process, the defendant signed an “Admission and Financial Agreement” which provided, among other things, that defendant “promptly apply for, or … assist the [plaintiff].. read more →
Below are figures for 2010 that are frequently used in an estate planning / elder law practice or of interest to clients. Medicaid Spousal Impoverishment Figures for 2010 Unchanged From 2009: The minimum community spouse resource allowance (CSRA) remains $21,912, as does the maximum CSRA, $109,560. The minimum monthly maintenance needs allowance remains $1,821.25 until.. read more →
The tax law changes that became effective on January 1, 2010 and affect estate and elder law planning are as follows. These changes include the possible elimination of the stepped-up tax basis for assets in irrevocable trusts and life estates, the repeal of the federal estate tax and the allocation of basis increase by the.. read more →
An amendment to a military act gives spouses of military personnel new residency rights, creating income and estate tax planning opportunities for military families. Because military families move, on average, every three years, the families often have to pay taxes in a new state or locality and lose the right to vote in the place.. read more →
The Top 10 (NOT; Actually, The Top 15) New Jersey Elder And Disability Law Cases in 2009
2009 was an exciting year of litigation in the elder and disability law arena, producing a bumper crop of significant decisions from the administrative forum, as well as state and federal courts. In stark contrast with years past, New Jersey lawyers are now in the forefront of the effort to expand legal protections to greater.. read more →
Did you know that, under New Jersey law, you are entitled to receive compensation for services rendered as a fiduciary, such as an Executor, Administrator, Trustee, Guardian, Agent under a Power of Attorney and Conservator? Well, you are. Any compensation paid to a fiduciary in New Jersey is called a “commission”. The amount of any.. read more →
On December 3, 2009, the House of Representatives passed the “Permanent Estate Tax Relief for Families, Farmers, and Small Business Act of 2009” (H.R.4154). If adopted by the Senate, the bill will freeze the estate and gift tax status quo as of this year. The House Bill eliminates the one-year repeal of the federal estate.. read more →
Issues surrounding end-of-life medical decisions are seldom easy. However, planning for future healthcare needs, which includes end-of-life medical decision-making, is one of the most important acts elders can perform, both for themselves and their loved ones. Federal and state laws recognize an individual’s constitutional right to refuse medical treatment, and aim to ensure that a.. read more →
The gift tax annual exclusion is the maximum amount which a taxpayer can gift each year to any beneficiary without being required to use his or her $1 million lifetime gift exemption amount. If gifts are limited each year to the annual exclusion amount established in the year of the gift, the person making the.. read more →
According to a recent article in the August 24th edition of The Dallas Morning News, seniors battered by the tough economy are selling their life insurance policies to replenish their retirement nest eggs. Unlike younger investors, older adults may not have the time to wait for the market to recover all of their losses, so.. read more →
A new New York form updating and replacing the old New York Power of Attorney form has been developed and is available below on this blog. Also available on this blog is the new New York Statutory Major Gifts Rider form that must be completed in order to grant an agent under a power of.. read more →
Gregory Herman-Giddens, Esq., an attorney and certified financial planner, writes the North Carolina Estate Planning Blog, a good source of news from the estate planning arena. On August 5th, Gregory blogged about his prediction for upcoming legislative events involving the federal estate tax. He says the prediction is based on “inside sources”, and it does.. read more →
The National Center for Lesbian Rights (NCLR) is a national non-profit, public interest legal organization committed to advancing the civil rights of lesbian, gay, bisexual and transgender (LGBT) people and their families. Since 1999, NCLR’s Elder Law Project has been helping LGBT seniors gain access to and obtain equal treatment in law, public policy, health.. read more →
A. Stepchildren. Care should be taken to identify and address issues of step-children with an estate planning client. Although a client may consider and refer to a step-child as his “child,” for purposes of estate administration, New Jersey’s statutory definition of a “child” includes “any individual, including a natural or adopted child, entitled to take.. read more →
In May of this year, the Internal Revenue Service provided guidance on when a taxpayer may avoid the 10% penalty on IRA distributions before age 59 by claiming to be disabled. In Chief Counsel Advice 200922041, the IRS explained the meaning of “disabled” as it relates to Internal Revenue Code 72(m)(7), the disability exception to.. read more →
A court of equity in New Jersey is empowered to reform a trust in order to accomplish the settlor’s objectives, even where the terms of the trust are unambiguous. Bogert, The Law of Trusts and Trustees §§991, 994 at Ch. 47; see In re Crichfield Trust, 177 N.J. Super. 258, 261 (Ch. Div. 1980) (“A.. read more →
Under the law passed by President Bush, the Economic Growth and Tax Reconciliation Act of 2001 (“EGTRA”), there is no estate tax in 2010, and estates pay only capital gains tax; then the estate tax returns with a $1 million exemption in 2011. President Obama wants to prevent this one year gap by making the.. read more →
Emotional reactions to the thought of end-of-life decisions prevent many people from planning for their future health needs; nevertheless, it is vital to stress to your clients that “planning now for your future health care is one of the most important acts you will ever do for yourself and your loved ones.” Advance Directives: Your.. read more →
Earlier this week I was a participant on a panel held at the New Jersey State Bar Association’s Annual Meeting in Atlantic City, NJ. The other panelists were Linda Ershow-Levenberg, Esq. and Brenda McElnea, Esq., both formerly Chairs of the Elder Law Section of the State Bar Association. The topic was “Representing Clients With Diminished.. read more →
While personal autonomy has long been recognized as a hallmark of modern society, patient autonomy has more recently emerged as a hallmark of modern medical ethics. Lynch, H., Mathes, M. and Sawicki, N., Compliance with Advance Directives: Wrongful Living and Tort Law Incentives, 29 Journal of Legal Medicine 133 (Apr.-June 2008). Federal law now recognizes.. read more →
As discussed below, a self-settled special needs trust is a device used to protect funds belonging to a disabled person resulting from, for example, a tort action. An estate planning tool with similar features but important differences may be used to protect a disabled child’s inheritance from a parent: the testamentary supplemental benefits trust. Special.. read more →
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