A testamentary trust to provide for the care of a pet is now expressly authorized by New Jersey statute. Pursuant to N.J.S.A. 3B:11-38, a trust may designate that principal or income may be used for the care of a domesticated animal, and the intended use of that principal or income may be enforced by the.. read more →
President Bush’s tax cut law passed in 2001, called the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub.L. 107-16, 115 Stat. 38, June 7, 2001 (hereafter “EGTRRA”) gradually phased out the estate tax by raising the exemption level and reducing the top rate; in 2009, only estates valued at more than $3.5 million.. read more →
In the 2006 Lewis v. Harris decision, the New Jersey Supreme Court held that, although same-sex marriage is not a right guaranteed under the New Jersey Constitution, the equal protection principles of our Constitution guarantee same-sex couples the same “right to and the rights of” marriage. 188 N.J. 415, 442 (2006). Finding that the Domestic.. read more →
If a client chooses not to leave his estate equally to his heirs, or even to disinherit one or more of the children from any distribution of estate assets, the client’s estate attorney can take steps now to minimize the risk of a future challenge to the will. Such challenges usually involve claims that the.. read more →
The battle for a secure retirement is about to get even tougher. Several new surveys of company executives show that they plan to reduce or suspend their company’s retirement-plan contributions this year. Dozens of employers in the past year have already slashed such costs. The trend means one important thing for workers: smaller nest eggs,.. read more →
An advance directive for mental health care (ADMHC) is a legal document similar to an advance medical directive which governs end-of-life decision-making. However, an ADMHC is used to express preferences and give instructions in advance to family members and medical providers for future mental health treatment, including medications, voluntary admission to inpatient treatment, electroconvulsive therapy.. read more →
The Wall Street Journal recently reported here and here that the new administration has decided to permanently lock the estate tax in at the rate and exemption levels that took effect this year. That change in the law would exempt estates of $3.5 million — $7 million for couples — from any taxation. The value.. read more →
New Jersey may soon join a growing number of states that issue alerts when a person with Alzheimer’s disease, dementia or similar age-related cognitive impairments goes missing. Lawmakers are considering a bill that would create “Silver Alerts,” community alerts similar to the widespread Amber Alert program that is used to locate and recover missing children. .. read more →
Every year the Internal Revenue Service publishes new rates and tables for a variety of tax exemptions. Here are the 2009 annual estate and gift tax exclusions, effective as of January 1, 2009. 1) The Annual Gift Tax Exclusion is $13,000 in 2009. As a result of the 2009 annual gift tax exclusion, any person.. read more →
Congress approved legislation that would allow retirees to defer withdrawals from their 401(k) plans and individual retirement accounts in 2009 without triggering a penalty. President Bush is expected to sign the bill. Ordinarily, seniors age 70½ and older are required to withdraw a minimum amount from their tax-deferred retirement savings plans every year and pay.. read more →
The recently passed Emergency Economic Stabilization Act of 2008 (aka “the bailout bill”) temporarily raises the basic limit on federal deposit insurance coverage (FDIC) from $100,000 to $250,000 per depositor. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009. “This temporary increase in deposit insurance coverage should.. read more →
The annual gift tax exclusion will increase from $12,000 to $13,000 effective January 1, 2009, the Internal Revenue Service (IRS) has announced. The gift tax exclusion is the amount the IRS allows a taxpayer to gift to another individual without reporting the gift. The increase means that more can be given away for estate tax.. read more →
An article in the October 9th edition of The Wall Street Journal discussed estate planning for disabled children and adults with special needs. According to the WSJ, more than 41 million Americans, or almost 15% of the population, have some type of disability. In addition, 6.2% of children ages 5 to 15, or 2.8 million.. read more →
A bipartisan bill that would freeze the estate tax at the level that will prevail in 2009 under the current law has been introduced in the Senate. The legislation, S.3284, was introduced July 17, 2008, by Sens. Tom Carper (D-DE), Patrick Leahy (D-VT) and George Voinovich (R-OH). The bill would create a lifetime estate tax.. read more →
On March 12, 2008, Washington State Governor Christine Gregoire signed into law House Bill 3104, extending 170 legal rights and responsibilities to couples in same-sex relationships. Among the new responsibilities is that the state will treat surviving members of same-sex couples (”domestic partners” in the law) the same as surviving spouses of married couples for.. read more →
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