Elder Law, Family Law, and Estate Planning in Hackensack, New Jersey

Estate administration can be complicated and scary. Estate administration involves the probate of a deceased person’s estate, a fancy word for assets, and typically includes three broad actions: ●        Asset collection, inventory and appraisal; ●        Collecting and paying debts and taxes; and ●        Distributing the remaining assets to beneficiaries. This process may occur with or without a will and may occur subject to a probate court order or outside a probate court, if a gift was made during the deceased person’s lifetime, for example. The process itself is formal with many requirements to submit forms, documentation, and provide an account of the assets and liabilities as they are discovered and inventoried. An item that was gifted in the will, may no longer be available at the time of distribution. A probate attorney in Hackensack, New Jersey will help your family and...

In New Jersey, a guardian is a person or agency appointed by the court to act on behalf of an individual. Establishing a guardianship is a legal process. Guardianships are sought to care for minor children upon the early death of their parents, and for people over 18 with developmental, mental, or physical disabilities. Some guardianships may even be created toward the end of a person’s life, particularly if that person suffers from cognitive difficulties, such as Alzheimer’s, and it was part of the older person’s elder care plan prior to the period of incapacitation. Whether the prompt to designate a guardian begins when a child is born, an individual is diagnosed with a chronic illness, the parent is diagnosed with a chronic illness, or as part of the establishment of an estate plan, the process for obtaining a guardianship in New Jersey is the same. Choosing a Guardian When considering appointing a guardian for your minor children or an incapacitated adult, th...

In New Jersey, a guardian is a person or agency appointed by the court to act on behalf of an individual. Establishing a guardianship is a legal process. Guardianships are sought to care for minor children upon the early death of their parents, and for people over 18 with developmental, mental, or physical disabilities. Some guardianships may even be created toward the end of a person’s life, particularly if that person suffers from cognitive difficulties, such as Alzheimer’s, and it was part of the older person’s elder care plan prior to the period of incapacitation.                                                                       Whether the prompt to designate a guardian begins when a child is born, an individual is diagnosed with a chronic illness, the parent is diagnosed with a chronic illness,...

In our last post in this series, we shone the spotlight on the Tax Cut and Jobs Act , known as the TCJA, and how it affects estate plans with respect to gift and estate tax exemptions and generation-skipping transfer taxes. This post will examine how the TCJA will impact retirement planning by reviewing the changes to Roth conversions, 529 savings plans, and the elimination of the individual mandate provision of the Affordable Health Care Act .                                                Before we get started on the discussion for today’s topic, a disclaimer. The Giro Law Firm does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors befor...

The “ Tax Cut and Jobs Act ,” TCJA for short, is major legislation that affects individuals, businesses, and tax-exempt and government entities. Passed in December 2017, several changes were made to the individual income tax that affects estate plans and retirement planning. This first post will examine the generation-skipping transfer tax exemption. The next post will review TCJA’s impact on retirement planning, specifically Roth conversions, 529 savings plans, and the elimination of the individual mandate provision of the Affordable Health Care Act .                                                                 Before we get started on the discussion for today’s topic, a disclaimer. The Giro Law Firm does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, an...