Category: Blog

Posted on

Elder law advice: Why sometimes it’s important to dispute a Will

When a loved one passes away, it’s a time of high emotions and stress for family and friends – and what’s in their Last Will and Testament can easily become a source of contention. According to experienced New Jersey elder law attorneys, this is often simply due to surprise, either at who was left what or who was left out. Unfortunately, being disappointed at a will’s contents is not enough to start the legal process to contest the document, but here are four reasons that are:

  1. Undue influence: This is a serious charge as it contests that someone has put pressure on a person, either through a threat or favor, to include them in their will beyond what they ordinarily would have done. For example, if a primary caregiver (who may be a family member, friend or someone in the person’s employ) suddenly inherits the bulk of the estate when it was previously going to be split very differently. The caregiver may have implied that care would be withdrawn if they were not included on their terms, or the person should feel they owed the caregiver. This is a very difficult case to prove but it is worth perusing if the facts line up sufficiently.
  2. Fraud: This may include items such as extra pages within a will which were not initialed and may have been included without the person’s knowing, or having someone sign a will under false pretenses, for example telling them it is a bill or contract. These types of fraud make the will invalid, as they are not considered to be in line with the person’s intent. The best way to prove this is to question the witnesses to the will’s signing and find out if they thought the person knew it was a will or not.
  3. Lack of capacity: In order for a will to be valid, the person has to understand the nature of his/her assets, who should inherit these assets and what signing a will legally means. As certain ailments, such as dementia and Alzheimer’s as well as the aging process itself, can affect the person’s capacity for understanding these three elements, witness testimony is very important in cases where capacity is in question.
  4. State laws: Each state has different laws governing the signing of wills and, if it does not meet all of these very strict criteria, the document is simply disregarded as a will. Often, these issues arise when people choose not to invest in legal expertise when developing their estate plan, giving people a false sense of security and their heirs an unpleasant surprise.

At Sedita, Campisano & Campisano, LLC in New Jersey, we can offer you over 30 years of elder law practice and estate planning experience to assist you in creating a properly executed, fully legal Last Will and Testament which avoids a lengthy probate process. We can also assist you with other aspects of your estate plan and assist you with expert legal advice in the event you would like to contest a will. For more information on our law firm and our services, please contact us today.

Posted on

How elder law affects benefits for veterans and their spouses

With 9.3 million veterans in the U.S.A over the age of 65 and 3.6 million veterans with service related disabilities, it’s more important than ever that all veterans are aware of the benefits that they and their dependents are entitled to. As elder law attorneys in New Jersey, we are providing a guide to the benefits that disabled and elderly veterans can access:

  • The Aid & Attendance Pension – This money-based benefit is available to veterans who have served during wartime or their surviving spouses, providing that certain qualification criteria are met. Firstly, your monthly medical expenses must exceed monthly income and the total value of your assets must be less than $80,000, excluding the value of your home. Lastly, the applicant must also require care for completing daily tasks like eating, bathing and so forth. It is important to check if you qualify for this pension as you may be able to receive it even if you are above the limit for a VA pension, providing your medical expenses qualify.
  • Long-term care services – There are a number of long-term care services offered through the Veterans Administration, including geriatric evaluation, adult day health care (A therapeutic and rehabilitation day program), respite care (Inpatient and outpatient support for caregivers), home care (Physical therapy, nursing, daily care and more) and palliative care for terminally ill veterans and their families. Nursing home care is prioritized for veterans with service related disabilities and a domiciliary care option is provided for low-income disabled veterans.
  •  IRS benefits – As a veteran, you may qualify for several benefits and tax considerations from the IRS, including the exclusion of benefits from the VA from your gross income and refundable federal income tax credits under the Earned Income Tax Credit.
  • State of New Jersey benefits – The New Jersey Department of Military and Veterans Affairs offers a separate set of benefits to those offered by the Federal government. These include access to long-term care at Veterans Memorial Homes for disabled or elderly veterans, income tax exclusions for military pensions and survivors benefit payments, property tax exemptions and deductions for eligible veterans and surviving spouses and free internment in the Brigadier General William C. Doyle Veterans Memorial Cemetery for veterans, their spouses and dependent children. There are also subsidies for adult day programs and free transportation to VA medical centers, Veterans Service Offices, local hospitals and private doctors.

Navigating the legal criteria in order to qualify for benefits can be complex and time-consuming. At Sedita, Campisano & Campisano, LLC, we have considerable experience working with veterans and their families to get the benefits and care that they are entitled to. To find out more about our services or speak to an elder law attorney, please contact us today. 

Posted on

Why estate planning should be at the top of your New Year’s resolutions

Whether you’re single, married with a family or anything in between, estate planning should be on your list of New Year’s resolutions for 2015. While many people feel like this step is only for wealthy people or people with dependents, the fact is it’s for everyone’s benefit. Here’s some insight from New Jersey estate planning attorneys:

  • It helps provide for your immediate family – Although this is especially true for people with a spouse and children, it also benefits other dependents you may not have considered. You may want to help elderly family members, parents or close friends by making them beneficiaries of your estate. This also helps to reduce estate taxes on inheritances, ensuring your assets go where they are needed most.
  • Show support for a charity or cause – If you do not want to name family or friends as beneficiaries, there are other options. For example, you can name a particular charity, cause, religious institution or educational institution you are passionate about as a beneficiary.
  • Plan for incapacity – Life is unpredictable and, in the event of a medical or physical condition leaving you incapacitated, your estate plan will determine the extent of your medical treatment through a power of attorney. This includes whether or not you want to be on life support and whether or not you want to receive extreme life-saving measures. In addition, a financial power of attorney can also be included so that someone you trust is given the authority to manage your finances if you are no longer able.
  • Give your business a future – If you are an entrepreneur or run a small business, a comprehensive estate plan will ensure the business will continue to run smoothly in the event of your passing. You will be able to include important documents on succession, how the business should continue to run and what will happen with regards to your interest in the business.
  • Funeral arrangements –While many people don’t like to think about their passing, most of us have a fairly clear idea of what we would like to happen with regards to funeral arrangements. Your estate plan can contain details on whether you are an organ donor or not, if you prefer burial or cremation, where you would like to be interred and so forth. This is something which not only means your final wishes are adhered to, but that your loved ones are given a sense of closure.

Above all else, estate planning gives you peace of mind. With a current estate plan in the hands of Sedita, Campisano & Campisano, LLC, you can rest assured your health, assets and loved ones will be taken care of the way you would like. For more information on setting up or changing an estate plan, please contact us today.

Posted on

How to start a family business – advice from commercial law specialists

Starting a family business is an exciting venture and because the risks are so much closer to home it’s more important than ever your business starts out on the right foot. For experienced business and commercial law attorneys in New Jersey, this means two things – compliance and sound legal foundations. These two pillars are pivotal to protecting your business during the vulnerable formation stage as well as protecting it’s future.

Develop sound legal foundations for your business

Firstly, it is necessary to decide on the legal structure your business will take, namely Sole Proprietorship, General Partnership, Limited Liability Company or Limited Liability Partnership. Each of these structures offers owners, directors and managers different levels of protection and risk, as well as having an impact on how the business itself is run. Sole Proprietorships dictate that a single person owns and operates the business, carrying all the risk as well as the responsibility for debts. LLCs are more flexible and have more elements of a corporation in terms of limiting the liability of the owners, whilst an LLP limits the liability of some or all or partners to protect each from the misconduct of the others.

Making your business compliant with State boards and licensing regulations

Depending on the industry your business will enter, each business has different licensing requirements, operational requirements and local permit requirements which need to be met in order to operate legally in the state. For example, home improvement contractors must be registered with the New Jersey Division of Consumer Affairs, whilst childcare centers are required to be licensed by the Department of Children and Families if serving six or more children.

In addition, it is necessary to register your business for tax purposes and register each employee though Unemployment and Disability Insurance and Workers’ Compensation. Your legal team will be able to undertake these requirements themselves and advise you on how to stay compliant while utilizing all of the opportunities and incentives the state and federal government may be able to apply to your business.

Other services your lawyers can provide include managing your insurance coverage, assisting with commercial transactions and contracts as well as negotiations. They will also be on hand to manage any legal issues your business may face and – having knowledge of your business since it was founded – insure all necessary paperwork and documentation that may be needed is recorded, kept secure and able to be made available if needed.

At Sedita, Campisano & Campisano, LLC, we understand family businesses are about more than profit – they’re about creating a legacy. To find out more about how our business attorneys can assist you with your new venture in New Jersey, contact us today.

Posted on

Moving states? Here’s how it affects your estate planning

Moving to a different state isn’t just about a change of lifestyle – it also has far-reaching effects on your estate plan. While wills and living trusts should be valid across all states, the laws of each particular state can change particular aspects of estate planning. It’s important to update these documents as soon as you are able, as these differences can significantly change what you would like to achieve in terms of deciding inheritance, reducing taxes and even managing your medical directives.

Estate planning and moving to New Jersey

New Jersey is an equitable distribution state rather than a community of property state, which does affect estate planning with regards to particular processes such as divorce. Rather than splitting assets 50-50, assets will be evaluated and distributed in a manner seen as fair, but not necessarily equal. If you are moving from somewhere in a community of property state, it is important this change is addressed.

New Jersey also has its own additional estate tax which varies year by year. This year you will qualify for the state tax if the gross value of your estate exceeds $675,000. You will also qualify for the federal tax if the gross value of your estate exceeds $5,340,000. This gross value is inclusive of assets such as property, life insurance, IRA’s, bank accounts and investments so you can exceed the state exemption amount and pay around 10% of the estate value in tax. For people looking to keep as many of their assets as possible to support their family after their passing, it’s important you speak to an estate planning lawyer about implementing a trust that will significantly reduce estate taxes.

If you have an advanced health directive or want to create one, it’s important you speak to an attorney who can walk you through the legal allowances and restrictions set down by the state of New Jersey. This will guarantee your wishes are maintained rather than impeded by legal technicalities. For example, New Jersey state law allows you to create two types of advanced directives, the first being an instructive directive for the medical care and measures you would like to receive and the second a proxy directive which allows a specific person to make decisions on your behalf if you are unable.

In essence, reviewing your estate planning documentation is about guaranteeing your original wishes are adhered to as far as the laws of the state will allow. It insures your documentation is in order and that costly and time-consuming legal technicalities are avoided.

For more information on estate planning and New Jersey estate law or to book an appointment at Sedita, Campisano & Campisano, LLC, please contact us today.

Posted on

Advice from a business attorney – Don’t make these three mistakes when forming a new company

Staring a new business is significantly more fraught with potential risks than it is with the potential for success. With three out of four start-ups failing according to the Wall Street Journal, it’s more important than ever to have a strong team which includes an experienced business attorney on your side. Here, we examine three of the most common and devastating mistakes made by entrepreneurs looking to establish a new company:

  1. Not spending enough time on your business plan: Your business plan lays the groundwork for how your company is going to grow, giving you flexibility and vision whilst restraining unviable or over-ambitious ideas. This plan will show how you are planning to fund your venture, market analysis for the industry in which you will be operating, your basic business structure, marketing structures, financial projections and details about your products. As such, it becomes a manual for making decisions and taking your business down the desired path – and without it, companies can easily lose their focus and not know where they are going and how to get there.
  2. Lack of comprehensive financial planning: It can take anything from months to years before your business is able to support itself and pay off any debts, so it’s vital you have access to sufficient capital as well as professional expertise on how to spend it. It’s also important for your financial planning to include a sound contingency plan for events that are beyond your control. The recent global economic crisis illustrates just how suddenly events can overtake a business through no fault of its own, with devastating consequences.
  3. Not prioritizing legal expertise at an early stage: Having access to a business lawyer is something many business owners only feel is necessary when facing a legal problem. This is a significant misconception whereby lawyers exist to put out costly fires rather than preventing the fires in the first place. Having a legal advisor experienced in small business issues and commercial law is invaluable from the very beginning when starting a new business. Not only can they draft contracts, set up business structures, advise on commercial transactions and employment laws as well as apply for the correct business licenses for your operation, they are also able to ensure that every action your company takes is legally sound from the start – and that your rights are fully protected. This means if you do face a legal issue – as the majority of small businesses do within the first two years of operation – your company can deal with it efficiently and cost-effectively. 

At Sedita, Campisano & Campisano, LLC, a commercial law firm in NJ, we offer small businesses in New Jersey more than 30 years of commercial law experience and an invaluable working relationship that gives your business a solid foundation for success. For more information on our services, please visit our website at https://www.scclegal.com today.

Posted on

Growing Family? A Living Trust could be just what you need.

Expanding your family is an exciting time that brings a whole new dynamic into the way you plan for your future and that of your loved one’s. When you have a Living Trust, your estate planning attorney in New Jersey can assist you in modifying your estate plan to make sure your new family member will be properly looked after.

One of the greatest benefits of a Living Trust is that it is very flexible, allowing you to change terms, amend its contents or even revoke it completely if you wish. Many Living Trusts are created as a shared trust with a spouse and making any changes to the trust will require written agreement from both parties.

Generally speaking, in the event of significant amendments to your Living Trust – such as the provisions made for a child – the best course of action is to restate the trust rather than revoking it or amending it. This is because amendments that transfer property carry a cost as well as significant paperwork and hassle, while the changes themselves may result in confusion. Restating the trust will insure the original date of the trust remains and that no assets are left out in error while the new amendments (such as who the property will go to) changes to that stated in the new trust document.

Is a Living Trust the right choice for you and your family?

While similar in some ways to a Last Will and Testament, a Living Trust offers several benefits to your estate and its benefactors. While Wills have to go through the probate process, which can be lengthy as well as costly, Living Trusts do not. This allows your assets to immediately transfer to your named trustee (often your spouse or family member) who will then have access and control over your finances and property. They also allow you to significantly reduce estate taxes or even eliminate them completely, insuring your family and loved ones are able to maximize their benefit from your estate.

Living Trusts are also ideal if you desire greater privacy and control over your estate as they bring all your assets together under one plan, allow you to change or revoke their terms easily and are never made public, unlike Wills. As trustee, you will also be able to set exact terms over when you want your beneficiaries to inherit, rather than leaving these decisions in the hands of the court.

These trusts are also very difficult to challenge and relatively easy to set up, making them an option well-suited to individuals who want to insure their assets are passed on in accordance with their specific wishes with minimum hassle.

For more information on setting up or changing a Living Trust, please contact estate planning attorneys at Sedita, Campisano & Campisano, LLC  or visit our website at https://www.scclegal.com today.

Posted on

Wedding bells and legal advice – How getting married affects estate planning in New Jersey

Getting married is an exciting event where two people and their families are brought together. This change in legal status also has important effects on each spouse’s Last Will and Testament and estate planning:

  • Your Last Will and Testament: After marriage, most people change the focus of their will to ensure that their spouse and current or future children are properly protected. This can include setting up protective trusts, guardians for your children and other provisions to care for your dependents should one or both of you pass away. It’s important that these provisions are included in your will, as many of them cannot be formed after your death.
  • Your Living Will: This focuses on ensuring that your preferred end-of-life decisions are clear-cut for your family and dependents and that your wishes are fully carried out.
  • Power of Attorney: It’s important that a responsible person is selected to handle your financial and legal affairs if you or your spouse is unable to do so. This ensures that matters do not unnecessarily involve complex court proceedings and that your affairs are carried out in the best interests of you and your family.

Taxes and marriage – How to make the most of your estate planning process (H2)

New Jersey, unlike many other states, has it’s own estate tax – making the potential tax burden on married couples that much more significant. In 2014, you will qualify for the state tax if the gross value of your estate is more than $675,000, while you will qualify for the federal tax if this gross value is more than $5,340,000. Because this gross value includes property, life insurance, IRA’s, bank accounts, investments and more, it’s easy to find yourself exceeding the state exemption amount and paying around 10% of the estate value in tax.

However, most spouses are more interested in leaving as much of their estate as possible to their surviving spouse to ensure that he or she as well as any dependents are cared for. One of the most effective solutions for this issue is to develop an estate plan that includes a trust in each spouse’s Last Will and Testament. This allows the surviving spouse to become the primary beneficiary of the trust and, if the trust documentation allows it, the trustee of the trust as well. These trusts, also known as A/B trusts, by-pass trusts or credit shelters, allow the surviving spouse to access the entire estate without paying New Jersey or federal estate tax and, in turn, pass that trust down to dependents.

As you can see, estate planning is very different for married couples than individuals as the focus falls primarily on caring and protecting your loved ones. For more information on estate planning or to book an appointment at Sedita, Campisano & Campisano, LLC, please contact us today.

Posted on

New baby on the way? Here’s how to modify your Estate Plan for junior.

If you have a baby on the way, probably the last thing on your mind is, “Oh my gosh!  I need to revise my estate plan!”.

But if you have significant assets and especially if you have multiple children, creating a clear path for getting your assets passed on is not something you want to wait to do.  Modifying your estate plan may be the last thing on your mind as you prepare for the new addition to your family, but as you look into the eyes of your beautiful baby, don’t forget that caring for and protecting your children, is a job that starts now, and never ends.

Estate planning for New Jersey, is similar to most other states in that a few things can happen if your new baby isn’t part of your plan when you pass.

  1. A long, protracted probate process where the state tries to determine the rights of the minor child in the absence of compelling documentation.  This process will eat up your inheritance in terms of legal fees, court costs, and can take months and years to settle.
  2. Potential acrimony between your descendants.  By “forgetting” to include a child in your estate plan, you create the breeding ground for ugly fights over money and assets.
  3. Care of the minor child upon your untimely demise may not be clear and may cause them to become a ward of the state, at least temporarily.

What Parts of my estate plan should be updated for Junior?

Having a baby affects not only your estate plan but many other potential aspects of your personal and professional life.  Here are just a few basics

(1) know your breastfeeding rights (for jury duty and employment)
(2) put a will or trust in place with a guardianship clause
(3) put a guardianship agreement in place
(4)  put an Advance Health Care Directive in place
(5) store your Baby’s Records in a safe place (birth certificate, social security card, and immunization records)
(6) set up your bank account to pay on death to your child’s guardian
(7) check that your Life insurance policy beneficiary is child’s guardian
(8) know your FMLA rights (Federal Medical Leave Act)

Done properly this documentation appoints a guardian to care for your minor children and details the complete distribution of your assets in the event anything should happen to you.

Can I do this estate planning myself?

Whether you already have some estate documents or need new advice and counsel on your plan, a good elder law attorney can help you insure your affairs are in order.

Note that Frank Campisano in addition to being an experienced elder law attorney, also has an extensive background in NJ employment law. Issues around estate planning and FMLA are no stranger to Frank and the team at SCC Legal.

Whether you would like to discuss some ideas for estate planning for your new baby, or how having to care for minor children affects your rights as an employee or employer, Frank Campisano is uniquely qualified to help you.

If you have any questions, please do not hesitate to contact us today or visit our website at scclegal.com   Discover why so many people rely on us for estate planning in New Jersey.

We look forward to hearing from you!

Posted on

How to avoid paying too much inheritance tax

Inheritance tax is something people rarely think about until they are beneficiaries of part of a Will or trust. The government can take a large portion (up to 45%) of a deceased person’s estate. There are, however, ways to avoid paying too much inheritance tax. Estate planning attorneys in New Jersey, SCC Legal, lists a few options:

Second-to-die life insurance

When combined with an irrevocable life insurance trust, second-to-die life insurance ensures your wealth and assets are passed on to your spouse or children without the beneficiaries having to pay inheritance tax. The costs associated with this option include attorney fees (who will set up the trust) as well as insurance premiums (which will vary depending on the health and age of the owner).

Grantor retained annuity trust

The donor of a granted retained annuity trust will need to pay annual payments for this trust. After the term of this trust ends, the money remaining will be allocated to the beneficiary as a tax-free gift.

Gifting

You can avoid paying inheritance tax by giving away part of your wealth during your lifetime. Gifts that are known as ‘potentially exempt transfers’ are generally made to people (not companies or trusts), charities, educational institutions and so forth.

Get affordable, current advice from a leading elder law attorney in New Jersey

If you have worked your entire life and have built up wealth and assets, it’s your duty to make sure this wealth gets passed on to the next generation without them being crushed by inheritance taxes.

Frank R. Campisano is an elder law attorney in New Jersey that specializes in all aspects relating to estate planning and inheritance tax. When you book a consultation with Frank, you will get up-to-date, affordable and uncomplicated advice. Be proactive about your estate planning in order to avoid paying too much inheritance tax. Contact us for more information today.

Recent Posts

Archives

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

Categories

Call Now

    ×