Happy New Year
One of the pleasures at the beginning of each year is the opportunity it gives to thank you for your friendship, goodwill and the very pleasant association we enjoy with all our friends and clients. We sincerely appreciate this relationship and are thankful for the confidence clients and have shown in us, and the friends who have referred people to our office.
This year was our single best year for referrals. So many of you were kind enough to tell others about our services. Hopefully, that is a reflection of the quality job we are doing for you. As you know, all business must grow, and one of the safest ways to grow is to get referrals from satisfied clients. Thank you for referring friends and family.
May 2006 bring happiness and good health to you and those you love.
In this issue:
1. When Should I Update My Estate Planning Documents
2 Federal government can prohibit growing marijuana
3. Prosecutor's Office required to pay attorney's fees for violation of Open Public Records law.
4. Bank records have privacy
5. Reminder- FREEZING COLD HASH RUN Sat. Jan. 7, 2006 10:17am
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1. When Should I Update My Estate Planning Documents
By Neil A. Derman, Esquire
Since 2001 the laws regarding estates and trusts have gone through some drastic changes. Begley & Bookbinder recommends a periodic review of your estate planning documents, every three to five years. When should you look to update your documents? After the occurrence of a significant life event, such as marriage, divorce, birth of a child, adoption, or death of a beneficiary or fiduciary. Even if you haven’t experienced any of these events, there may have been changes in the tax laws or in your financial situation that necessitate a re-evaluation of your estate plan. Why is it important to update your plan? Failure to update your plan could result in less of your estate passing to your beneficiaries. Without constant review by a professional, your documents could become ineffective and fail to accomplish your initial objectives. These are issues that should be resolved prior to one’s death or disability.
Marriage, remarriage, divorce, birth of a child, adoption, and the death of an administrator or executor all require one to update one’s estate plan. Such events require either the adding or removal of names from your current documents.
Another change that requires updating your documents is a change in your financial situation. If you last updated your estate plan more than three years ago, your net worth may have changed significantly, requiring further estate tax planning. Also, the tax laws are constantly changing. In 2001, the estate tax exemption was amended to $1,500,000 for 2005, $2,000,000 in 2006 and $3,500,000 in 2009. The tax is scheduled to be repealed in 2010, but reinstated in 2011. Begley & Bookbinder recommends that any plan created prior to the amendment of the Internal Revenue Code, should be reviewed to ensure that the estate plan complies with the changes in the law.
But most importantly, you should re-evaluate your desires from time to time. You may have changed your mind about how you have chosen to address certain issues in your estate plan. Perhaps you would prefer someone else to be a fiduciary, because they are more competent than the one you originally chose, or because the original fiduciary left the state, or because the original fiduciary has trouble handling funds.
You should be commended for having an estate plan in place. You are well ahead of the curve, but you must also remember to update your plan or you soon may find that your good work has become as effective as no plan at all. Below is a checklist of reasons why you may need to update your estate plan:
_____ The individuals you have named are deceased.
_____ New people should be named in your Will (example: a birth, adoption, marriage)
_____ Divorce or marriage
_____ New state laws (You may wish to consult with your estate planner regarding this. This may also apply if you have changed your domicile to another state.)
_____ Changing guardians, personal representatives, or trustees
_____ Children reach the age of 18
_____ A substantial increase or decrease in the value of your estate
_____ The acquisition or disposition of a significant asset
_____ More than three to five years have passed since last you reviewed your estate plan
SPECIAL ALERT-
By Thomas D. Begley Jr. Esquire
On 12/17/05 the House of Representatives passed S.1932, The Deficit Reduction Act of 2005. This bill extended the Look back for Medicaid transfers to 60 months and, in effect, prohibits any transfers of assets for a period of 5 years before a person requires long-term care financed by Medicaid.
The bill now goes to the United States Senate, where it is expected that the Senate will vote on this measure. It then goes to the President for signature.
Transfers made prior to the date the President signs the bill will be grand-fathered.
Reprinted by permission of BEGLEY & BOOKBINDER, P.C.
Attorneys at law
(856) 235-8501 Main Number
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2 Federal government can prohibit growing marijuana. Gonzales v. Raich 125 S. Ct. 2195 (2005). Congress' Commerce Clause authority includes the power to prohibit the local cultivation and use of marijuana in compliance with California law. Source: NJ Law Journal June 13, 2005 p. 50
3. Prosecutor's Office required to pay attorney's fees for violation of Open Public Records law. Courier News v. Prosecutor's Office 378 NJ Super. 539 (App. Div. 2005). Where it was judicially found that a tape recording of a 9-1-1 call, in the custody of defendant in connection with a then active criminal prosecution, was subject to public disclosure under the OPRA, plaintiff, as the prevailing requestor, is entitled to an award of counsel fees pursuant to N.J.S.A. 47:1A-6, and defendant, as the custodian of the government record at issue, is responsible under the OPRA to pay plaintiff's counsel fees; there is no legal basis to shift this financial burden to the state. Source: NJ Law Journal July 11, 2005 p. 70 4. Bank records have privacy. State v. McAllister 184 NJ 17 (2005). Under the New Jersey Constitution, citizens have a reasonable expectation of privacy in bank records. However, existing grand jury subpoena procedures sufficiently protect that expectation. Neither a probable cause standard for grand jury subpoenas nor notice to account holders is a constitutional requirement. Although notice to account holders is not constitutionally required, additional protections may be desirable. The criminal Practice Committee is directed to make recommendation on whether the Court should consider additional safeguards for account holders. Source: NJ Law Journal June 27, 2005 p. 49
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5. Reminder- FREEZING COLD HASH RUN Sat. Jan. 7, 2006 10:17am
4 -6 MILE GROUP RUN
START: Ken Vercammen Law Office, 2053 Woodbridge Ave., Edison, NJ [near the Nixon Post Office]
The Rumson Hash House Harriers again return to the woods and marsh of Edison. Hashing is not a race but a non-competitive group run which follows an off-road course laid out with baking flour.
This is trail running without the competition of a formal race, This is a complex and different course through woods, grass, swamp and marsh.
COST: NO FEE TO RUN. You must be over 21 years old to participate. No awards are given and no times are recorded. A sense a humor is a must.
For information call Run "hare" Kenneth Vercammen, Esq. at 732-572-0500 days
Details of 2006 run at http://www.njlaws.com/FREEZING_COLD_HASH_RUN.htm
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Ken Vercammen Favorite Running events/races for 2006 to benefit non profit and charities
CARPOOL/ RIDE NEEDED TO RACES...
Fun Running Races Ken Vercammen needs to share a ride from East Brunswick/ South Brunswick area. Share gas fare and laughs. Otherwise, met us at the race and say hello. Help support the following charity events.
Please call 732-572-0500 law office 732-940-8962h
01/07 Freezing Cold Hash Edison, NJ 4 - 6 M 10:17 AM Info
01/08 FARC Winter Series Michael Tighe Park, Freehold, NJ 5 K 10:00 AM 732-431-2627
01/15 FARC Winter Series Michael Tighe Park, Freehold, NJ 5 K 10:00 AM 732-431-2627
01/15 Ocean Running Club Winter Series Ocean County Park, NJ 4 M 11:00 AM
01/22 FARC Winter Series Michael Tighe Park, Freehold, NJ 5 K 10:00 AM 732-431-2627
01/22 Ocean Running Club Winter Series Ocean County Park, NJ 4 M 11:00 AM
01/29 FARC Winter Series Michael Tighe Park, Freehold, NJ 5 K 10:00 AM 732-431-2627
01/29 Ocean Running Club Winter Series Ocean County Park, NJ 4M
11:00 AM
02/05 FARC Winter Series Michael Tighe Park, Freehold, NJ 5 K 10:00 AM 732-431-2627
02/05 Ocean Running Club Winter Series Ocean County Park, NJ 4 M 11:00 AM
02/12 Ocean Running Club Winter Series Ocean County Park, NJ 4 M 11:00 AM
3/5 NEWARK DISTANCE CLASSIC, 20k & 5k, 9:30am, Rutgers Gymnasium - 41 Warren Street, 973-733-3749,(s)(c)(NBGP-700pts -20k
3/05 E. Murray Todd Brookdale Community College, Lincroft, NJ 13.1 M 9:00 AM 732-542-1642 x23
3/18 BORDENTOWN St. PADDY'S DAY 5K & 2 MILE FUN WALK, 9:30am, Clara Barton School, Bordentown City, 609-324-6350, (s)(c)(NBGP-500pts)($).(S#001)
03/19 St. Paddy's Leprechaun Michael Tighe Park, Freehold, NJ 10 M
5 K 11:00 AM 11:15 AM 732-431-2627
Free beer, Free windmill hot dog, long sleeve shirt
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Thank you for reading our newsletter! God Bless America USA #1
Kenneth Vercammen, Esq.
2053 Woodbridge Ave.
Edison, NJ 08817
PHONE 732-572-0500 (Fax) 732-572-0030
website: www.njlaws.com
"Celebrating 20 years of providing excellent service to clients 1985-2005"
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Always schedule an office appointment with an experienced attorney when you have a legal matter. The Rules of Court limit an attorney's ability to discuss matters over the phone. If you have legal questions, you should schedule an in- office consultation.
