1. Ten Deadly Mistakes in Estate Planning
2. Where there’s No Will …
3. Tips How to hire a DWI DUI Attorney
4. Small Professional Office Space for rent
1. Ten Deadly Mistakes in Estate Planning
By Kenneth Vercammen, Esq.
1. Using check online forms rather than a licensed attorney. You would be foolish to try to do your own electrical work. We no longer even change our own oil.
The Surrogate at our Will seminar warned of cheap forms online rather than professional legal advice. The online form companies try to sell one size fits all. Shoes and pants are no one size fits all. 2. Witnesses that are related to the Person signing Will or beneficiaries under the Will
3. Losing the original Will or having the Will in a place the executor can’t find
4. Failing to have a new Power of Attorney if your move to another state
5. Not updating documents if the executor dies or is too ill or old to handle the responsibility.
6. Leaving assets to kids or grandchildren who will get access when they turn age 18
7. Not having new documents drafted if you get separated or divorced.
8. Listening to friends and nonprofessionals rather than a incensed attorney
9. Waiting until you die or get hospitalized to decide it is time to have documents prepared
10. Not having a proper Will in place to make things more expensive and difficult for your family.
2. Where there’s No Will …
If you do not write a Will, the State has already written one for you. Your assets go to whoever a state law says receives the assets, or to the government itself! A Will should be a statement to the things you truly care about: your spouse, your children, your parents, your friends, your Church and charities. You can consider remembering your church, school or local non profit
It’s time for a call to action.
If You Have No Will:
If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:
1. People you dislike or people who dislike and ignore you may get your assets.
2. State law determines who gets assets, not you
3. Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees
4. You Lose the opportunity to try to reduce Federal Estate Tax, State inheritance taxes and fees
5. A Judge determines who gets custody of children. A greedy brother or crazy mother in law could ask the court for custody.
6. If you have no spouse or close relatives the State may take your property
7. The procedure to distribute assets becomes more complicated
8. It probably will cause fights and lawsuits within your family
9. If no partnership agreement or procedure to transfer a business and good will could be lost.
10. Children or grandchildren under 21 years old could inherit stock and waste money.
When loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with Financial concerns.
Think- Who don’t you want to receive your assets? Without a Will, they could receive your assets and request custody of children.
Who is not the best choice to raise your children, or safeguard your children's money for college? Do you want children, or grandchildren, to get money when they turn 18? Will they invest money wisely, or go to Seaside and play wheels?
It is important to prepare a Will which set forth distribution of a valuable property such as the good will of your legal practice, the phone number of a private practice and legal equipment you own.
A Will must not only be prepared within the legal requirements of the state Statutes but should also be prepared so it leaves no questions regarding your intentions.
THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH KENNETH VERCAMMEN’S LAW OFFICE OFTEN INCLUDES IN A WILL
1ST: DEBTS AND TAXES
2ND: SPECIFIC BEQUESTS
3RD: DISPOSITION TO SPOUSE
4TH: DISPOSITION OF REMAINDER OF ESTATE
5TH: CREATION OF TRUSTS FOR SPOUSE
6TH: CREATION OF TRUST FOR CHILDREN
7TH: OTHER BENEFICIARIES UNDER 21
8TH: EXECUTORS
9TH: TRUSTEES
10TH: GUARDIANS
11TH: SURETY OR BOND
12TH: POWERS
13TH: AFTERBORN CHILDREN
14TH: PRINCIPAL AND INCOME
15TH: NO ASSIGNMENT OF BEQUESTS
16TH: GENDER
17TH: CONSTRUCTION OF WILL
18TH: NO CONTEST CLAUSE
WHY PERIODIC REVIEW IS ESSENTIAL
Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will. Some of these are:
* Marriage, death, birth, divorce or separation affecting either you or anyone named in your Will
* Significant changes in the value of your total assets or in any particular assets which you own
* A change in your domicile
* Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, trustee or guardian of infants, or of one of the witnesses to the execution of the Will
* Annual changes in tax law
* Changes in who you like
MAY I CHANGE MY CURRENT WILL?
Yes. A Will may be modified, added to, or entirely changed at any time before your death provided you are mentally and physically competent and desire to change your Will. You should consider revising your Will whenever there are changes in the size of your estate. For example, when your children are young, you may think it best to have a trust for them so they do not come into absolute ownership of property until they are mature. Beware, if you draw lines through items, erase or write over, or add notations to the original Will, it can be destroyed as a legal document. Either a new Will should be legally prepared or a codicil signed to legally change portions of the Will.
A portion of your Will and Estate Planning can be deducted on your income tax return when it deals with tax planning. Thus, part of the fee is tax deductible for income tax purposes.
Under the law in New Jersey, if a person dies without a Will and without children, their spouse will inherit all assets, even if they are separated from the spouse. In addition, if you have children from a previous marriage, but no Will, your separated spouse will get half your estate. Therefore, you may wish to do the following:
1) Have an Probate attorney prepare a Will to distribute your assets to the people you care the most about. If you already have a Will, prepare a new Will and have the old Will revoked. ( Your estate planning attorney will explain this to you.)
2) Prepare a Power of Attorney to select someone to handle your finances if you become disabled. Have your old power of attorney revoked.
3) Prepare a Living Will prepared
4) Change your beneficiary on assets you may own, such as stocks, bank accounts, IRA, and other financial assets. Change your beneficiary under your own life insurance, whether whole life insurance or term insurance.
5) Contact your company human resources person and change the beneficiary on life insurance, pension, stock options or other employee benefits. Note that your spouse must sign a written waiver permitting you to change beneficiaries.
6) Keep your personal papers at a location where family can find them.
7) Have your attorney prepare a prenuptial agreement if you decide to get re-married.
8) Make sure the trustee for any funds designated for your children is the "right" trustee.
9) In New Jersey, if you are married and living with your spouse, under certain instances the surviving spouse has a right to "elect against the Will" The disinherited spouse may like to elect against the Will and try to obtain one third of the estate. Your attorney can explain how you can protect yourself and your children.
10) If you have minor children, nominate someone under a Will to serve as guardian to the children. Although the surviving parent obviously has first right of custody of children, they may not even want custody.
SAVE MONEY- Have your attorney prepare a self- proving Will with a No bond clause
Your estate will be subject to probate whether or not you have a Will and in most cases, a Will reduces the cost by eliminating the requirements of a bond. With a well-drawn Will, you may also reduce death taxes and other expenses. Don’t pinch pennies now to the detriment of your beneficiaries
The proper preparation of a Will should involve an analysis of the your assets, family and desires.
Estate Planning is the process of examining what will happen to your property when you die and arranging for its distribution in such a manner as will accomplish your objectives.
The cost of a Will depends on the size and the complexity of the estate and the plans of the person who makes the Will.
Be sure your Will takes into account the 2018 Federal Tax changes and any Inheritance Tax changes. Also, ascertain if your Will is “self-proving”, which would dispense with having to find the Will’s witnesses after death.
OTHER DOCUMENTS TO BE PREPARED BY YOUR ATTORNEY
-Power of Attorney- to allow a trusted person to administer your assets during your lifetime, either upon disability or now
-Living Wills- to state your wishes concerning medical care in the event of your serious illness
-Trusts (and Medicaid Trusts)
CONCLUSION
Planning can only be done if someone is competent and/or alive. Make sure your assets can be passed directly to your loved ones. Kenneth A. Vercammen is a Middlesex County attorney who has
Call our office to start the process 732-572-0500
3 . Tips How to hire a DWI DUI Attorney
1. Have they tried cases
in the past year? Has the attorney had any trials in
the past 12 months?
2. Did
the attorney pass the test to be a NJ
Certified Trial attorney? If you were having surgery, would you be safe
with a doctor that can’t pass the test and has not done surgery in 12 months?
Practice makes perfect (Ken V has had full trials in past 12 months and is a
certified trial attorney). Is the attorney a Certified Trial Attorney by
Supreme Court of New Jersey, which required 10 trials mostly DWI. Would you go
to a doctor if they had never performed the surgical procedure? If someone
can’t take and pass the Certified Municipal Court Attorney test, do you trust
them with your life? You
should hire a Certified Municipal Court Law Attorney such as Kenneth Vercammen
to Represent you if you are serious about contesting serious charges. Very few
attorneys in New Jersey have been able to pass the rigid test to be recognized
by the Supreme Court as a Certified Municipal Court Law Attorney. Ask your
attorney if they have actually had trials in the past year or just plead people
guilty.
3. Has the attorney been
selected by the state bar president to lecture to state bar or serve on an
important committee?
4. How many books and articles has the attorney written for the bar association? Do you want to trust an inexperienced attorney?
5. Has that attorney
appeared with that court before? Don’t hire an attorney whose office is 60
miles away and has never appeared in that court?
6. Did the attorney themselves interview or only has lower staff handles. Personally talk with the attorney on only one of your biggest decisions.
7. Has the attorney been around a few years?
4. Small Professional Office Space for rent
Small Professional Office Space- two connecting rooms with a shared waiting room available. Freshly renovated. The office is located in South Edison and has a large window facing Woodbridge Avenue for Great Visibility, as well as side windows for natural light. Bright and clean it is located in a Law Office minutes from From 1, Route 130, Route 18 and the New Jersey Turnpike. Great opportunity for an Independant Accountant, Attorney or Small Start up.
- Close to Train
- Bus Line
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- Metuchen
Newly renovated with:
- Color Coordinated Walls
- New Carpeting
Rent includes all utilities.
- Two private connecting rooms
- Shared waiting room for clients
- All common utility charges included
- Shared bathroom
- Alarm System/ Security Cameras
- Central a/c and heat
- On site parking for Tenant
- Quiet and Private
Price is negotiable for the right tenant call for an appointment
