Topic: Wills

The ABCs of Life Insurance and Divorce

The effects of divorce upon the right to life insurance are often greatly misunderstood,  and many individuals don’t realize the impact that divorce has upon this asset. As such, upon death, many policies are paid in a manner which is unintended. Divorce Supersedes Beneficiary Designations When individuals obtain life insurance, the insurer requires that they […]

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IRS Provides Portability Relief

Since the federal estate tax was resurrected on January 1, 2011, the IRS has allowed for the concept of portability as a valuable post-mortem planning tool for married couples.  When an individual dies, his or her estate is exempt from this tax for an amount known as the “applicable exclusion amount.”  This amount is in […]

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Covering the Bases for Children with Special Needs

By Thomas D. Begley, III Planning for children with special needs is a complicated undertaking. In addition to ensuring that an inheritance with minimal exposure is left to these children, and overcoming the customary obstacles of death taxes and unnecessary probate costs, parents have to guarantee that personal and financial objectives are met as well. In […]

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Protecting Your Assets and Preserving Your Wishes

Mike and Carol are a couple who both have children from a prior marriage.  Mike has three sons – Greg, Peter and Bobby.  Carol has three daughters – Marcia, Jan and Cindy.  After several years of marriage, they decide to execute Wills.  Wanting to keep it “simple,” Mike leaves everything to Carol, with the understanding […]

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Special Situations in Estate Administration

Over the past decade, the laws effecting the administration of an estate have become more complex.  As part of a blue ribbon panel, Tom Begley will discuss how to address deficiencies in Wills, as well as beneficiary designations of retirement and insurance assets with techniques ranging from reformation to substantial compliance.

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Higher Gift Tax Limits for 2014

With the beginning of another year comes changes in the laws effecting federal estate and gift taxes.  There are three primary taxes in this area: (1) federal estate, (2) the generation skipping transfer (GST), and (3) the gift tax. For the year 2014, the exclusion from the federal estate tax is $5,340,000.  This is an […]

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But I Did Spend Last Night at a Holiday Inn Express!

In June 2009, Sophia Ricco died.  She had no Will and left behind two adult children as her surviving heirs.  The son, Al, with the consent of his sister, Eileen, applied and received Letters of Administration from the Camden County Surrogate.  Feeling that his mother’s death was caused by the acts and omissions of various […]

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Beneficiary Designations

Are your beneficiary designations for life insurance, IRAs, 401(k) plans as you intend them to be?  Are you sure? Query:  If you have designated a beneficiary for a life insurance or an annuity-related asset as “my children in equal shares,” is that truly your intention?  Keep in mind that if that particular designation exists on […]

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