The CARES Act (Coronavirus Aid, Relief, and Economic Security), which became law on March 27, 2020, made some important modifications to retirement accounts for 2020. For example: Required minimum distributions (RMDs) are waived, for both account owners and beneficiaries who have inherited an account. The 10% early withdrawal penalty is…
Dino Flammia from New Jersey 101.5 FM interviewed Lindabury attorney Elizabeth Candido Petite, to discuss the the importance of having a will, a power of attorney and a living will, as well as the latest news from our Wills, Trusts, and Estates practice group. You can read the interview here…
New Jersey’s passage of the “Aid in Dying for the Terminally Ill Act” makes it the eighth state in the nation to allow terminally ill patients to request medication to end their lives. The bill was signed into law by Governor Murphy on April 12, 2019, and became effective on…
Most clients do not want their lawyers to inherit their property. Yet sometimes the plans they desire to put into place are simply asking for that to happen. Litigation is expensive, and many states permit the attorneys’ fees to be paid from the trust or estate assets before anything is…
Elizabeth Candido Petite, a member of Lindabury’s Wills, Trusts & Estates practice group was interviewed by Faith Saunders of Princeton TV for her series; “Discover a New Future.” Elizabeth discusses some common issues concerning wills, trusts, and what happens to one’s property upon death. Among the questions Elizabeth answers are: Who…
Elizabeth Candido Petite, a member of Lindabury’s Wills, Trusts & Estates practice group was interviewed by Faith Saunders of Princeton TV for her series; “Discover a New Future.” Elizabeth and Faith discuss powers of attorney, advance directives for health care, and the consequences of not planning for incapacity during one’s lifetime.…
Increased exemptions for 2019. The IRS has announced that the gift and estate exemption has increased to $11.4 million per person in 2019. The exemption amount in 2018 was $11.18 million. This means that in 2019, an individual can make gifts during life or at death totaling $11.4 million without…
State and local tax deduction workarounds rejected. The workarounds to the new federal cap on deductions for state and local taxes (“SALT”) are not likely to be effective, according to proposed regulations issued by the IRS in late August. The Tax Cuts and Jobs Act, signed into law by President…
Years of experience in administering estates have taught us that the best way to avoid litigation after death is to plan during life. We have come to identify several “red flags” that, when not addressed during estate planning, are more often than not resolved in a courtroom. Not only does…
The New York “trust decanting statute” (EPTL 10-6.6) was significantly revised in August 2011. Although commentary and analysis of the new statute appeared almost immediately from practitioners, it was not until late 2013 that the judiciary joined the conversation. In Matter of Kroll,1 the Surrogate’s Court of Nassau County was faced…