Wills and Estate Administration-Articles from www.njlaws.com: January 2016

Wednesday, January 27, 2016

Careless driving plea bargain 39:4-97

39:4-97 Careless driving
39:4-104 Fine or imprisonment not
exceeding 15 days, or both
$50 $200 plus court costs
NJ MVC Points 39:4-97 Careless driving 2
And 2 Car insurance points
Plus Judge Can Suspend DL for Willful Traffic Offense.
State v. Moran 202 NJ 311 (2010)
The license suspension provision of N.J.S.A. 39:5-31, which is published in the Motor Vehicle Code of the New Jersey Statutes Annotated, is not “hidden,” and defendant, like all motorists, is presumed to know the law. To ensure that license suspensions meted out pursuant to N.J.S.A. 39:5-31 are imposed in a reasonably fair and uniform manner, so that similarly situated defendants are treated similarly, the Court today defines the term “willful violation” contained in N.J.S.A. 39:5-31 and enunciates sentencing standards to guide municipal court and Law Division judges. More info at http://www.njlaws.com/careless_reckless_driving.htm

Tuesday, January 26, 2016

Sayreville Library Wills Seminar Feb 22, 2016

Wills & Power of Attorney Seminar Sayreville Public Library

1050 Washington Road, NJ 08859

February 22, 2016 at 6:30PM

SPEAKER: Kenneth Vercammen, Esq. Edison, NJ (Author- Answers to Questions About Probate) The NJ Probate Law made a number of substantial changes in Probate and the administration of estates and trusts in New Jersey.

Main Topics:

1. The New Probate Law and preparation of Wills

2. 2016 changes in Federal Estate and Gift Tax

3. NJ Inheritance taxes on estates over $675,000

4. Power of Attorney

5. Living Will

6. Administering the Estate/ Probate/Surrogate

7. Questions and Answer

COMPLIMENTARY MATERIAL: Brochures on Wills, "Answers to Questions about Probate" and Administration of an Estate, Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.

Sayreville Public Library 732-727-0212 Can’t attend? We can email you materials Send email to VercammenLaw@Njlaws.com

Free Will Seminars and Speakers Bureau for Groups 10 years ago the AARP Network Attorneys of the Edison/Metuchen/Woodbridge area several years ago established a community Speakers Bureau to provide educational programs to AARP and senior clubs, Unions and Middlesex County companies. Now, Ken Vercammen, Esq. and volunteer attorneys of the Middlesex County Estate Planning Council have provided Legal Rights Seminars to hundreds of seniors, business owners and their employees, unions, clubs and non-profit groups. About the speaker: Kenneth A. Vercammen is a trial attorney in Edison, NJ. He is co-chair of the ABA Probate & Estate Planning Law Committee of the American Bar Association Solo Small Firm Division. He is a speaker for the NJ State Bar Association at the annual Nuts & Bolts of Elder Law & Estate Administration program. He is author of the American Bar Association’s book Wills and Estate Administration. Mr. Vercammen is an AARP member and has published over 150 legal articles in national and New Jersey publications on litigation, elder law, probate and trial topics. He is a highly regarded lecturer on litigation and probate law for the American Bar Association, NJ ICLE, New Jersey State Bar Association and Middlesex County Bar Association. His articles have been published in noted publications included New Jersey Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer. He established the NJlaws website www.njlaws.com which includes many articles on Estate Planning, Probate and Wills. He is a member of the AARP and often lectures to groups on the importance of an up to date Will, Power of Attorney and Living Will.

KENNETH VERCAMMEN & ASSOCIATES, PC ATTORNEY AT LAW 2053 Woodbridge Ave.Edison, NJ 08817 (Phone) 732-572-0500 (Fax) 732-572-0030 www.njlaws.com www.CentralJerseyElderLaw.com

East Brunswick Library Wills Seminar Feb 16, 2016

Wills &Power of Attorney Seminar East Brunswick Public Library

2 Jean Walling Civic Center East Brunswick, NJ 08816

February 16, 2016 at 7pm

Main Topics:

1. The New Probate Law and preparation of Wills

2. 2016 changes in Federal Estate and Gift Tax

3. NJ Inheritance taxes on estates over $675,000

4. Power of Attorney

5. Living Will

6. Administering the Estate/ Probate/Surrogate

7. Questions and Answer

COMPLIMENTARY MATERIAL: Brochures on Wills, "Answers to Questions about Probate" and Administration of an Estate, Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.

East Brunswick Public Library 732-390-6781 Can’t attend? We can email you materials Send email to VercammenLaw@Njlaws.com

Thursday, January 21, 2016

Notice of Probate of Will Middlesex County East Brunswick Edison Highland Park Jamesburg Metuchen Middlesex Boro Milltown Monroe New Brunswick North Brunswick Old Bridge Perth Amboy Piscataway Plainsboro South Brunswick South Plainfield South River Spotswood Woodbridge Carteret Cranbury Dunellen

NJ Court Rule 4:80-6 Notice of Probate of Will

Within 60 days after the date of the probate of a will, the Attorney for the Estate or the personal representative shall cause to be mailed to all beneficiaries under the will and to all persons designated by R. 4:80-1(a)(3), at their last known addresses, a notice in writing that the will has been probated, the place and date of probate, the name and address of the personal representative and a statement that a copy of the will shall be furnished upon request (many executors and administrators hire an attorney to handle the required notices).

Proof of mailing shall be filed with the Surrogate within 10 days thereof. If the names or addresses of any of those persons are not known, or cannot by reasonable inquiry be determined, then a notice of probate of the will shall be published in a newspaper of general circulation in the county naming or identifying those persons as having a possible interest in the probate estate.

If by the terms of the Will property is devoted to a present or future charitable use or purpose, like notice and a copy of the will shall be mailed to the Attorney General.

It is important to serve and file the notice of probate because it starts the clock ticking on limiting challenges to the Will by unhappy family members. If they wait too long, they will be time barred.

Post Will Instructions to Clients Middlesex County East Brunswick Edison Highland Park Jamesburg Metuchen Middlesex Boro Milltown Monroe New Brunswick North Brunswick Old Bridge Perth Amboy Piscataway Plainsboro South Brunswick South Plainfield South River Spotswood Woodbridge Carteret Cranbury Dunellen

Post Will Instructions to Clients

I send all my clients a Post Will letter to give them several important reminders regarding the clients Will and things related to it. I am doing this in order for them to have a permanent record and also that they may refer to this letter from time to time in the future in order to refresh the clients memory. Please be sure, therefore, to keep this letter with the clients copy of their Will.

We have given the client the Original signed Will to take home. The client should advise the Executors where the original Will is going to be stored. Additionally, they should provide the Executor with our business card and instruct the Executor to contact us prior to going to the Surrogates Office or probating a Will. If they have a Living Will, please be sure to give a copy to their doctor.

If they ever want to discuss the Will with me, I will be happy to do this with the client at any time after scheduling an appointment.

I recommend that the client review the Will periodically in order to keep it up-to date regarding changes in their family, their property, their wishes, and the law. I suggest that approximately five (5) years from the present time, the client contact my office and schedule an appointment again so that we can review their Will together.

This periodic review program should not prevent the client from considering the making of a change in their Will at any earlier date. Changes should be made whenever the client believes such changes are necessary. A persons family, property and wishes may change over the years and for these and other reasons the client should re-examine their Will from time to time in order to make sure that it will carry out their present wishes.

I caution the client against making any marks upon their original Will because this can lead to a Will contest. If the client wants to make a change in their Will, they should contact my office and we will either make a Codicil (a short addition) to their Will or a new Will depending upon their needs and wishes.

In the event that a death occurs in their family, may I suggest that the client contact my office immediately in order to determine what, if anything, must be done in order to settle that persons estate. I also suggest that the client instruct their Executor and the members of their family to contact my office immediately, in the event of their death, in order to determine what, if anything, must be done to settle their estate.

We thank our clients for allowing our office to be of service.

We welcome additional business and accept referrals for:

1) Personal Injury- Car Accidents

2) Municipal Court, Traffic Tickets and DWI.

3) Wills, Power of Attorney, Living Wills and Estate Planning.

4) Criminal cases

5) Probate/ Administration of Estates

6) Injuries caused by Fall downs

7) Civil Litigation for cases over $10,000.

We recommend you pass my offices phone number to your family and friends who do not have a current Will. Our Confidential Will Questionnaire is online at

www.njlaws.com/will_Questionnaire.htm

Best regards,

KENNETH VERCAMMEN

Co-Chair American Bar Association Estate Planning & Probate Committee

Co-Author Nuts & Bolts of Elder Law & Estate Administration for the NJ State Bar Associations Institute for Continuing Legal Education

Set up Trusts within Wills to protect Assets of children under age 30 Middlesex County East Brunswick Edison Highland Park Jamesburg Metuchen Middlesex Boro Milltown Monroe New Brunswick North Brunswick Old Bridge Perth Amboy Piscataway Plainsboro South Brunswick South Plainfield South River Spotswood Woodbridge Carteret Cranbury Dunellen

Set up Trusts within Wills to protect Assets of children under age 30

Example The principal held in each child's share shall be distributed to him or her upon his or her attaining the age of thirty (30) years.

In the event either of my children have not attained the age of thirty (30) years, if he or she has attained or upon his or her attaining the age of twenty two (22) years, my Trustee shall distribute one-third (1/3) of the principal held in such child's share to him or her.

If either child has attained or upon attaining the age of twenty five (25) years, an additional one-half (1/2) of the balance of the principal held in such child's share shall be distributed to him or her. Upon attaining the age of thirty (30) years, the balance of the principal held in such child's share shall be distributed to him or her.

As average Americans, we work 80,000 hours in a lifetime, or 45 to 55 years. In spite of all the resources and assets we earn, the vast majority of us do not take the time to create a Will.

National statistics indicate that 80% of Americans foolishly die without leaving a Will. There are several reasons for this: fear of death; procrastination; and misinformation (people presume that only the rich need to have Wills). Whatever the excuse, it is clear that people would benefit from having a Will.

In the absence of a Will or other legal arrangement to distribute property at death, problems arise. The result can be lengthy delays before the rightful heirs receive their property.

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:

* State law determines who gets assets, not you

* Additional expenses will be incurred and extra work will be required to qualify an administrator

* Judge determines who gets custody of your children

* Possible additional State inheritance taxes and Federal estate taxes cannot be reduced

* If you have no spouse or close relatives the State may take your property

* The procedure to distribute assets becomes more complicated-and the law makes no exceptions for persons in unusual need or for your own wishes.

* It usually cause fights and sometimes lawsuits within your family

When loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with Financial concerns. Careful estate planning helps take care of that. Don’t try to do Estate Planning with a cheap form found online.

THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH YOUR ATTORNEY MAY INCLUDE 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

A Will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions.

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 laws

MAY I CHANGE MY 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.

Save money with proper planning

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 client’s assets, family and his/her 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. A properly drawn Simple Will without Trust costs approximately $200.00 to $600.00. It is one of the most important documents you will ever sign, and may be one of the best bargains you will ever have.

Be sure your Will takes into account the Federal Tax changes and New Jersey Inheritance Tax changes. Also, ascertain if your Will is “self-proving”, which would dispense with having to find the Will’s witnesses after death.

WHAT IS A WILL?

“A Will is a Legal written document which, after your death, directs how your individually owned property will be distributed, who will be in charge of your property until it is distributed and who will take care of your minor children if the other parent should die ". You should remember that the term “property” under the law includes "real estate as well as other possessions and rights to receive money or items of value.” Everyone who has at least $3,000 in assets should have a Will. You do not have to be wealthy, married, or near death to do some serious thinking about your Will.

Reducing the NJ Estate Tax on estates over $675,000.

A New Jersey estate tax return must be filed if the decedent's gross estate plus adjusted taxable gifts exceeds $675,000.

Even if there is no NJ Inheritance Tax there can be a NJ Estate Tax if the estate exceeds $675,000 and the beneficiaries are children or grand children. There is a substantial tax that must be paid after the 2^nd spouse dies on amounts over $675,000.

You can hire an attorney to set up Trusts or a Will with a Credit Shelter Trust to try to reduce NJ Estate taxes due. We charge a minimum fee of $400 for each Trust within a Will. A separate stand alone Trust has a minimum fee for $2,500.

Even if your net worth is well below the Federal threshold where the federal estate tax becomes an issue, the New Jersey Estate Tax may still be a problem. The New Jersey Estate Tax affects any person or married couple with net worth over $675,000. There is no exemption for assets you leave to your children; those assets are fully taxed, even if in joint names. There is also no exemption for the value of your home and life insurance, so it is easy to hit the $675,000 threshold very quickly.

If you have assets such as bank accounts in joint names, or bank accounts payable upon death, these go directly to the beneficiary. Your Will cannot change who the beneficiary is on a joint account, payable upon death accounts, or other assets such as Life Insurance policies. You would have to directly contact the bank or company where the assets are held and either direct that they change the beneficiary or not list any beneficiary at all other than your Estate. Therefore, if you have $1,200,000 in assets, you can change the beneficiary so the husband owns $600,000 and the wife owns the other $600,000.

WHAT IS CREDIT SHELTER TRUST and how can the attorney help Reduce NJ Estate Taxes and protect the surviving spouse and children?

"The Credit Shelter Trust (sometimes referred to as a “Bypass Trust” or an “A/B Trust”) is a popular estate planning technique used by married couples with combined assets in excess of $675,000. The purpose of the Credit Shelter Trust is to avoid the wasting of federal and state exemptions on the death of the first spouse. Instead of leaving all assets to the surviving spouse and thereby exposing the surviving spouse’s estate to more tax, both spouse’s Wills are drafted to establish a Credit Shelter Trust to come into existence and be funded on the first spouse’s death.

In a typical Credit Shelter Trust, the surviving spouse is entitled to receive all of the income from the Trust for his or her lifetime, and has the right to demand principal distributions for his or her health, education, support and maintenance in his or her accustomed manner of living. Distributions in excess of that standard require the cooperation of a Co-Trustee – often an adult child of the surviving spouse or a trust department of a bank.

The amount, which funds a typical Credit Shelter Trust, varies according to a particular Client’s financial and family circumstances. For Federal Estate Tax purposes, a Credit Shelter Trust can be funded with the Decedent’s remaining federal estate tax exemption ($5.4 million as of 2015 if no prior gifts have been made). However, in New Jersey, since the state estate tax exemption is only $675,000, if the Credit Shelter Trust is funded with more than $675,000, this will cause some New Jersey Estate Tax to be paid. For example, if the $2 million is funded, the tax to the State of New Jersey is $99,600. Because of this, many Clients choose to fund the Credit Shelter Trust with only $675,000.

If the Credit Shelter Trust technique is implemented as part of a Client’s Estate Plan, you can hire the attorneys for a separate fee to assist the Client in re-titling his or her assets so that assets are available to fund the Credit Shelter Trust. Re-titling is necessary because most Clients tend to hold assets jointly with right of survivorship and assets must be titled individually in a person’s name in order to be eligible to fund a Credit Shelter Trust. We work with a tax attorney to help our clients." Source: http://www.davidkwhitlock.com/CM/FAQ/What-Is-Credit-Shelter-Trust.asp:

Examples of NJ Estate Tax due if no estate planning

Estate of $800,000 and no spouse

Your Estimated NJ Estate Tax: $22,799.60

If Estate Value: $900,000.00

Your Estimated NJ Estate Tax: $27,600.00

If Estate Value: $1,000,000.00

Your Estimated NJ Estate Tax: $33,200.00

If Estate Value: $1,100,000.00

Your Estimated NJ Estate Tax: $38,800.00

If Estate Value: $1,200,000.00

Your Estimated NJ Estate Tax: $45,200.00

If Estate Value: $1,300,000.00

Your Estimated NJ Estate Tax: $51,600.00

ADMINISTRATION OF AN ESTATE

If you are named the executor, you must visit the County Surrogate to probate the Will. You will need the following items:

1. The Death Certificate

2. The Original Will

3. Names and Addresses of decedent's, next of kin and list of beneficiaries

4. Minimum of $130.00 for Surrogate fees

A NJ state inheritance tax return must be filed if real estate is left and the tax may be required on the transfer of real or personal property within eight months after death.

Call our office to schedule a "confidential" appointment 732-572-0500

Kenneth Vercammen & Associates.

2053 Woodbridge Avenue

Edison, NJ 08817

www.centraljerseyelderlaw.com

Wills and Estate Administration-Articles from www.njlaws.com