Wills & Power of Attorney Seminar Piscataway Library Kennedy Branch March 23, 2017

 Wills & Power of Attorney Seminar

Piscataway Library Kennedy Branch

March 23, 2017 at 7pm

500 Hoes Lane Piscataway NJ 08854

Piscataway J.F. Kennedy Memorial Library

     Open to the public. You do not need to be a township resident.

SPEAKER: Kenneth Vercammen, Esq. Edison, (Author- ABA’s “Wills and Estate Administration book”)

   The January 1, 2017 New Estate Tax law made a number of substantial changes in the administration of estates and trusts in New Jersey.

Main Topics:

 1. 2017 changes to NJ Estate Tax & changes to taxes on pensions

2. 2017 changes in Federal Estate and Gift Tax 

3. The New Probate Law and preparation of Wills  

4. Power of Attorney     

5.  Living Will         

6.  Administering the Estate/ Probate/Surrogate   

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

        Piscataway Library Kennedy Branch

Register at the Kennedy Library Information Desk or by calling 732-463-1633x6

http://www.piscatawaylibrary.org/content/wills-estates

Can’t attend?  We can email you materials Send email to VercammenLaw@Njlaws.com

Facebook:  

https://www.facebook.com/events/403214386687148/

Free Will Seminars and Speakers Bureau for Groups

SPEAKERS BUREAU

        At the request of senior citizen groups, unions, and Middlesex County companies and organizations, the " Speakers Bureau " is a service designed to educate citizens about how laws affect their lives and how the judicial system operates.  We have attorneys available to speak to businesspersons, educational, civic and social organizations on a wide range of topics during business hours.  For additional information on the Legal Seminars, contact our Coordinator, Kenneth Vercammen’s law office at (732) 572-0500, or fax 732-572-0030.

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

Details on free programs available

These quality daytime educational programs will educate and even entertain. Clubs and companies are invited to schedule a free seminar. The following Seminars are now available:

1. WILLS & ESTATE ADMINISTRATION-PROTECT YOUR FAMILY AND

MAKE PLANNING EASY

2. POWER OF ATTORNEY to permit family to pay your bills if you are temporarily disabled and permit doctors to talk with family

       All instructors are licensed attorneys who have been in practice at least 25 years. All instructors are members of the American Bar Association, New Jersey

State Bar Association, and Middlesex County Bar Association. All programs include free written materials.

       You don't have to be wealthy or near death to do some thinking about a Will. Here is your opportunity to listen to an experienced attorney who will discuss how to distribute your property as you wish and avoid many rigid provisions of state law.

      Topics discussed include: Who needs a Will?; What if you die without a Will (intestacy)?; Mechanics of a Will; "Living Will"; Powers of Attorney; Selecting an executor, trustee, and guardian; Proper Will execution; Inheritance Taxes, Estate Taxes $14,000 annual gift tax exclusion,  Bequests to charity, Why you need a "Self-Proving" Will and  Estate Administration/ Probate.

       Sample materials: Hand-outs on Wills, Living Wills/Medical Advance Directive, Power of Attorney, Probate and Administration of an Estate, Real Estate, Working with your Attorney, Consumers Guide to New Jersey Laws, and Senior Citizen Rights.

SPEAKERS BUREAU

        At the request of senior citizen groups, unions, and Middlesex County companies and organizations, the " Speakers Bureau " is a service designed to educate citizens about how laws affect their lives and how the judicial system operates. We have attorneys available to speak to businesspersons, educational, civic and social organizations on a wide range of topics during business hours.

In today's complex world, few people can function successfully and safely without competent legal advice. In order to insure your estate plans are legally set up, you need to know exactly where you stand so that you can avoid possibly catastrophic mistakes impacting both you and your family.

About the speaker: Kenneth A. Vercammen is a trial attorney in Edison, NJ. We is the author of the American Bar Association’s book “Wills and Estate Administration”

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 was Editor of the ABA Estate Planning Probate Committee Newsletter. Mr. Vercammen 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

If you don’t have a Will

If you don’t have a Will

     By Kenneth A. Vercammen, Esq. 

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

* Possible additional State inheritance taxes and Federal estate taxes

*  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.

If no Will, a formal, written Renunciation of the right to serve as the estate's Administrator signed (in the presence of a Notary Public) by every person, if any, who has statutory preference over the applicant to serve as the estate's Administrator. This often means all the children having to sign the Renunciation.

If all the children Will not sign a renunciation, an expensive Complaint and Order to Show Cause will have to be filed. At the Superior Court hearing a beneficiary will have to convince the Judge to appoint them as the Administrator. Legal fees and court costs over $3,000. They will then have to pay for a bond usually costing over $1,000. Then later usually a Formal Accounting has to be filed.  All this could be avoided with a proper Will prepared by an Estate Planning Attorney usually costing $300-$600 each.

*  It may also cause fights and lawsuits within your family

                          

          What happens if you don’t have a Will or a cheap online form is not accepted:

1. People you dislike or people who dislike and ignore you may get some of your assets or control assets. State law determines who gets assets, not you. Many people now prefer to leave assets to grandchildren, friends or charities rather than non-working children.

2 Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees

3. You Lose the opportunity to work with your attorney to try to reduce Estate Tax, State inheritance taxes and Federal estate taxes

4.  If you have minor children, the County Surrogate will hold the child’s money until age 18 and it is difficult and time consuming to petition the Surrogate to release funds for payment of tuition, medical bills, clothing etc.

5. A Judge determines who gets custody of minor children. A greedy brother or crazy mother in law could ask the court for custody. The parent of your children may try to control the assets of your children and not properly spend the money

6. If you are separated and die without a Will, under the Uniform Probate Code your spouse will receive 100%  of your estate if all the children are from the same relationship.

7 It probably will cause fights and 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.

         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.

         Many Americans foolishly 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.  And because the state has no instructions from the deceased, no charitable gifts will be made.

         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: NO SURETY OR BOND REQUIRED

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 law

 

MAY I CHANGE MY OLD 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.  Hire a good attorney to do it right. Either a new Will should be legally prepared or a codicil signed to legally change  portions of the Will.

SAVE MONEY

         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. We have attempted to briefly explain in this article some of the issues, techniques, and decisions involved in Wills, Estate Planning, and Administration of an Estate.  Because the matters covered are complicated and the Federal and New Jersey laws frequently change,  this article can only outline some of the many legal issues you should  consider. 

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 $300.00 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.

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.

        

OTHER ITEMS OF CONCERN TO BE PREPARED BY YOUR ATTORNEY

-Trusts (and Medicare Trusts)

-Power of Attorney- to allow a trusted person to  administer your assets during your lifetime, either upon disability or now. We recommend you have a new Power of Attorney drafted every 5 years, Never rely on a cheap online forms.

-Living Wills- to state your wishes concerning  medical care in the event of your serious illness

        

         Kenneth A. Vercammen is a Middlesex County trial attorney. He is author of the ABA book “Wills and Estate Administration”. He who has published 125 articles in national and New Jersey publications on litigation topics.  He has been selected to lecture to trial lawyers by the American Bar Association, New Jersey State Bar Association and Middlesex County Bar Association. 

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

Why have a Will?

Why have a Will?  

     By Kenneth A. Vercammen, Esq. 

         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.

         Many Americans foolishly 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.  And because the state has no instructions from the deceased, no charitable gifts will be made.

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

* Possible additional State inheritance taxes and Federal estate taxes

*  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.

If no Will, a formal, written Renunciation of the right to serve as the estate's Administrator signed (in the presence of a Notary Public) by every person, if any, who has statutory preference over the applicant to serve as the estate's Administrator. This often means all the children having to sign the Renunciation.

If all the children Will not sign a renunciation, an expensive Complaint and Order to Show Cause will have to be filed. At the Superior Court hearing a beneficiary will have to convince the Judge to appoint them as the Administrator. Legal fees and court costs over $3,000. They will then have to pay for a bond usually costing over $1,000. Then later usually a Formal Accounting has to be filed.  All this could be avoided with a proper Will prepared by an Estate Planning Attorney usually costing $300-$600 each.

*  It may also cause fights and lawsuits within your family

                          

          What happens if you don’t have a Will or a cheap online form is not accepted:

1. People you dislike or people who dislike and ignore you may get some of your assets or control assets. State law determines who gets assets, not you. Many people now prefer to leave assets to grandchildren, friends or charities rather than non-working children.

2 Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees

3. You Lose the opportunity to work with your attorney to try to reduce Estate Tax, State inheritance taxes and Federal estate taxes

4.  If you have minor children, the County Surrogate will hold the child’s money until age 18 and it is difficult and time consuming to petition the Surrogate to release funds for payment of tuition, medical bills, clothing etc.

5. A Judge determines who gets custody of minor children. A greedy brother or crazy mother in law could ask the court for custody. The parent of your children may try to control the assets of your children and not properly spend the money

6. If you are separated and die without a Will, under the Uniform Probate Code your spouse will receive 100%  of your estate if all the children are from the same relationship.

7 It probably will cause fights and lawsuits within your family

         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: NO SURETY OR BOND REQUIRED

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 law

 

MAY I CHANGE MY OLD 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.  Hire a good attorney to do it right. Either a new Will should be legally prepared or a codicil signed to legally change  portions of the Will.

SAVE MONEY

         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. We have attempted to briefly explain in this article some of the issues, techniques, and decisions involved in Wills, Estate Planning, and Administration of an Estate.  Because the matters covered are complicated and the Federal and New Jersey laws frequently change,  this article can only outline some of the many legal issues you should  consider. 

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 $300.00 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.

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.

        

OTHER ITEMS OF CONCERN TO BE PREPARED BY YOUR ATTORNEY

-Trusts (and Medicare Trusts)

-Power of Attorney- to allow a trusted person to  administer your assets during your lifetime, either upon disability or now. We recommend you have a new Power of Attorney drafted every 5 years, Never rely on a cheap online forms.

-Living Wills- to state your wishes concerning  medical care in the event of your serious illness

        

         Kenneth A. Vercammen is a Middlesex County trial attorney. He is author of the ABA book “Wills and Estate Administration”. He who has published 125 articles in national and New Jersey publications on litigation topics.  He has been selected to lecture to trial lawyers by the American Bar Association, New Jersey State Bar Association and Middlesex County Bar Association. 

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