Majors Law Firm P.C.

Providing Skilled Legal Expertise
for 134 Years

The NJ Estate Tax Has Been Eliminated…Do You Still Need a Will?

February 1st, 2018 | Written by Lori K. MacWilliam, Esq.

As of January 1, 2018, there is no longer any New Jersey estate tax, as per New Jersey P.L. 2016, c. 57.  Many New Jersey residents have been asking, “Do I still need a will, since there is no need to consider tax-planning?”  The answer is yes, there are many reasons that you still should have a valid will in New Jersey.  Here are five such reasons:

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What Happens When You Don’t Have an Estate Plan?

June 16th, 2017 | Written by Daniel S. Makoski, Esq.

There are two ways in which your property can be apportioned to family and friends after your passing.

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Premarital Agreements For People Over 50

March 13th, 2017 | Written by Diana N. Fredericks, Esq.

The rate of divorce for first marriages is approximately 40-50%[i]; that number jumps to an estimated 73% for second marriages[ii].  Now consider that the majority of New Jerseyans divorcing are over the age of 50[iii].  If you are over age 50 and considering a second (or third) marriage, how can you adequately protect yourself and your family?

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Charitable Trusts: How to Give to Charity and Your Family

December 15th, 2015 | Written by Daniel S. Makoski, Esq.

A charitable trust exists in three basic forms: a charitable lead trust, a charitable remainder trust, and a trust with a charitable beneficiary. Each trust provides for a different timing of when a gift will be made to a charity, and thus alters what percentage will be included in your estate.

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What is a Trust? And How Can It Change My Estate Plan?

December 7th, 2015 | Written by Daniel S. Makoski, Esq.

In its most simplistic form, a Trust is a separate legal entity that owns assets for the benefit of another person or entity. As part of your estate plan, a properly drafted Trust is a very effective asset management tool. A Trust bifurcates title in an asset into two categories: legal title and beneficial title.

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Your Spouse Might Not Be Your Beneficiary

March 31st, 2015 | Written by Lori K. MacWilliam, Esq.

Getting married may change many things in your life, but it does not automatically change the beneficiary on your life insurance policy to your new spouse.

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