There is a general misconception that “Estate Planning”is something only rich people should consider. This is not true. People with wealth do require planning for tax avoidance. Legal Update readers have read about tax avoidance methods in my articles over the last ten years. Tax avoidance is an important goal since taxes can be significant. […]
Enter article text hereIn September, the New Jersey legislature gave divorce litigants, lawyers, and courts another option when considering the complicated issue of spousal support. It amended the divorce statutes to permit “limited duration” awards in addition to permanent, rehabilitative, and reimbursement alimony. This new type of alimony is meant to fill a gap that […]
Whenever the State takes private property for a public purpose pursuant to the provisions of the Eminent Domain Act of 1971, the property owner is entitled to receive just compensation. When the entire property is taken, the measure of damages is calculated as the property’s fair market value at the time of the taking. However, […]
It has become very expensive to live the “American Dream” – a house, college educations, vacations, retirement planning, etc. Two income families have become the norm and the “Dream” has, often out of necessity, been modified or postponed. If there is a premature death of one spouse, how do you protect the family – which […]
Anyone who has been divorced in New Jersey knows that parties often wait three or four years for a trial date and can spend tens of thousands of dollars during that time. Fortunately, the Supreme Court now seems to understand this, too. On April 5, 1997, the Court implemented sweeping changes in divorce litigation rules […]
When a shareholder of a large, publicly-held corporation dies, there is generally no impact on the operation of the company since his/her shares normally pass to heirs. Although the heirs are now shareholders of the company, under normal circumstances, they have no ability to control the company’s destiny. By contrast, the death or withdrawal of […]
You have probably read that there are plans to help minimize taxes, avoid probate and add convenience to your estate. How the asset is owned or “titled” affects these plans and can yield unexpected results. An asset can be owned by a person:a.) individually b.) as joint owners without a right of survivorship; and c.) […]
We frequently receive inquiries about jury duty. Employees generally want to know their obligations and rights and many clients want to know if they can be excused. To answer these questions, we have prepared the following outline of jury selection procedures in Bergen County. These procedures were updated after Governor Whitman signed new legislation about […]
The New Jersey Child Support Guidelines are among the most comprehensive, and complicated, in the nation. While other states set child support at a certain percentage of income, New Jersey established a system of basing support on the amount of time a parent actually spends with a child and the true costs associated with that […]
Failing to properly plan your estate can put your family in turmoil for years after your death. Tax avoidance and saving money is a major part of estate planning – when done properly, planning can minimize or eliminate federal estate taxes on most estates. To take advantage of these opportunities, you must be thoughtful and […]