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Klitzman Law Group, PLLC

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What Is a Holistic Estate Plan?

“No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.” Estate planning is more than a tax strategy. It’s about creating a legacy and protecting your family for the short and long term, explains the article “Create A Holistic Estate Plan Now For... Continue reading

Posted 2 days ago at Klitzman Law Group, PLLC

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Does Executor have to Be a Family Member?

“What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?” Executor, executrix or personal representative, whatever name you use, is the person who will be in charge of your estate and follow the directions in your last will... Continue reading

Posted 3 days ago at Klitzman Law Group, PLLC

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A Trust can Protect Inheritance from Relatives

“You may love your son-in-law or daughter-in-law now, but that could change down the road. So, if you don’t want your money going to your child’s future ex, here’s what you should do.” It’s always exciting to watch adult children build their lives and select spouses. However, even if we... Continue reading

Posted 4 days ago at Klitzman Law Group, PLLC

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Will Inheritance and Gift Taxes Change in 2021?

“Facing down an uncertain election outcome and the possibility of tax reform in 2021, many families started transferring substantial amounts of wealth last year, making large gifts to take advantage of the historically high gift and generation-skipping transfer tax exemptions.” Uncertainty is driving many wealth transfers, with gifting taking the... Continue reading

Posted 5 days ago at Klitzman Law Group, PLLC

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Delaying Social Security during COVID can Be Risky

“The Covid economy has pushed a lot of older workers into early retirement. However, hold off on taking those government checks.” Putting off claiming Social Security until age 70 is one of the best financial strategies for American workers, but only 4% of people born between 1943-1947 were able to... Continue reading

Posted 6 days ago at Klitzman Law Group, PLLC

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What is not Covered by a Will?

“While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.” A last will and testament is one part of a holistic estate plan used to direct the distribution of property after a person has died. A recent... Continue reading

Posted May 7, 2021 at Klitzman Law Group, PLLC

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How Does an Inherited IRA or 401(k) Work?

“So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.” The rules for inheriting retirement assets are complicated—just as complicated as the rules for having 401(k)s and IRA to... Continue reading

Posted May 6, 2021 at Klitzman Law Group, PLLC

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Can a Person with Alzheimer’s Sign Legal Documents?

“Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.” If a loved one has been diagnosed with Alzheimer’s disease or any other form of dementia, it... Continue reading

Posted May 4, 2021 at Klitzman Law Group, PLLC

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How to Protect Digital Property

“While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.” When people built wealth, assets were usually tangible: real estate, investments, cash, or... Continue reading

Posted May 3, 2021 at Klitzman Law Group, PLLC

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What can a Power of Attorney Do—or Not Do?

“The person signing the power of attorney, which gives someone else the authority to act for them, is called the ‘principal’ and the person who is given the power to act for you is called your ‘agent.’” Power of attorney is an important tool in estate planning. The recent article... Continue reading

Posted Apr 30, 2021 at Klitzman Law Group, PLLC

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Will Inheritance and Gift Tax Exemptions Change in 2021?

“The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.” The federal estate and gift... Continue reading

Posted Apr 30, 2021 at Klitzman Law Group, PLLC

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What Is Family Business Succession Planning?

“If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.” Many family-owned businesses have had to scramble to maintain ownership, when owners or heirs were struck by... Continue reading

Posted Apr 29, 2021 at Klitzman Law Group, PLLC

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Common Mistakes when Making Beneficiary Designations

Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.” Let’s say you divorce and remarry and forget to change your beneficiary from your ex-spouse. Your ex-spouse will be smiling... Continue reading

Posted Apr 28, 2021 at Klitzman Law Group, PLLC

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How to Protect Child’s Public Benefits

“If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones.” Well-meaning relatives may not understand that putting a family member with special needs in their will could put... Continue reading

Posted Apr 27, 2021 at Klitzman Law Group, PLLC

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What Happens when Homeowner Dies without Will?

“How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?” When parents die suddenly, in this case due to COVID-19, and there is no will and no discussions have taken place, siblings are placed in an awkward,... Continue reading

Posted Apr 26, 2021 at Klitzman Law Group, PLLC

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What Is a Living Trust Estate Plan?

“While a Last Will can help ensure that one’s wishes regarding the distribution of their estate upon death are followed, it is the living trust that allows the estate to avoid probate.” Living trusts are one of the most popular estate planning tools. However, a living trust accomplishes several goals,... Continue reading

Posted Apr 23, 2021 at Klitzman Law Group, PLLC

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Court Victory for Adults Caring for Parents at Home

“Advocates are celebrating an important victory for individuals who provide care for their parents at home. The new decision will likely lead to a substantial expansion in the number of homes transferred to those caregivers.” A New Jersey Appellate Division recently reaffirmed the state’s regulation that allows older adults to... Continue reading

Posted Apr 22, 2021 at Klitzman Law Group, PLLC

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Why Do I Need a Will?

“A will is a legal document, governed by the laws of each state, written to guarantee that your possessions will be left upon your death to the people or organizations you specify.” Estate planning attorneys aren’t the only professionals to advise anyone who is a legal adult and of sound... Continue reading

Posted Apr 21, 2021 at Klitzman Law Group, PLLC

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What Is Fair in a Second Marriage and Estate Planning?

“If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage.” The assets you and your second spouse bring into the marriage need to... Continue reading

Posted Apr 20, 2021 at Klitzman Law Group, PLLC

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Have Estate Planning Conversations with Aging Parents

“Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by the financial services company HSBC.” Let’s start with this idea: maybe your parents are going to leave you a generous bequest as part of their estate... Continue reading

Posted Apr 19, 2021 at Klitzman Law Group, PLLC

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What Could Proposed Estate Tax Bill Mean to You?

“The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.” U.S. Sen. Bernie Sanders has released proposed legislation named “For the 99.5%” Act. If passed in its present form, the legislation... Continue reading

Posted Apr 16, 2021 at Klitzman Law Group, PLLC

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What Paperwork Is Needed after Someone Dies?

“While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.” Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require... Continue reading

Posted Apr 15, 2021 at Klitzman Law Group, PLLC

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How Do Special Needs Trusts Work?

“Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.” A trust of any kind is a document that expresses your wishes while you are alive and after you have passed. The need for a dedicated... Continue reading

Posted Apr 14, 2021 at Klitzman Law Group, PLLC

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Can I Revoke a Power of Attorney?

“You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.” Spouses and partners chosen by adult children often lead to estate planning challenges. In one case, a parent worries that a second husband may be... Continue reading

Posted Apr 13, 2021 at Klitzman Law Group, PLLC

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What Qualifies as a Qualified Charitable Distribution?

“Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.” Qualified charitable distributions allow individual retirement holders to divert some of their federally... Continue reading

Posted Apr 12, 2021 at Klitzman Law Group, PLLC

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