Creating an estate plan is the best way to protect your family, finances, and legacy. But many New Jersey residents procrastinate when it comes to creating their estate plan. They may falsely think the entire process is too complex or confusing, or they may even believe these other commonly held estate planning misconceptions are true. Estate planning is reserved for the rich One of the most widely believed myths about estate planning is that it only benefits the wealthy. This could not be further from the truth. Whatever your financial status, drafting an estate plan can help you. By putting ..read more

When you pass away, your loved ones need to know what you intend for them to do with the money and property you leave behind. A little Estate planning now can help them navigate the probate process as quickly and painlessly as possible in the future. That is the power and utility of a properly prepared last will and testament. If a legal will is precise and tailored to your specific situation, there can be no question as to how your money and property are to be distributed to your loved ones and other beneficiaries at the time of your death. However, before you prepare a will, it is instructiv ..read more

The transfer of property, cars, or money to any individual without receiving an equal value or more in return is considered a gift. While New Jersey does not have a gift tax, per se, the IRS does impose one, under most circumstances. The gift tax may apply when making gifts during your lifetime (gift tax), or when making bequests under your will (estate tax). When planning your estate, it’s important to know the potential gift tax implications and methods to reduce or avoid gift tax liabilities. Our experienced team at [nap_names id="FIRM-NAME-1"] is here to answer your questions and help you ..read more

Concern about future credit is a primary concern of many people who file for bankruptcy. People wonder if their credit score will drop dramatically, and if it will stay that way forever or if credit can be rebuilt. Regarding this issue, the Supreme Court said in a bankruptcy case in 1934 that “[bankruptcy] gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.” This means that people needing bankruptcy relief should be able to rebuild their credit and their ..read more

Many people think that trusts are only for the extremely wealthy. At [nap_names id="FIRM-NAME-1"], we have been helping people create estate plans for nearly 40 years. We know that anyone who wants or needs to incorporate a trust into their estate planning can do so, even if they do not own many assets or have a complex estate. You can create a trust for many reasons, providing for your chosen beneficiaries and setting the terms as you see fit. As with all estate planning tools, you need to understand when a trust is the right fit for your planning goals. There are both advantages an ..read more

Many property owners have heard of easements but are not familiar with exactly what they are or do. If you are a property owner in New Jersey, it's important to understand the most common types of easements, why they are used, and when an easement might affect your land and your use of it. Having represented a valued and diverse clientele in real estate transactions  for more than 36 years, the attorneys at [nap_names id="FIRM-NAME-1"], can help you understand your rights and obligations regarding easements in New Jersey. How are easements used? In their simplest terms, easements are reco ..read more

Whenever you purchase real estate in New Jersey, the seller has a duty to provide you with clear title to the property. That means the property must be free from claims by any third parties. In order to make sure the property has clear title, your attorney must order and review complete title searches for the property you are buying from a reputable Title Insurance Agency licensed to conduct business in New Jersey. Searches include a record owner and municipal search; complete judgment/lien searches on the property and all buyers, as well as all sellers in the “chain of title”; and applicable ..read more

If you're buying a home in New Jersey, it's important to understand how pre-closing inspections fit into the process. The inspections occur: AFTER the contract of sale is presented to you (or your attorney), and AFTER the Attorney Review period has concluded. The Attorney Review period is a critical part of every New Jersey real estate transaction. For real estate contracts prepared by a licensed realtor, New Jersey has an automatic review period of three business days from the contract’s complete execution by all parties. During this review period, the buyer's attorney makes important modif ..read more

The current real estate market in New Jersey is proving to be a once-in-a-generation phenomenon. People throughout the state have successfully sold their homes at higher prices that would have been difficult to imagine only a short while ago, and buyers continue to purchase homes at historically low interest rates, even as competition among buyers remains high due to low market inventory. However, not every homeowner wants to sell right now. If that describes your situation — but you still want to take advantage of low interest rates — refinancing may make the most sense. Why refinance? Refina ..read more

Real estate professionals in New Jersey have predicted for months that the currently hot real estate market would cool down as the COVID-19 pandemic gets under control. The thinking behind this prediction is logical enough. The pandemic resulted in fewer homeowners putting their houses on the market, resulting in a lower inventory of houses, which in turn caused a frenzy among nonetheless willing buyers. Consequently, prices rose while demand remained high, as buyers were not deterred, due in large part to low interest rates. Will the fading of the pandemic result in lower prices? As vaccine r ..read more