Legal Updates

New Jersey “ANCHOR” Program

Yes, we certainly live in a world of acronyms – a recent one being ANCHOR.  So, what does it mean? If you are a New Jersey resident, the Affordable New Jersey Communities for Homeowners and Renters a/k/a ANCHOR replaces the Homestead Rebate.  This program is different in that there is no age restrictions and can […]

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IRA Eligibility Changes For 2021

Retirement – for some people, they have achieved that stage in life. For others, they may be planning for retirement either in the not-so-distant or distant future.  However, in whatever pre-retirement stage of life you are in, it is never too early to think about it.  Taxpayers can deduct contributions to a traditional IRA if […]

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Don’t Forget The Special Income Tax Deductions For 2020

Do you think that there are no holiday gifts when it comes to income taxes?  If you said no, then read on.  I know that I did a similar blog, but this will provide a reminder as we near the end of the year if you haven’t already made donations. For this year, 2020, there […]

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Coronavirus Relief on Retirement Plan Withdrawals

Have you found the need to take a withdrawal from your retirement plan during this pandemic or are you thinking about doing so to ease your burdens?  The CARES Act that Congress passed in late March includes provisions enabling people to take distributions or loans up to $100,000 from their IRA, 401(k) or 403(b) plan […]

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The SECURE Act

Congress recently passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act which affects our nation’s retirement system significantly.  It is hoped to help Americans save more by making it easier for individuals to fund their retirement with their own savings. There is concern that with Americans living longer, a significant portion of Americans […]

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The Right To Die Legislation

New Jersey recently enacted the right to die or assisted suicide legislation as the eighth jurisdiction in the U.S. to allow a fatally ill individual to make a decision to end their life. New Jersey joins Hawaii, Colorado, Oregon, Vermont, Washington and California. The legislation is deemed to be a commitment to individual dignity, informed […]

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Freezes on Credit Reports

Are you interested in freezing your credit report/line to help avoid identity theft?  Good News – Congress has recently passed legislation that will allow people to freeze their credit lines for free.  This will allow people to block thieves from opening up credit in their name without charge. In the past, credit rating companies have […]

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Tax Loophole For Family Businesses Targeted For Closure

The United States Treasury Department has proposed new regulations which would substantially curb the ability of family owned businesses to transfer wealth from one generation to the next. For many years, families have been able to lawfully transfer interests in their business to the next generation through entities including Limited Liability Companies, Family Limited Partnerships […]

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New Jersey Court Bans Medicaid Planning By Non-Lawyers

Over the past three decades, the increasing costs of long term care have led many individuals and families to look for ways to preserve the assets which they have spent a lifetime accumulating. In that regard, the discipline of elder law has arisen and has been a focus of practice for many attorneys. As the […]

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Court Case Highlights Need For Special Needs Trust Funding

Last month, the Arkansas Supreme Court reversed the decision of a local Circuit Court which denied the request of a disabled party, James S. Corn, to establish a Special-Needs Trust on his behalf. James S. Corn, who is in his 50s, became disabled, suffering from memory loss. He receives both SSI and Medicaid. His partner […]

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