Death

The Perils of Joint Accounts

Joint Tenancy With a Right of Survivorship (JTWROS) is a manner by which many of us hold bank and other financial accounts with others.  It is a traditional method of account ownership that has many benefits.  It commonly reflects the unity between spouses.  It avoids probate when one party dies.  It can be used for […]

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Examining the Estate of Philip Seymour Hoffman

Examining the Estate of Philip Seymour Hoffman

On February 2, 2014, Philip Seymour Hoffman died of a drug overdose at the age of 46.  He was an Academy Award winning actor who appeared in many productions on stage and screen.  He was survived by his life partner, Mimi O’Donnell, and their three children, Cooper (10), Tallulah (7) and Willa (5).  His estate […]

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Benefits of Marriage

Benefits of Marriage

Millions of Reasons to Say “I Do” Lillian Garis Booth and Michael Dabich, residents of Bergen County, were companions for 51 years.  They met in New York when Booth was 42 and Dabich was 27.  According to Dabich, they held themselves out as husband and wife before his family and society in general in his […]

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Protecting Your Assets and Preserving Your Wishes

Protecting Your Assets and Preserving Your Wishes

Mike and Carol are a couple who both have children from a prior marriage.  Mike has three sons – Greg, Peter and Bobby.  Carol has three daughters – Marcia, Jan and Cindy.  After several years of marriage, they decide to execute Wills.  Wanting to keep it “simple,” Mike leaves everything to Carol, with the understanding […]

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Higher Gift Tax Limits for 2014

Higher Gift Tax Limits for 2014

With the beginning of another year comes changes in the laws effecting federal estate and gift taxes.  There are three primary taxes in this area: (1) federal estate, (2) the generation skipping transfer (GST), and (3) the gift tax. For the year 2014, the exclusion from the federal estate tax is $5,340,000.  This is an […]

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