A properly written Last Will can be a tremendous tool to help your family and loved ones deal with the many complications, problems and costs associated with estate administration.
If you need advice on a NJ Will and its use in NJ estate planning and asset protection and want to talk to an experienced and trusted New Jersey Wills attorney, then call Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or e-mail him at firstname.lastname@example.org. He warmly welcomes your inquiries.
People often talk about estate planning when the topic of death comes up. We all know our passing is a reality but a distant reality……. so we think. I hope that is true for all of us. But life isn’t always fair and bad things happen everyday. Young people die or are disabled in a horrific accidents. Middle aged persons in their 40’s and early 50’s die from heart attacks or suffer terrible strokes… or aging men and women in their 70’s and 80’s languish with ALS, Alzheimer’s disease, Parkinson’s or dementia. People of all ages, young and old, experience sudden and debilitating illness that robs them of their dignity and quality of life.
Are you married? Have children, grandchildren? Let me state it plain and clear… you need a last will. I have one. So do you. You also need an estate plan and you need a life care plan. Your estate plan should include a last will and/or trust, a Durable Power of Attorney, and Healthcare Directive.
You need these documents to protect yourself, your children, spouse, grandchildren, domestic partner, favorite charity, parents, siblings … in short anyone or anything important to you.
Why, because if you don’t plan ahead, your spouse may face large and unexpected expenses, taxes and be unprepared to handle the family’s finances. Families may fight over the guardianship of your children and money…, because your 22 year old son or daughter may inherit a sizeable estate and like the prodigal son or daughter squander it by age 25….., because your grandchild with a disability may lose his or her government benefits…..; because the son or daughter-in-law you can’t stand may receive a portion of your estate if they divorce your child …… and the reasons go on and on.
View all of Mr. Niemann’s quick and easy to watch videos on Last Wills and NJ Estate Planning located to your left on the menu page.
Fred was interviewed by NJ 101.5 statewide radio on the topic of social media and estate planning concerning your online presence upon your death. Read Fred’s interview and the article which appears by clicking below.
Your estate plan is an investment in you and your family’s future. As years pass, your family may grow, your assets will change, and new laws will be passed. We recommend all of our clients review their estate planning documents once every three to six years.
This Checklist focuses on the foundation of your estate plan, including documents such as a Last Will and Testament, Revocable Trust, General Durable Power of Attorney and Living Will. (Note that references to a “Revocable Trust” on this Checklist are generally interchangeable with the term “Will or Last Will & Testament “, which can also be used as the centerpiece of an estate plan.) However, irrevocable trusts – such as a Life Insurance Trust – and other estate planning vehicles should also be reviewed periodically to see if they are performing as expected.
Below are a checklist and some questions YOU should ask yourself when reviewing your existing NJ estate plan documents.
Do you have a (i) Last Will and Testament, (ii) Revocable Trust, (iii) General Durable Power of Attorney (POA), and (iv) Health Care Power of Attorney/Health Care Proxy/Living Will? Every complete estate plan must contain these documents.
Is any person receiving all or a portion of your estate a minor child (under 18, 25 or 30)? If so, your will should make provisions for that property to be held by the minor’s Guardian or trustee under a carefully written trust until he or she attains an appropriate age.
Do you have any specific gifts or bequests you want to make? Any gift of a cash amount or of an asset other than personal property should be stated in your Will and/or trust. If you have given away a specific asset to a person listed in your existing will or trust (i.e. your beach house), be sure that the asset still exists. Also, your will or trust should provide for what happens if the specific asset is sold during your lifetime.
Are your total combined assets, including life insurance death benefits, greater than $675,OOO? If so, there may be a New Jersey Estate Tax or New Jersey Inheritance Tax imposed at your death. Both Federal and New Jersey Estate Taxes can be reduced or even eliminated with appropriate estate tax planning. If you are married, both spouses’ assets should be totaled together to see if they exceed $675,000. If you have a taxable estate your estate plan should contain trusts or other provisions to reduce taxes. Note that New Jersey Governor Christie proposed to increase the personal estate exemption to $1,000,000 in 2011.
A Last Will can seem complex and a lot to think about, but it doesn’t have to be. With some basic planning, common sense and the guidance of an experienced estate planning attorney, you can have a Last Will prepared quickly and inexpensively. Here are some reasons to consider having a will today.
We all know the Allstate Insurance commercial that addresses mayhem in the world we live in. The commercials are really clever, entertaining and probing. It makes us think about whether we have enough insurance. Well, the same lessons can be learned in your NJ estate planning.
I tell clients about a middle aged wife and mother that came in to see me years ago. Her husband of 25 years had died, early, young and unexpected. He was scheduled to sign his estate planning documents the week after he died.
He was worth a lot of money. But he died before he signed a single document.
By law, he died intestate, meaning he died without a will. Because of that, we had to deal not only with the emotional tragedy of his unexpected death, but the significant financial costs associated with no having estate plan in place. You see, by not signing his estate planning documents before he died, it was if he had done nothing to prepare for his death.
Here’s a Brief Questionnaire to Determine if You Need a Last Will in New Jersey
- Do you want your minor/adult children to be the co-owners of your estate with your surviving spouse?
- Do you want your children by a previous marriage to be disinherited by your present spouse after you die?
- Do you want to potentially save money in federal and New Jersey death and inheritance taxes?
- Do you want in-laws, family and/or friends filing lawsuits over the custody of your children? If your answer(s) to any of these questions is no, then you need to contact Fredrick P. Niemann, Esq. as soon as possible!
A will is a document which directs how your property is to be distributed upon your death and provides for the people you love and care for when you are gone. A will creates a fiduciary relationship between your executor and beneficiaries in which property is held for the benefit of one (or more) person(s). The person creating the will is generally called a testator, or grantor.
The testator typically executes a written document which upon death authorizes the transfer of property to a person called an executor or executrix. The executor is responsible for administering the terms of the will. The person for whose benefit the will is administered is called a beneficiary. The property held in the estate is often called estate property.
New Jersey statutes and case law control the creation, operation, and termination of a will. A last will can generally be written any way you want it except to the extent that a term is illegal or against public policy. Generally, where a will fails to address an issue, New Jersey law must be examined.
A Last Will & Testament may provide for the management of your property, the accumulation and distribution of income to your beneficiaries, time the distribution of property to your beneficiaries, define when withdrawal powers in trusts can be exercised for beneficiaries, and other powers.
In addition, there are many income, estate, and death tax factors written to be considered when creating a will. An experienced estate planning attorney experienced in wills and trusts is extremely valuable.
A trust written in a Last Will which comes to life when a person dies is called a testamentary trust and is subject to probate at the grantor’s death. On the other hand, living and revocable trusts created during a lifetime are generally not subject to probate.
A person must have the legal capacity to create a last will in New Jersey. Capacity means generally that the person is of sound mind and legal age when he or she signs his or her Last Will & Testament.
A Last Will may be void or voidable if the maker lacks capacity at the time the will is created. If you have children, a will should designate who will become their legal guardian if you and your spouse both die. In the absence of a designated guardian, your children are subject to a lengthy and potentially damaging custody and guardianship battle between well-meaning and loving family members, each of who believe he or she is best suited to be your children’s guardian and to raise them as you would have. Note that the legal age of emancipation in NJ is 18 or 21 depending upon several scenarios. A guardian is legally responsible for the health, education, maintenance and welfare of your children. They serve as your child’s legal decision maker until they become an adult. Financial support for the needs of your child should be addressed in a support trust under your will. There are many forms of support trusts suitable for children. See the pages titled below to learn more about the use of a trust for children:
All three pages are located within this site. You can also visit www.njtrustattorney.com (click here). You will find these sites to be extremely informative.
As a father of four sons, I can help you address many of the concerns I had when selecting a guardian(s) for my children as well as other estate planning concerns. You can reach me toll-free at (855) 376-5291 or email me at email@example.com.
My wife and I wanted to express our gratitude for the guidance and patience from you and your staff along this journey. Life is strange at times and the things that bring us together can be just as strange, if not more.
I not only got to put a few bucks in the bank, but got to reconnect with my cousin Sarah, which was a great surprise for me. That alone was worth the journey for me. Getting to know her and the family has been really nice.
I know it was a long day for all of us in mediation, but I really am blessed to have gotten to know you and talk with you. I admire your skills, work ethic and attitude regarding time and Patience. When the opposing attorney was running her big mouth and doing her thing, you never lost your composure, nor your position. I’m hoping it’s one of the nuggets I’m able to take and implement in my personal/professional life.
The short version of this story is that you have a lot to offer people, you’re a true, trusted advisor. Your words and actions seem to align with your values, which is like common sense, very hard to come by now a days. Your staff does a great job as well. Please let them know that as often as you can.
Keep up the good work Fred and thanks again.
– Mike Price – Plainfield, IN
Mr. Niemann has been a wonderful attorney to me. I feel confident with his advice and what he tells me. When I visit his office, I feel welcomed. His staff is always pleasant and very friendly. I feel fortunate to have Hanlon Niemann as my attorney.
—Cecelia Lamicella, Freehold, NJ
I came to Hanlon Niemann to have a Last Will & Testament done. Everyone I met with was very professional, knowledgeable and courteous which is sometimes hard to find. All of my questions were fully answered, my documents promptly prepared and my telephone calls promptly returned. Everything was up to my expectations.
—Susan Handelman, Freehold, NJ
Recent Speaking Events by Fredrick P. Niemann, Esq.
You Can View Fred’s Current Schedule by Clicking Here
Now that you are better informed about the objectives that can and cannot be accomplished through the use of a Last Will, you can confidentially discuss with your attorney those provisions important to you that will accomplish your objectives. Among the provisions which can be placed in a will are the following:
In addition, other specific provisions can be easily inserted into the will which achieve your specific estate-planning objectives. Therefore, this list should not be considered an all-inclusive list of provisions.
For more information about having a last will prepared, please contact Fredrick P. Niemann, Esq. toll-free today at (855) 376-5291 or email him at firstname.lastname@example.org. He welcomes your calls and inquiries and you’ll find him very approachable and easy to talk to.
To learn more, please visit our other NJ estate planning websites:
Put our three decades of legal experience to work for you. Call our office today and ask for Mr. Niemann to personally discuss your NJ last will toll-free at (855) 376-5291 or e-mail him at email@example.com.
He welcomes your calls and you will find him easy to talk to and receptive to your questions and concerns. He has counseled many, many hundreds of individuals and families.
Fredrick P. Niemann, Esq. was invited by the Office of Elder Rights and Adult Protective Services of the Department of Health and Senior Services, Division of Aging and Community Services, to make comments on existing Adult Protective Services Programs.
On March 6th, Fredrick P. Niemann, Esq. addresses the Monmouth County NJ Bar Association Family Law Committee on Special Needs Trusts, Supplemental Needs Trusts for adult and minor incapacitated children and aged parents and their use in asset planning and eligibility for government benefit programs, including Medicaid, SSI and SSD.
OFFICE OF CONTINUING EDUCATION WORKSHOPS
Rutgers State University is pleased to invite Mr. Fred Niemann of Hanlon Niemann to be the guest speaker at their workshops for the Office of Continuing Education.
Mr. Niemann will offer continuing Education courses on “Elder Abuse and Financial Exploitation”, “Hidden Secrets of Veterans Benefits”, “Veterans Aid and Attendance Benefits 2013”, “Medicaid Changes: The Approaching Storm”, and the “New NJ Comprehensive Waiver Demonstration”.
Click here to check our website for current dates for these events.
Fredrick P. Niemann, Esq. was recently asked to speak at the NJ State Bar Association Institute of Continuing Legal Education in New Brunswick, NJ on the essentials of estate planning.
Mr. Niemann addressed attorneys from throughout the state of NJ interested in learning key concepts and principals of NJ estate planning, including such topics as wills, trusts, estate taxations, asset protection, powers of attorney, health care directives, special needs and supplemental needs trusts for disabled and incapacitated individuals, avoiding probate through creative use of beneficiary planning, inheritance taxes, gifting and changes coming to federal estate taxation.
Fredrick P. Niemann, Esq. attended the 46th annual Heckerling Institute on Estate Planning Conference from January 9th to January 13th at the Orlando World Center sponsored by the Community of Miami School of Law. This week long session assembled the nation’s leading authorities to lecture and discuss the latest in estate planning techniques and strategies. Topics analyzed and discussed included 1) elder law; 2) asset protection; 3) statutory case law developments; 4) planning with financial assets including annuities, Roth IRA’s, and life insurance policies; 5) litigation and tax controversies; 6) networking and practice development.
Mercer County Chapter of the New Jersey Society of CPAs
Fredrick P. Niemann spoke before the State Society of CPAs Mercer County Chapter on the subject of Estate Planning and Asset Protection Planning for individuals and families. Topics addressed during the 4 hour seminar included hospice planning and asset protection, Veterans Aid & Attendance, planning through the use of a Power of Attorney, Living Will and Healthcare Directive. Attendees at the seminar were eligible to receive 4 hours of professional CEU credits from the State Society.
NJ wills lawyer serving these New Jersey Counties:
Monmouth County, Ocean County, Essex County, Cape May County, Mercer County, Middlesex County, Bergen County, Morris County, Burlington County, Union County, Somerset County, Hudson County, Passaic County
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