see http://www.njlaws.com/probateupdate.htm
. Federal Estate Tax exemption is now permanently increased so no tax for Estates under $5,340,000, and will be adjusted annually for inflation. However, New Jersey taxes estates over $675,000.
Federal Exemption Amount for Non-Citizen Spouses is $145K up from $143K.
New Jersey has an Estate Tax on amounts over $675,000. So, even if no Federal Estate Tax due, the estate must still file a Federal Estate Tax Return, plus NJ Estate Tax Return.
So, for an unmarried or widowed person with assets of $1,000,000, there is No Federal Estate Taxes, but
the Estimated State Estate Tax: $33,200.00
Compiled By Kenneth Vercammen, Esq. If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:
* State law determines who gets assets, not you * Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees * Judge determines who gets custody of your children * Possible additional State inheritance taxes and Federal estate taxes * If you have no spouse or close relatives the State may take your property * The procedure to distribute assets becomes more complicated * It may also cause fights and lawsuits within your family When loved ones are grieving and dealing with death, they shouldn't be overwhelmed with Financial concerns. Who don't you want to receive your assets?
Who is not the best choice to raise your children, or safeguard your children's money for college? Do you want children, or grandchildren, to get money when they turn 18? Will they invest money wisely, or go to Seaside and play games?
THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH SHOULD BE INCLUDED IN A WILL: 1ST: DEBTS AND TAXES 2ND: SPECIFIC BEQUESTS 3RD: DISPOSITION TO SPOUSE 4TH: DISPOSITION OF REMAINDER OF ESTATE 5TH: CREATION OF TRUSTS FOR SPOUSE 6TH: CREATION OF TRUST FOR CHILDREN 7TH: OTHER BENEFICIARIES UNDER 21 8TH: EXECUTORS 9TH: TRUSTEES 10TH: GUARDIANS 11TH: SURETY OR BOND 12TH: POWERS 13TH: AFTERBORN CHILDREN 14TH: PRINCIPAL AND INCOME 15TH: NO ASSIGNMENT OF BEQUESTS 16TH: GENDER 17TH: CONSTRUCTION OF WILL 18TH: NO CONTEST CLAUSE A will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions.
WHY PERIODIC REVIEW IS ESSENTIAL
Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will. Some of these are:
* Marriage, death, birth, divorce or separation affecting either you or anyone named in your Will
* Significant changes in the value of your total assets or in any particular assets which you own
* A change in your domicile
* Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, trustee or guardian of infants, or of one of the witnesses to the execution of the Will
* Annual changes in tax law
* Changes in who you like
MAY I CHANGE MY WILL?
Yes. A Will may be modified, added to, or entirely changed at any time before your death provided you are mentally and physically competent and desire to change your Will. You should consider revising your Will whenever there are changes in the size of your estate. For example, when your children are young, you may think it best to have a trust for them so they do not come into absolute ownership of property until they are mature. Beware, if you draw lines through items, erase or write over, or add notations to the original Will, it can be destroyed as a legal document. Either a new Will should be legally prepared or a codicil signed to legally change portions of the Will.
Kenneth Vercammen's Law office represents individuals charged with criminal, drug offenses, and serious traffic violations throughout New Jersey. Our office also helps people with traffic/municipal court tickets including drivers charged with Driving While Intoxicated, Refusal and Driving While Suspended. Criminal and Motor vehicle violations can cost you. You may have to pay high fines in court or receive points on your driver's license. An accumulation of too many points, or certain moving violations may require you to pay expensive surcharges to the N.J. DMV/MVC [Motor Vehicle Commission] or have your license suspended. Don't give up! The Law Office of Kenneth Vercammen can provide experienced attorney representation for criminal and motor vehicle violations. When your job or driver's license is in jeopardy or you are facing thousands of dollars in fines, DMV/MVC surcharges and car insurance increases, you need excellent legal representation. The least expensive attorney is not always the answer. Schedule a free in-office consultation if you need experienced legal representation in a traffic/municipal court matter. Our website www.njlaws.com provides information on traffic offenses we can be retained to represent people. Our website also provides details on jail terms for traffic violations and car insurance eligibility points. Car insurance companies increase rates or drop customers based on moving violations.
Call the Law Office of Kenneth Vercammen at 732-572-0500 to schedule a free in-office consultation to hire a trial attorney.
Kenneth Vercammen & Associates Attorney at Law 2053 Woodbridge Ave Edison, NJ 08817 www.njlaws.com Criminal/ DWI/ Municipal Court Traffic/ Drug offenses
Will Signing Instructions Power of Attorney, Living Will and Notary duties
INSTRUCTIONS FOR SIGNING WILLS
When you hear the front door open, look in the Calendar Book for the person's name who is expected in.
Get up and walk to the reception area door and greet clients as they walk into reception. Please greet the client by referring to the client as, "Hello Mr. / Mrs. ________" Please have a seat
1. Get Will file from Ken V office and make sure Wills and other documents are in our folder.
Ask client "Did you read the Will/POA/Living Will?"
If they did not read the Will/POA/Living Will, they must sit and read the Will/POA/Living Will prior to seeing KAV, and advise you that the documents are ok.
2. Did you fax or mail in any changes? Changes are not made the day of signing. This is stated in the letter that is mailed with the Will/ POA/ Living Will draft.
3. If changes were mailed, faxed, or called in, have them read our original file copy of the revised documents, even if we mailed it to them. We want to make sure that we are signing the correct revised version.
4. Ask them "Are you ready to sign the Will/POA/Living Will?"
5. We need to see some ID, either a driver's license or other ID to write in the file proof of competency. Write on inside of file what ID they showed you, and that they said they read the documents.
more at https://plus.google.com/105523288807097339409/posts/csV2Qb6GFsV
"CONFIDENTIAL WILL QUESTIONNAIRE" by KENNETH VERCAMMEN & ASSOCIATES, complete details at http://www.njlaws.com/will_Questionnaire.html
ATTORNEY AT LAW
2053 Woodbridge Ave
Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030
Please fill out completely and fax or mail back. This form is extremely important. Your accuracy and completeness in responding will help me best represent you. All sections and information must be filled out prior to sitting down with the attorney.
Please be sure to check all appropriate boxes. If "NONE", please state "NONE".
If "NOT APPLICABLE", please state "N/A" or none.
PLEASE PRINT CLEARLY
1. Your Full Name: _____________________________________________
2. IF MARRIED OR SEPARATED, complete (a) and (b) below:
(a) Spouse's Full Name:
______________________________________________________
First Last
3. Your Street Address: ____________________________________
City _______________________ State ____ Zip Code ______________
6. Referred By: ___________________________________________
If referred by a person, is this a client or attorney? If you heard about the law office on the internet, which search engine? What search terms did you use?
7. Today's Date ____________________
We recommend a Durable Power of Attorney in the event of your physical
or mental disability to help you with financial affairs?
Yes ________ No ________
We recommend a Living Will telling hospitals and doctors not to prolong your life by artificial means, i.e. Terri Schiavo; Karen Quinlan?
Yes ________ No ________
Confidential Will Q Rev 3/24/14
How can we help you? What are your questions/other important information?
_______________________________________________________________________
[It is required by Court Rules that all pages be filled out in person's own handwriting prior to seeing the attorney]
8. Your Marital Status: [ ] Single [ ] Married [ ] Separated [ ] Divorced [ ] Widowed
[ ] Domestic Partner
9. Your Day/Month of birth: ___________________
10. Spouse Day/Month of birth: _________________
11. If you are the parent or legal guardian of a minor child or minor children, please check here. [ ]
2. ESTATE EXECUTOR
The person charged with administering/Probating your estate, paying taxes and/or other debts, preserving, managing, and distributing estate assets and property is called an Executor. This person should be one in whom you have trust and confidence. Your SPOUSE is usually named as primary Executor, followed by the child who lives closest to your home.
Please provide the following information about the person you wish to name to serve in this capacity.
1. PRIMARY Choice of Executor/Personal Representative in Power of Attorney:
Name: _________________________ ______________________________
First Last
2. SECOND Choice of Executor/Personal Representative in Power of Attorney:
This individual will serve in the event that the primary executor/personal representative is not alive at the time of your death, or is unable to serve.
Name: _________________________ ______________________________
First Last
Relationship: _______________ Address: _____________________________
The two proposed Executors must be filled out prior to meeting the attorney.
As average Americans, we work 80,000 hours in a lifetime, or 45 to 55 years. In spite of all the resources and assets we earn, the vast majority of us do not take the time to create a will.
National statistics indicate that 80% of Americans die without leaving a will. There are several reasons for this: fear of death; procrastination; and misinformation (people presume that only the rich need to have wills). Whatever the excuse, it is clear that people would benefit from having a will.
In the absence of a will or other legal arrangement to distribute property at death, the state must step in to administer the estate. The result can be lengthy delays before the rightful heirs receive their property. And because the state has no instructions from the deceased, no charitable gifts will be made.
IF YOU HAVE NO WILL:
If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:
* State law determines who gets assets, not you * Additional expenses will be incurred and extra work will be required to qualify an administrator * Judge determines who gets custody of your children * Possible additional State inheritance taxes and Federal estate taxes * If you have no spouse or close relatives the State may take your property * The procedure to distribute assets becomes more complicated-and the law makes no exceptions for persons in unusual need or for your own wishes. * It may also cause fights and lawsuits within your family When loved ones are grieving and dealing with death, they shouldn't be overwhelmed with Financial concerns. Careful estate planning helps take care of that.
THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH SHOULD BE INCLUDED IN A WILL:
1ST: DEBTS AND TAXES 2ND: SPECIFIC BEQUESTS 3RD: DISPOSITION TO SPOUSE 4TH: DISPOSITION OF REMAINDER OF ESTATE 5TH: CREATION OF TRUSTS FOR SPOUSE 6TH: CREATION OF TRUST FOR CHILDREN 7TH: OTHER BENEFICIARIES UNDER 21 8TH: EXECUTORS 9TH: TRUSTEES 10TH: GUARDIANS 11TH: SURETY OR BOND 12TH: POWERS 13TH: AFTERBORN CHILDREN 14TH: PRINCIPAL AND INCOME 15TH: NO ASSIGNMENT OF BEQUESTS 16TH: GENDER 17TH: CONSTRUCTION OF WILL 18TH: NO CONTEST CLAUSE
A will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions.
Federal HIPAA law now recommends new Power of Attorney-
Special Repor By Kenneth A. Vercammen A federal regulation known as the Health Insurance Portability and Accountability Act (HIPAA) was recently adopted regarding disclosure of individually identifiable health information. This necessitated the addition of a special release and consent authority to all healthcare providers before medical information will be released to agents and interested persons of the patients.
The effects of HIPAA are far reaching, and can render certain previously executed estate planning documents useless, without properly executed amendments, specifically addressing these issues. As HIPAA affects not only new documents, any previously executed documents are affected as well. Any previously executed Powers of Attorney, Living Wills, Revocable Living Trusts, and certainly all Medical Directives now require HIPAA amendments.
As average Americans, we work 80,000 hours in a lifetime, or 45 to 55 years. In spite of all the resources and assets we earn, the vast majority do not take the time to create a Power of Attorney. National statistics indicate that 80% of Americans die without leaving a Will. Even more do not have a Power of Attorney. There are several reasons for this: fear of death or disability; procrastination; and misinformation (people presume that only the rich or married with children need to have Wills or Power of Attorney). Whatever the excuse, it is clear that people would benefit from having a Power of Attorney.
In the absence of a Power of Attorney or other legal arrangement to distribute property if you become disabled, your family or partner cannot pay your bills or handle your assets. The result can be lengthy delays. Reasons to have a Power of Attorney in NJ What are these powers of attorney? A Power of Attorney is a written document in which a competent adult individual (the "principal") appoints another competent adult individual (the "attorney-in-fact") to act on the principal's behalf. In general, an attorney-in-fact may perform any legal function or task which the principal has a legal right to do for him/herself. You may wish to sign a Power of Attorney giving a spouse, Family member or a close friend, the power to handle your affairs if you become ill or disabled.
The term "durable" in reference to a power of attorney means that the power remains in force for the lifetime of the principal, even if he/she becomes mentally incapacitated. A principal may cancel a power of attorney at any time for any reason. Powers granted on a power of attorney document can be very broad or very narrow in accordance with the needs of the principal.
Why is Power of Attorney so important? Every adult has day-to-day affairs to manage, such as paying the bills. Many people are under the impression that, in the event of catastrophic illness or injury, a spouse, partner, or child can automatically act for them. Unfortunately, this is often wrong, even when joint ownership situations exist.
A Power of Attorney allows your spouse or another person to administer your assets during your lifetime, either upon disability or now. The lack of a properly prepared and executed Power of Attorney can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs.
New Jersey has a detailed, expensive legal procedures, called Guardianships or conservatorships, to provide for appointment of a Guardian. These normally require lengthy, formal proceedings and are expensive in court. This means involvement of lawyers to prepare and file the necessary papers and doctors to provide medical testimony regarding the mental incapacity of the subject of the action.
The procedures also require the involvement of a temporary guardian to investigate, even intercede, in surrogate proceedings. This can be slow, costly, and very frustrating. Advance preparation of the Power of Attorney could avoid the inconvenience and expense of guardianship proceedings. This needs to be done while the principal is competent, alert and aware of the consequences of his / her decision. Once a serious problem occurs, it is usually too late.
The Power of Attorney can be effective immediately upon signing or only upon disability.
I am writing this letter to you in order to give you and all my clients several important reminders regarding your Will and things related to it. I am doing this in order for you to have a permanent record of the contents of this letter and also that you may refer to this letter from time to time in the future in order to refresh your memory of them. Please be sure, therefore, to keep this letter with your copy of your Will.
We have given you the Original signed Will to take home. Please advise your Executors where the original Will is going to be stored. Additionally, please provide your Executor with our business card and instruct your Executor to contact us prior to going to the Surrogate's Office or probating a Will. If you have a Living Will, please be sure to give a copy to your doctor.
If you ever want to discuss your Will with me, I will be happy to do this with you at any time after scheduling an appointment.
I recommend that you review your Will periodically in order to keep it up-to date regarding changes in your family, your property, your wishes, and the law. I suggest that approximately five (5) years from the present time, you contact my office and schedule an appointment again so that we can review your Will together.
Please do not let this periodic review program prevent you from considering the making of a change in your Will at any earlier date. Changes should be made whenever you believe such changes are necessary. A person's family, property and wishes may change over the years and for these and other reasons you should re-examine your will from time to time in order to make sure that it will carry out your present wishes.
I caution you against making any marks upon your original Will because this can lead to a Will contest. If you want to make a change in your Will, please come back to my office and we will either make a Codicil (a short addition) to your Will or a new Will depending upon your needs and wishes.
In the event that a death occurs in your family, may I suggest that you contact my office immediately in order to determine what, if anything, must be done in order to settle that person's estate. I also suggest that you instruct your Executor and the members of your family to contact my office immediately, in the event of your death, in order to determine what, if anything, must be done to settle your estate.
