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Can You Legally Prevent Your Ex-Spouse from Becoming the Guardian of your Children if You Die?

Posted by on Oct 23, 2017 in Estate Planning | Comments Off on Can You Legally Prevent Your Ex-Spouse from Becoming the Guardian of your Children if You Die?

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning & Guardianship Attorney A client approached me and advised me that she is in the process of getting divorced. It’s nasty (divorce generally is). She plans to redo her estate planning. She wants to prevent her husband from gaining custody of her children should she pass away. But can she legally bypass the biological parent as the legal guardian of his children under her Last Will? The answer is (generally speaking) a resounding no! The father has...

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A Parent Can Name Ex-Felon Son as Executor, Power of Attorney & Fiduciary

Posted by on Oct 23, 2017 in Estate Planning | Comments Off on A Parent Can Name Ex-Felon Son as Executor, Power of Attorney & Fiduciary

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning & Elder Care Attorney My client is updating her estate planning. She’s 60 and divorced. At age 19 her son was convicted of a felony and spent a year in prison. Twenty years later he’s responsible, trustworthy, has a job and a family. She wants to name him personal representative under her will and power of attorney. However, friends tell her he can’t serve because of that conviction. He is her only beneficiary with no meaningful next of kin, so he...

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Texting Your Last Will…Will Your Will Be Upheld In New Jersey?

Posted by on Oct 20, 2017 in Estate Planning | Comments Off on Texting Your Last Will…Will Your Will Be Upheld In New Jersey?

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney I recently read an article in Your Money Matters about a case in Australia in which the person created his Last Will by a text on his smartphone. I thought the topic to be interesting and wanted to share it with you. While I am not familiar with a New Jersey case where the issue before the court had to do with a texted Will, I believe a Court would uphold the texted Last Will if certain formalities were followed except for the document being...

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Loan to Daughter can be Advance on Inheritance

Posted by on Oct 16, 2017 in Estate Planning | Comments Off on Loan to Daughter can be Advance on Inheritance

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney A daughter wants a loan from her parent(s) so that she can go to school for a graduate degree. She suggests that the money be an advance on her inheritance. Presently her parents’ Last Will divides their estate into thirds (she has two sisters). The parent is willing to make the loan but wants to make it clear that if she pays mom back, she gets her full third, and if anything on the loan is outstanding when mom passes away, it’s deducted from...

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A Trust is a Private Document until Death or Incapacity

Posted by on Oct 9, 2017 in Estate Planning | Comments Off on A Trust is a Private Document until Death or Incapacity

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Trust Attorney Often times parents want to set up a living trust to provide for their adult children. The parents also want a child(ren) to be named as co-successor trustees but they do not want the kids to get control of their assets before they are gone. The parents also don’t want to share their private financial information with the kids before death. If the parents set up a trust now, do the kids have any rights to this information? The answer is no. While you’re...

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New Jersey Adopts Legal Access to Digital Accounts; Now a Fiduciary Can Legally Compel Facebook etc to Open Up

Posted by on Sep 15, 2017 in Estate Planning | Comments Off on New Jersey Adopts Legal Access to Digital Accounts; Now a Fiduciary Can Legally Compel Facebook etc to Open Up

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney What happens to your digital assets after you’re gone? What if you wanted to control who had access to those assets? New legislation passed on Wednesday allows for control of a decedent’s digital assets to be given to their fiduciaries. You can read more information on it in this article from the New Jersey Law Journal (CLICK HERE). Gov. Chris Christie on Wednesday signed legislation recognizing a fiduciary heir’s right to obtain control...

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Life Insurance Proceeds Do Not Have to Be Shared with Brother

Posted by on Sep 11, 2017 in Estate Planning | Comments Off on Life Insurance Proceeds Do Not Have to Be Shared with Brother

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning & Probate Litigation Attorney The topic/issue/question of beneficiary designations comes up often. The correct designation of beneficiaries is a critical consideration in estate planning to avoid estate probate litigation…here’s why I’m going to use a case study to explain. A family member (brother) received $100,000 in life insurance money as the sole beneficiary of his late father’s policy. However, Dad’s will left everything in his Estate...

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Kiss Your IRA Goodbye if You Leave it to a Spendthrift Child

Posted by on Aug 28, 2017 in Estate Planning | Comments Off on Kiss Your IRA Goodbye if You Leave it to a Spendthrift Child

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney They say the first generation earns it; the second generation preserves it and the 3rd generation squanders it. What generation are you? What generation are your children? As a parent you may want to leave your IRA to your son or a child. How should you make out the beneficiary designation form especially if you are widowed? The dilemma for many parents is that a child of theirs is a spendthrift. He or she has never been good at handling money...

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Should You Revise Your Estate When a New Baby or Grandchild Arrives

Posted by on Aug 25, 2017 in Estate Planning | Comments Off on Should You Revise Your Estate When a New Baby or Grandchild Arrives

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney Many couples hire an estate planning attorney to prepare a trust or Will for them when a first child is born. Then comes along two, three or even more. So should the parents redo their wills? Assuming a competent estate planning attorney created the wills, they probably refer to your “descendants” or your “children” as beneficiaries. If so, your second and subsequent child (or grandchild if you’re a proud grandparent), is effectively included...

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A Custodial Account for your Grandchild is Not Necessarily the Best Choice

Posted by on Aug 23, 2017 in Estate Planning | Comments Off on A Custodial Account for your Grandchild is Not Necessarily the Best Choice

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney A client of mine professes to want to establish a college savings plan for her new grandson. His father however insists that a custodial account is a bad idea, but she couldn’t explain why the father feels this way. Here’s the reason. Custodial accounts, straightforward to set up, have potential pitfalls as college savings plans, and for the grandparent. Once you leave an asset to a grandson in a custodial account under the New Jersey Uniform...

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