In October 2016, Governor Christie signed a bill targeting transportation funding that also repealed the New Jersey Estate Tax. The repeal of the New Jersey Estate Tax has been effective since January 1, 2018. Considering how recent this repeal occurred, many residents of New Jersey may not understand what just happened. New Jersey Estate Tax The New Jersey Estate Tax repeal occurred at two different times: On January 1, 2017, the New Jersey Estate Tax exemption increased to $2 million, meaning the amount of property that can be inherited before tax liability is incurred. In effect, individuals dying on or after January 1, 2017, can bequeath $2 million to their heirs without … Continued
Blog
In New Jersey, securities arbitration is becoming increasingly common. However, securities arbitration remains a mystery for those individuals who have not participated in the process. Here is a brief primer to get a better sense of what the securities arbitration process can look like. While far from all-encompassing, this quick guide can provide some insight into what to expect from start to finish. Securities Arbitration: The Basics Securities arbitration is a specific type of dispute resolution process, considered to be an alternative to a traditional lawsuit filed in court. Impartial individuals experienced in the area of securities resolve this proceeding. Only in rare situations will a FINRA arbitration panel not resolve securities … Continued
Child support is necessary to ensure the child receives the proper care when parents no longer live together. The state of New Jersey orders one parent to pay the other to aid in the care and raising of the child. Child support is a complex topic and confusing to many. Learn more about child support so you will be prepared for your hearing. Child Support Information Parents typically have a wealth of questions regarding child support. Many want to know the expected payment and if it is possible to make changes. It is also common to ask what happens if the parent fails to pay the support and when the … Continued
Probate law is an essential aspect of estate planning. When someone with a will and probate assets passes away, those assets go through probate court. Then, the estate is transferred to the beneficiaries. Also, when someone dies without a will, the estate must go through the court. Get details on probate law, so everything goes smoothly. New Jersey Probate Law Questions and Answers The county Surrogate Court handles probate cases in New Jersey. The court validates the will if there is one. The estate’s executor then assembles the assets, pays taxes/bills, and finally distributes the remaining assets to the beneficiaries. Find out what assets go through probate, learn about the … Continued
New Jersey organizes its court system at the highest with the Supreme Court, followed by Appellate Division Courts, Superior Courts, and Municipal Courts. The New Jersey court system has tiers to indicate both the gravity of the case along with the status. For example, appearing before the New Jersey Supreme Court indicates the case has been appealed from decisions of the lower court because one or both of the parties were unsatisfied with the outcome. No matter the type of case, it is crucial to understand the New Jersey Court System and how to navigate it. With proper legal representation, you can have someone help you navigate the New Jersey … Continued
Since planning for the future is such a specific undertaking, New Jersey estate law has covered any of the possible situations providing solutions to any of the possible goals. Having a professional who can navigate the legal system to handle the distribution of the estate is essential. They can help you better plan for your future. Q: What does the executor of an estate do? A: After submitting a person’s will to the courts after their death, the executor of an estate looks at all the assets, settles any outstanding debts and taxes, and then distributes any remaining funds to the specific parties identified in the will. Due to the high … Continued
In New Jersey, legal issues involving real estate are fairly common, considering the wide range of topics that real estate law covers. However, some of the legal issues can still be a surprise. For example, buying a house, a common real estate legal matter, might include wire fraud from a suspicious transaction. Of course, this might not be where most people’s minds go to when they are thinking about legal issues involved in real estate. Considering the high stakes, i.e., the money involves and the potential losses, it is strongly advised not to try and attempt to tackle these legal problems on your own. Hiring an attorney well-versed in real estate law … Continued
In short, probate is likely necessary in New Jersey, with three very specific exceptions. First, in certain rare occasions, probate is not required for estates that might fall below a certain economic threshold, eliminating the need for court supervision. Second, specific assets do not require court supervision because they transfer automatically at the time of death. Third, if the deceased person created a Living Trust, which holds assets belonging to the deceased, only those assets included in the Living Trust will not proceed through the probate process. Understanding the probate process The assets that will automatically transfer include: Real property held in joint tenancy (and forms of property that function … Continued
Recent changes in real estate law have focused primarily on addressing mortgages and foreclosures, specifically a recent bundle of real estate statutes signed into law of April 2019. The stated purpose of the new laws is to help New Jersey residents struggling against foreclosure to provide assistance at no additional financial burden to borrowers. In addition, creditors have received certain benefits from this bundle of laws as well. The two most significant real estate laws enacted into law include the New Jersey Foreclosure Mediation Act and the Mortgage Servicing Licensing Act. The New Jersey Foreclosure Mediation Act The New Jersey Foreclosure Mediation Act is the New Jersey’s legislature’s response to an … Continued
What is the municipal court? Municipal court, or the people’s court, usually conjures connotations of small-time petty offenses, if any connotations at all. Despite being the subject of a little ridicule from TV shows and the like, the municipal court in New Jersey does handle smaller offenses and is a necessary part of the legal system. These offenses can include traffic tickets. The municipal court is still considered a trial court but deals exclusively with cases involving city ordinance violations. In addition, municipal courts only have jurisdiction over matters specifically within the limits of the New Jersey municipality that it governs. What types of crimes does a municipal court handle? … Continued