The tragic deaths of celebrities Anthony Bourdain and Kate Spade brought attention to the critical importance of recognizing and treating depression.  In the case of Kate Spade, it also highlights the beneficiary rights of separated spouses.  Ms. Spade’s husband revealed that he and his wife had been separated for almost a year prior to her death.  » Read More

We addressed a spouse’s elective share in a previous post in the context of whether one spouse in a married couple could effectively disinherit his or her surviving spouse.  New Jersey spouses have the statutory right, unless validly waived in writing, to take up to one-third of their deceased spouse’s augmented estate regardless of the provisions of the deceased spouse’s Will. » Read More

The answer to that question is the typical wholly unsatisfying response to many great legal questions- it depends.

New Jersey law provides that surviving spouses have the right to a minimum “elective share” equal to one-third of the “augmented estate.”  The augmented estate is essentially the decedent spouse’s probate estate, which includes all assets passing under the decedent’s Will, plus certain assets transferred by the decedent during lifetime in which he or she retained some type of control, or which were made within two years of death.  » Read More

It might be hard to believe, but amounts received as a gift or inheritance are, regardless of amount, not subject to income tax.  Really.

Now, myriad other taxes imposed on lifetime and testamentary transfers, such as Federal and New Jersey Estate Tax, Federal Gift Tax, New Jersey Inheritance Tax, or Federal Generation Skipping Transfer Tax might have taken a bite out along the way, but the amount that a beneficiary ultimately receives from an estate or trust is not subject to income tax.  » Read More