Essex County Probate and Estate Administration Law Blog
On behalf of Faloni and Associates, LLC posted in Estate Administration on Thursday, May 17, 2012
Estate administration in New Jersey is the process by which the assets of the deceased are collected and managed and any debts or taxes due are paid off. Those in charge of estate administration may also step in when they believe the deceased person may have been wronged in a manner for which there is legal recourse. Such is the case for a soldier who passed away in 2008.
The soldier's estate is suing the federal government for allowing the man--who was suffering from a number of significant emotional issues and physical disabilities--a three-day pass from a Veteran's Hospital into town. They are seeking $2 million, claiming the deceased soldier never should have been given the pass because he was unfit to be alone. The man had scored 30 out of 100 on a test called the Global Assessment of Functioning, which measures someone's psychological, social and occupational fitness. The man's estate believes this score documents that he required inpatient care.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Tuesday, May 8, 2012
Thomas Kinkade's art was well known in New Jersey and all over the world. His recent passing, though, has highlighted the importance of forward-thinking estate planning. After his unexpected death, his family is pitted in a bitter fight against the man's live-in girlfriend, whom they accuse of attacking his legacy by violating a confidentiality agreement. Whether or not Kinkade engaged in estate planning is unknown, but his family is fighting to protect the man's image and his art legacy.
After his death, it came to light that he was living with his personal assistant, who also happened to be his girlfriend. The woman spoke to the press after he passed away and stated that not only had she been dating him for 18 months, he and his wife of 30 years had separated. She also stated that Kinkade had a heart condition and passed away in his sleep.
On behalf of Faloni and Associates, LLC posted in Estate Administration on Tuesday, May 1, 2012
New Jersey residents following celebrity culture may have already heard of the Coachella resurrection of a rap music legend. Tupac Shakur, despite having passed away several years ago, has the music world buzzing again. His holographic "resurrection" at Coachella brings some interesting estate administration questions to mind. Although legality should be the first question, in this case, the executor of his estate -- his mother -- was thrilled to have her son perform again, if only in holographic form. Now that we've seen Tupac perform, who is next? Michael Jackson? Whitney Houston? And how will this affect their estates?
After receiving permission from Tupac's estate to go ahead with the hologram performance, Dr. Dre paid for the permission by making a donation to the Tupac Amaru Shakur Foundation. He has expressed interest in seeing the Coachella event spark a trend in holographic celebrity performances. The estates of celebrities have the potential to reap large profits off of the use of these holograms, and based on the excitement generated by Tupac's appearance, the idea is sure to quickly gain momentum.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Tuesday, April 24, 2012
When estate planning in New Jersey, it is important to consider that there may be a time when it is necessary for someone else to step in and make decisions concerning your physical well-being or other estate-related areas. Considering durable and health care powers of attorney could help avoid the possibility of a conservatorship.
For those deemed unable to make decisions or care for themselves, establishing a power of attorney can allow someone trusted to make necessary decisions, whereas a conservator may be a stranger or organization appointed by the courts. When estate planning, considering any health limitations in advance can help avoid the possibility of being taken advantage of under a court-appointed conservatorship.
On behalf of Faloni and Associates, LLC on Wednesday, April 18, 2012
In recent months, family pets have become a topic of national news. We saw wealthy people leave millions to their dogs, and reports indicate that divorcing couples without children are increasingly treating pets like kids during the breakup. For many people, pets are among their closest companions, so it only makes sense that owners would want to ensure Rover and Whiskers are cared for once they're gone.
When considering estate planning, think about what you currently spend on your pet, factor in inflation, and add a cushion for expected future medical issues. There are three important people to choose when going over estate planning for one's pet. Determining the person with whom your animal will reside is referred to as the caregiver or guardian. Figuring out who you will entrust to oversee and spend money for your pet's well-being is essentially the trustee. And finally, you'll need someone to look after the pet's health and general welfare. Often this is a veterinarian.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Tuesday, April 10, 2012
Most New Jersey residents don't have the wealth of Facebook founder Mark Zuckerberg, but it doesn't mean they can't use some of his creative estate planning tricks. At the young age of 24, Zuckerberg and his other Facebook co-founder went through some lengthy and complex financial planning to put money away in a trust so that when Facebook went public, the value of the trust would explode. While this type of estate planning takes strategy and work, the benefits pay off for your heirs in the end.
Creativity was key when it came time for the ultra-rich individuals to plan out their estates. Although it seems like it is an easy way to protect one's assets from the IRS and creditors, nothing they have done is considered suspicious or illegal. The registration statement of Facebook shows how wealthy people can take advantage of laws in order to preserve their assets and transfer large sums of money while also protecting their funds.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Thursday, April 5, 2012
New Jersey residents might be interested in probate litigation involving the legendary Marilyn Monroe. Although she passed away years ago, her legacy is still bright in America. For many years, CMG Worldwide represented Monroe, and her estate is now involved in probate litigation with the company over alleged unauthorized use of her image.
The relationship between Monroe's estate and CMG was terminated in 2010, and although a deal was reached, the separation between them is rocky. Her estate claims that CMG is exploiting the situation by using copyrighted images and infringing on publicity rights. CMG fired back by suing Monroe's estate, seeking a declaratory that the company has not done anything improper.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Friday, March 30, 2012
Here's an interesting little nugget about inheritances that New Jersey readers may find of interest; ot is estimated that older Americans are set to transfer some $4 trillion to heirs over the next 10 years. While that, in and of itself, has important estate planning consequences, so too does the fact that those receiving inheritances are said to spend about half the money, while saving the rest. These statistics may tell us something about how we view inheritances, but they also may convince those engaged in estate planning to reconsider how their property ought to be divided upon their death.
One concern about the figures cited is that they seem to contribute to the perception that Americans are not saving money. Some might argue that the projected inheritance money over the next decade may help our struggling economy get back on its feet, a notion that may well put a smile of the face of retail establishments. However, others may worry that the continued lack of savings does not bode well for the future and that estate planning steps should be taken now to forestall the ability to fritter away one's hard-earned assets.
On behalf of Faloni and Associates, LLC posted in Estate Administration on Wednesday, March 21, 2012
When New Jersey residents consider estate administration, Facebook probably does not come up in the planning process. Now, the hugely popular social media site is embroiled in controversy while courts decide whether the company is legally required to grant account access to family members of deceased individuals. With Facebook disputes being discussed in court, people who are thinking about estate administration may wish to add a legal right of access to their estate plans.
Recently, a mother who had lost her son in a motorcycle crash attempted to access his Facebook account, hoping to learn more about the son she had lost. Although the company initially granted access, within two hours, Facebook changed her son's password and locked her out of his account. The woman was heartbroken and turned to the courts. A lawsuit against Facebook followed, which entailed a two-year legal battle.
On behalf of Faloni and Associates, LLC posted in Estate Planning on Thursday, March 15, 2012
Even when New Jersey residents have already begun the estate planning process or have estate plans established, periodic review is recommended and often necessary. Life circumstances, as well as state laws and regulations, often change, and an estate plan can quickly become outdated. Some parts of estate planning can be simple, but for those who have minor children, more than one marriage or even grandchildren, it may be necessary to continually update arrangements as life circumstances dictate.
If someone has already completed their estate planning, the signature on all documents should be checked, and all beneficiary designations should be confirmed and changed as desired. An old or outdated will might be a red flag that causes the estate to wind up in unnecessary and expensive probate litigation. Likewise, for those who may have divorced, an estate planning update may be just what the doctor ordered.
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