Mariano & Coiro, P.C. Somerset County New Jersey Bankruptcy Attorney | Real Estate & Family Law2023-10-17T23:10:22Zhttps://www.marianocoiro.com/feed/atom/WordPress/wp-content/uploads/sites/1403870/2020/12/cropped-fav-32x32.pngOn Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=496112023-10-17T23:10:22Z2023-10-17T23:10:22ZWill — Defines how you want your assets and money distributed after your death, as well as who will be in charge of your estate’s administration and distribution (Executor). It can also name a guardian for your minor children, and a trustee to hold and manage the money and property distributed in your will.
Living will and medical directive — Designates a person responsible for implementing your wishes regarding medical treatment, if you are ever unable to make such choices for yourself. This is particularly important with respect to which extraordinary measures you do or do not want to be taken to prolong your life.
Power of attorney — Names someone who can make financial decisions for you and otherwise manage your affairs, if you should ever be unable to do so. This is a vital document which avoids the need and expense for your loved ones to seek court approval to manage your affairs and finances.
Attorney Joseph W. Coiro can discuss your personal financial situation, your family and your goals with you. For a reasonable and affordable fee, Mr. Coiro can create the estate planning documents which can communicate your wishes and achieve your goals. Even if you already have some or all of these documents in place, it is wise to review and alter them in changing circumstances. A marriage, the arrival of a new child or a divorce should cause you to revisit these documents and make appropriate changes. As your life changes, Mr. Coiro can insure your important documents are updated accordingly.
Mariano & Coiro, P.C., can also address other estate planning needs, such as the creation of a trust for minor children or grandchildren, charitable giving plans, a guardianship for an incompetent relative or other estate law matters.
Speak with an attorney to discuss your own situation
Every situation is unique. We can help you create a plan that reflects your needs today, and regular review ensures that your plan evolves according to your life changes. Remember, the best gift you can leave your family and loved ones is to make sure your affairs and finances are properly in order. To discuss your situation with a seasoned estate planning attorney, contact Mariano & Coiro, P.C. today by email or phone at [nap_phone id="LOCAL-CT-NUMBER-1"].]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=496092023-09-19T05:37:10Z2023-09-19T05:37:10ZFREE & CONFIDENTIAL consultation and can be reached by phone at [nap_phone id="LOCAL-CT-NUMBER-1"] or via the firm’s contact page.]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=495492023-05-30T18:49:22Z2023-05-30T18:26:03ZWho will care for your children if you pass away?
As a parent, you have probably put a great deal of thought into how you want to raise your children. However, without a proper Will designating a Guardian in the event of your untimely death, the court will determine who will get custody of your children. There may even be a long and costly court battle if there are competing persons seeking to be named Guardian, none of whom may have been your desired choice.
A properly drawn Will enables you to name a Guardian (and even an alternate) who will have custody of and care for your children in accordance with your wishes. This will ensure that the person(s) raising your children will be someone you trust, providing your children with stability during a difficult time, while upholding your values and desires as they grow.
How will your children be provided for financially?
Another critically important reason to have a Will is to financially provide for your children. You can do so by including a Trust in your Will, in which your money and other assets can be held (after your death) to meet the expenses of raising your children, including housing, medical, education (including college) and other general needs. By creating a Trust for your children, you would name a Trustee (and an alternate), who is the person responsible for using the Trust funds to support your children in accordance with your wishes after your death. The Trustee is legally bound to use the Trust funds only for the children and strictly in accordance with your wishes.
The children themselves would not directly receive or have access to the funds in trust until they reach a certain age designated by YOU (e.g., 18, 21, 25, etc.). In New Jersey, children under 18 cannot hold property or money themselves. However, without a Trust in your Will, the courts are forced to turn over the entire inheritance to a child upon reaching the age of 18. Consequently, controlling the age at which your children will finally have direct access to the funds you’ve left them is as important as creating the Trust itself. We all know young people make mistakes. A child at 18 might not be as prudent as one of 21 or 25 if left with a significant inheritance. Hence, by not addressing these issues in advance (by creating a Trust for your children in your Will), you would be leaving their care and support to the whim of a judge who knows nothing of your children or your wishes.
Take the necessary steps now to protect and provide for your children
Effective estate plans can help you prepare for various future situations and provide you with peace of mind as your children grow. Whether you are a new or existing parent, now might be the perfect time to start planning for the future. For additional guidance and information tailored to your specific needs, we encourage you to seek out the services of the knowledgeable attorneys at Mariano & Coiro, P.C. by calling [nap_phone id="LOCAL-CT-NUMBER-1"] or emailing us.
]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=495522023-05-05T14:17:46Z2023-05-11T14:17:17Zreviewed and updated after moving. Here are three reasons why:
State laws differ
Arguably, the best reason to have your estate plan reviewed once you move is to ensure all documents comply with the laws in New Jersey. Each state has unique estate planning laws. If your documents are non-compliant, they may not function as intended and could even be considered invalid when needed.
Executor issues
If you move to New Jersey, but your estate executors live in a different state, that could interfere with the efficient execution of your will. Your current executors might not be able to easily fulfill their roles as initially agreed, especially if travel is an issue. You can address any such issues by having your documents reviewed, updated and changed.
Medical directives & Powers of Attorney
Nuances in the laws from region to region might render the living will, advance health care directive or power of attorney you created invalid. That means there is a chance that the medical and financial choices outlined in your estate plan may go unfollowed. Have your documents quickly and efficiently reviewed to ensure your wishes will be honored and followed.
For a head start on making sure your plan will meet your needs wherever you live, learn more about the estate planning laws in New Jersey. For additional guidance, contact the lawyers at Mariano & Coiro, P.C. by calling us at [nap_phone id="LOCAL-CT-NUMBER-1"] or emailing us. We’ve been helping people in New Jersey with their estate planning needs for almost 40 years.
]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=495472023-05-04T21:27:20Z2023-05-04T21:27:20ZNot receiving preapproval
It’s common for many first-time buyers to want to get ahead of themselves by shopping for a home, before getting preapproved by a bank or mortgage company. Buyers who are not preapproved by a mortgage lender are unable to properly determine how much of a house or mortgage they can truly afford. If Buyers are working with an experienced Realtor, the Realtor will almost certainly tend to the preapproval process. Without a preapproval letter from a licensed lender, the buyers will find it impossible to convince a seller to accept their offer.
Outspending your budget
Purchasing a home that is outside of the budget is another common error made by first-time buyers, even if they are preapproved. This is mainly due to the fact that mortgage lenders will use your debt-to-income ratio to determine your budget. However, there are “real life” expenses not included in your lender’s debt-to-income ratio calculation which can be substantial, such as groceries, childcare, and insurance. These additional expenses can significantly impact your budget and cause overspending, especially if you have children or care for an elderly or ill family member.
Declining the home inspection
Finding your dream home and having the seller accept your offer is an achievement worth celebrating. You may even be tempted to rush through the rest of the process to close and move in as quickly as possible. But, to ensure you are making the right decision, it’s ALWAYS best to conduct a complete home inspection. Buyers who move forward without an inspection could be missing major issues that are not obvious or apparent, perhaps resulting in substantial costly repairs post-closing. Hiring a professional inspector to evaluate the property can alert you to serious problems which should be either corrected by the seller or avoided altogether, thereby giving you peace of mind.
Forgetting about first-time buyer programsOne benefit of purchasing your first house is being able to apply for a first-time home buyer grant. Specifically, in New Jersey, first-time buyers could receive special interest rates on their mortgage loan or up to $15,000 for the down payment on their home. Failing to research these options could cause prospective buyers to leave money on the table.
The process of touring and purchasing a home can be overwhelming for many first-time buyers. Prospective buyers who are in the middle of the process, or just beginning, can gain some reassurance by contacting the knowledgeable real estate attorneys at Mariano & Coiro, P.C., by emailing us,
or calling 732-860-7620.
]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=495242023-03-06T16:23:06Z2023-03-06T16:23:06ZChapter 7 Bankruptcy
Chapter 7, often referred to as liquidation, is the most common form of bankruptcy. In fact, 230,000 people filed for Chapter 7 bankruptcy in 2022. A Chapter 7 bankruptcy is generally appropriate if the debts you owe exceed what you own, or you otherwise lack the ability to pay them. In a Chapter 7, you are essentially asking the court to “liquidate”, or take what you own in order to help pay what you owe. Depending on their type, many debts can be completely discharged (eliminated). Debts which are discharged are gone forever. Your creditors may never again collect even a penny of a discharged debt.
The Bankruptcy laws provide you various “exemptions” that allow you to keep much of what you own, under most circumstances. In a nutshell, bankruptcy exemptions are laws that protect your property in a bankruptcy. An exemption is really like a “free pass” for a particular asset you own, provided the asset’s value does not exceed the exemption amount allowable by law. The exemption schedule is far reaching and protects many assets. For example, in many cases, you are allowed to retain your household goods; personal effects; jewelry; certain 401(k), retirement or IRA accounts; your car or truck; government benefits (such as disability or Social Security payments); your home; and many other assets, provided they are within the exemption amounts and you meet other legal requirements. If you are married and your spouse will be filing with you, your exemptions are doubled for each asset you own together.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is really a reorganization of debts, not a liquidation. It is designed specifically for individuals who have a regular source of income which is sufficient to meet their regular monthly fixed payments, AND with enough money left over to fund a “plan” for repaying the debts on which they are behind, usually over a 3- to 5-year period. During the term of your repayment plan, you enjoy the full protection of the bankruptcy law. So long as you make all your scheduled payments, creditors may NOT attempt to collect anything further from you. They must accept the payments as set forth by your plan, monitored and approved by the court.
Even though a filer will have to repay all or most of their secured debts, there are other benefits that Chapter 13 bankruptcy provides. For example, New Jersey residents who decide to file for Chapter 13 bankruptcy will be able to protect their homes from the foreclosure process. A Chapter 13 is an ideal way to immediately stop the foreclosure and force the bank to accept a payment schedule for all the missed payments.
Dealing with overwhelming debt can take a toll on a person’s mental and financial health. Fortunately, there are options for people to expunge their debt and regain control over their financial future. If you or a loved one are currently struggling with debt, now may be the time to consider filing for bankruptcy. For guidance on beginning the bankruptcy process, reach out to the experienced attorneys at [nap_names id="FIRM-NAME-1"] by calling [nap_phone id="-REGULAR-NUMBER-1"] or emailing us.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.
]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=495252023-02-27T18:23:36Z2023-02-27T18:23:36ZEstate planning is reserved for the rich
One of the most widely believed myths about estate planning is that it only benefits the wealthy. This could not be further from the truth. Whatever your financial status, drafting an estate plan can help you. By putting together an estate plan, people can protect their finances in the event that they become incapacitated. An estate plan can also ensure that your medical wishes are followed if you cannot voice them. Additionally, you can make sure that your children and other beneficiaries are cared for after you pass.
Young people don’t need an estate plan
Many people also falsely believe you do not need an estate plan when young and healthy. However, this is the most opportune time to begin estate planning. Estate planning is all about preparing for the unexpected, which can, unfortunately, happen at any time. It’s always good to remember that it’s never too early to start estate planning, but it can sometimes be too late. By proactively putting a plan together, people can gain peace of mind and feel confident about their future.
I can create an estate plan by myself
When researching the estate planning process, it’s common to come across do-it-yourself estate planning documents. People are often tempted to take this route because they believe that they will save money. But, in reality, trying to create an estate plan without an attorney’s help can lead to significant issues in the future, which can end up costing you more than simply working with a lawyer from the start.
From the outside, drafting an estate plan can seem daunting. But, after diving deeper into the process, many people realize that their preconceptions were based on common myths. If you are looking to start planning for the future, it may be beneficial to contact the local law offices of Mariano & Coiro, P.C., by emailing us or calling us at [nap_phone id="LOCAL-CT-NUMBER-4"]]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=488632022-06-22T06:37:45Z2022-04-15T15:20:38ZWhat information should a will contain?
The information in your will should include information about your property, the people to whom you want to leave property (the devisees or beneficiaries) and specific directions on how to allocate or resolve your property. The following are examples of what can and should be included in your will:
An executor, who will be responsible for probating the will and administering your estate
A guardian for your minor children
A trusted person to care for the money/property being left to minor children
A person to care for pets
Allocations for charities
Instructions on how to settle debts
Beneficiaries (“Devisees”) who will receive specific property or assets
****SPECIAL NOTE: Although many people are tempted to include specific instructions in their will regarding burial, cremation, etc., such instructions should not be included in your will, because a will is typically not read until it is probated--at least 10 days after your death, according to law.
What makes a will valid?
While you can generate a do-it-yourself will from the internet, that type of “cookie cutter” approach does not typically work well for most people, who correctly prefer to have an experienced attorney draft this vital document. Remember, if you choose to go it alone, you may not discover your Will is invalid or not perfectly suited to your needs or wishes until it is too late. An attorney will ask important questions before the will is finalized to be certain that all aspects of your estate are considered and addressed within the margins of your will.
New Jersey law requires you to be at least 18 years of age and of sound mind when making a will. The will must also be in writing, signed by you and witnessed by two other people who are at least 18, who must sign the will as well, attesting to the fact they saw you execute the will and that you were not acting under any duress or coercion.
Lastly, properly prepared and executed wills are always notarized, with a “Self Proving Affidavit”. The Affidavit insures that everyone executed the will in each other’s presence, while the notarization guarantees everyone’s signature is true and valid. Assuming the will is otherwise valid, the will with a notarized Self Proving Affidavit can be submitted for probate by itself. Without it, you must produce at least one of the signing witnesses at the Surrogate’s Court when the will is submitted for probate. This is often difficult, if not impossible, as witnesses may have since moved or died.
The lesson is a simple yet important one—leave the preparation of this critical document in the hands of an experienced attorney. Your family and loved ones will be thankful you did.
Create your will and protect your family’s future
When you are ready to create your estate plan, the attorneys at Mariano & Coiro, P.C. (with over 36 years of experience in this area of the law), are here to help you understand your options and address all legal aspects of your will. Your will should be unique to you and your family’s goals for the future. You may call our office at [nap_phone id="LOCAL-CT-NUMBER-4"] or send us an email to schedule a FREE and CONFIDENTIAL consultation with our attorneys.
]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=488592022-06-22T06:38:46Z2022-04-11T15:11:53Zpeople to administer those documents when the need arises to use them. Your trustee or personal representative does not need specific qualifications or certifications. The only requirement is that they be over the age of 18 and mentally competent to carry out your wishes. You may want to consider certain qualities in your trustee or personal representative, however, that will help you make your choices.
Understanding the duties and best qualities for a trustee or personal representative will make the process of estate planning less stressful and offer peace of mind knowing you have selected the right people to fill those essential roles.
Duties of a trustee or personal representative
A personal representative is usually synonymous with “Executor”—the person who will be responsible for carrying out the wishes in your will. A Trustee is a person who is responsible for carrying out the instructions in a Trust created by you (whether in your will—a Testamentary Trust) or in a Trust you’ve created for a specific person while you are living (an Inter Vivos Trust). Selecting a trustee or personal representative should not be taken lightly. The duties and responsibilities of this person involve taking care of your financial assets and other affairs, as you did before the transfer became necessary.
What are the duties of a trustee?
When you create a trust, you name a trustee who will, in good faith, follow the instructions within the confines of the trust and the law governing trusts. A trustee’s duties include, but are not limited to:
Distributing or withholding the distribution of trust funds to the beneficiaries.
Managing the financial assets of the trust, such as investments and property, with diligence and good sense.
Treating all beneficiaries fairly and impartially according to the terms of the trust.
What are the duties of a personal representative?
When you write your will, you name a personal representative, also known as an executor, to carry out the instructions contained within the will. You may also name guardians and trustees if your will involves minors or establishes a testamentary trust. The personal representative’s duties include:
Hiring an attorney to help navigate the probate of the will
Petitioning the Surrogate’s Court for appointment and notifying the heirs
Collecting, distributing, and transferring assets
Paying debts
Filing tax returns and paying taxes
Accounting for all assets to the court and the people named in your will
Qualities a trustee or personal representative should have
A trustee or personal representative should have some or all of these qualities that bring you peace of mind when selecting someone. A trustee or personal representative should be:
Trusted and reliable
Financially stable in their own lives
Able to put the beneficiaries’ interests above their own
An independent third party who will avoid conflicts of interest
Someone who can get along well with family members
In cases where your will or trust does not specifically exempt the named individual from posting a surety bond, the court will require the personal representative or trustee to do so, which will require that they be able to qualify for one. The bond is an insurance policy against any theft or mishandling of funds/assets by the named individual.
Professional guidance for your estate plan
Executing an estate plan is a serious responsibility. You want to approach your choice of trustee or personal representative with care and consideration. At [nap_names id="FIRM-NAME-1"] we have been handling these matters with skill for years. We can assist you with the process and help you determine if the persons you are considering naming are up to the task and who will respect and implement your vision. Reach us by phone at [nap_phone id="LOCAL-REGULAR-NUMBER-2"] or through email.]]>On Behalf of Mariano & Coiro, P.C.https://www.marianocoiro.com/?p=488532022-06-22T06:40:23Z2022-04-04T15:10:40ZWhat is a gift tax?
Let’s start by explaining what gift tax is and what it entails. First, when applicable, the gift tax is paid by the person making the gift (the “donor”), rather than the person receiving the gift (the “donee”).
Next, it is critical to note that making gifts of money or property to your spouse is completely FREE from any gift tax (or estate tax) liability, regardless of the amount. However, when making gifts to anyone else, even your children or grandchildren, the IRS limits you to a maximum gift of $16,000 per year, per donee (under current law), without any gift tax. But, when you gift any individual property or money that is valued at more than $16,000, you are required to report the gift on the United States Gift Tax Return IRS Form 709, and pay the corresponding gift tax. The gift tax is very expensive, as it can be between 18% and 40%, depending on the size of the gift.
Nevertheless, just because you have to report a gift over $16,000, doesn’t mean you are necessarily required to pay a gift tax. The IRS has set limits on what triggers a tax bill, based on your total lifetime gift-giving amounts. If the gift distribution throughout your lifetime has exceeded $12.06 million or $24.12 million for couples (under current law), you will have to pay a tax, but only on the amount that exceeds the limit. For example, if the limit is $12.06 million, but over a lifetime, you distributed $12.1 million in gifts, you would owe a gift tax only on the $40,000 excess.
Keep in mind that selling assets under their fair market value will also be considered is a gift, at least to the extent the fair market value exceeds the actual sale price. For example, if you sell someone a house that is worth $125,000 for $100, the IRS will treat you as though you gave the buyer a gift of $124,900. You would have to report this amount on Form 709, and either pay the tax, or have it count against your maximum allowed lifetime gift-giving total.
Methods to avoid the gift tax
Avoid giving gifts of over $16,000 per year to any one individual.
Instead of gifting money directly to an individual for, say, their medical bills or tuition obligations, pay their bills directly to the institutions.
Split a large gift that exceeds $16,000 over several years. For example, this method permits you to gift someone $16,000 in December, and then another $16,000 immediately in January of the following year, totally free of any gift tax or reporting.
Because the gift tax is subject to change from year to year, sometimes more complex arrangements such as an irrevocable trust may help you avoid unexpected, additional gift tax liabilities in situations where you want to make regular gifts to any one person.
Gifting money or assets can be a generous offer to someone you love and wish to help. However, blindly doing so without understanding the complex gift tax implications may place you in a very precarious financial situation. The best way to protect yourself and your heirs from an unexpected tax bill or other IRS complications is to discuss your plans with an experienced attorney, like the ones at our office. We have been helping people with their gift-giving and general estate planning for over 36 years. Reach us by email or phone at [nap_phone id="LOCAL-REGULAR-NUMBER-2"].
]]>