Author: Robert F. Morris

This year has brought several interesting changes and important proposals that can affect many estate plans. We have held seminars covering two major issues: the IRS Proposed Regulations affecting qualified retirement plans and IRAs; and the Administration’s proposed changes to the Federal Estate and Gift Taxes.   If you did… Continue reading →

In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts. The manner in which gifts are made can have a major impact on… Continue reading →

Gift provisions in a power of attorney can limit both agents and guardians, and restrict their ability to make gifts if a need arises. For this reason, powers of attorney should be carefully drafted to include appropriate gifting authority. A recent New Jersey Appellate Division case underscores the importance of… Continue reading →

The federal tax treatment of IRAs, ROTH IRAs, 401(k)s, and 403(b)s has been the subject of countless books, articles, seminars, and commentary. But, there is precious little regarding the New Jersey state income taxation of these accounts, which is often vastly different. Understanding New Jersey taxation rules is important, not… Continue reading →

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains significant changes to the 2020 required minimum distribution rules applicable to IRAs, 401(k)s, 403(b)s, and other similar Qualified Retirement Plans (collectively “QRPs”). The CARES Act waives required minimum distributions from IRAs and QRPs for calendar year 2020. This change… Continue reading →

A common problem in many estates is the executor’s failure to promptly settle an estate or make distributions to the beneficiaries. Delays in settling an estate can have many causes, including inattention by an executor, failure to take action where required, and mismanagement. In some cases, the delays are a… Continue reading →

Although there is near universal acceptance of the importance of gifting, the manner in which gifts are made can have a major impact for your beneficiaries. This is particularly true if the recipient is under 21 years of age, and it can be an acute issue if the recipient is… Continue reading →

The recent decline in asset values may make gifting a more attractive estate planning technique for many individuals, particularly if you are considering gifts of stock or other non-cash assets. Gifting of assets to a trust for your children and grandchildren can be an important part of an estate plan,… Continue reading →

A do-it-yourself estate plan can lead to a number of unintended consequences as demonstrated by a Florida Supreme Court case, Aldrich v. Basile. In this case, Ms. Ann Aldrich wrote her own Will on a pre-printed legal form. Ms. Aldrich specifically listed each item of her property in her Will,… Continue reading →