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Vacation Area Homes: Tax and Management Issues

By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: VACATION HOME—NO ESTATE PLAN Harry and Sally own a vacation home on a barrier island. They purchased the home many years ago for $50,000, and it is now worth $1 million. Harry and Sally have two children and five grandchildren. The children visit the vacation…

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HOW CAN THE BEGLEY LAW GROUP HELP ME WITH ESTATE ADMINISTRATION IN NEW JERSEY?

By: Thomas D. Begley, Jr., Esquire, CELA and Ethan J. Ordog, Esquire The administration of an estate by an Executor or an Administrator, often called a Personal Representative, is a complex process that can be difficult and time consuming. If the Personal Representative makes an error, he or she can be held personally liable and…

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THE BENEFITS OF BLOODLINE TRUSTS

by Thomas D. Begley, Jr., CELA What is a Bloodline Trust? A Bloodline Trust is a trust for the benefit of children and/or grandchildren. Rather than leaving the monies outright to children or grandchildren, money is left in a Spendthrift Trust with no withdrawal rights. If the child or grandchild is reliable, they can be…

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WHAT BLENDED FAMILIES SHOULD KNOW ABOUT ESTATE PLANNING

by Thomas D. Begley, Jr., CELA What Are Blended Families? Blended families take several forms: Married couples in which one or both spouses have children from a previous marriage. Families with children who are in second or subsequent marriages and who have children from previous marriages. Families with children whose spouses have children from previous…

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