In a case of first impression, the Superior Court of New Jersey held that financial institutions do not have an affirmative duty to report suspected fraud upon senior citizens or vulnerable individuals. See Lucca v. Wells Fargo Bank, N.A., 441 N.J. Super. 301, 315 (Law Div. 2015). In Lucca, an 82-year old woman
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Estate Planning and Former Spouses: Updating your Will, Life Insurance and Other Beneficiary Designations following a Divorce
By Christopher P. Massaro on
Posted in Estate Planning
Following a divorce, you should carefully review your estate plan to ensure that your former spouse will not receive any unintended distributions from your estate. Unless otherwise required by the terms of the divorce, you should revise your Will to remove your ex-spouse as a beneficiary. You also should update beneficiary designations for any non-probate…
NJ Tax Court Finds Gift in Contemplation of Death Subject to Inheritance Tax
By Steven M. Saraisky on
Posted in Estate Tax
After meeting with a lawyer who advised him about divesting himself of assets so that he one day would be able to qualify for Medicaid, Peter Muscle, age 88, made a gift to his girlfriend of PSE&G stock having a value just over $1 million. He died six months later.
As most readers know, New…