“Due on Sale” clauses found in many mortgages generally allow a lender to demand payment in full of a loan, upon the transfer of an interest in the mortgaged property. The Garn St. Germain Act (12 U.S.C. Section 1701j-3) provides that regardless of the agreement between a borrower and lender, a lender may not enforce […]
Should Fido be left an inheritance after you pass away? Creative designer Karl Lagerfeld died this year after amassing a fortune of approximately $300 million. Prior to his death, Lagerfeld quipped that one of his heirs, his cat Choupette, would have “her own little fortune.” Reportedly, $200 million of assets was earmarked for Choupette’s care. […]
Aretha Franklin, the “Queen of Soul,” died this month, at the age of 76. According to news reports, she was worth $80 million and died without establishing a Will or trusts for the beneficiaries of her estate. Her death highlights the importance of establishing an estate plan–even a simple one–to avoid unintended consequences. At the […]
If you are a trader of Bitcoin or use “virtual currencies” as payment, the Internal Revenue Service wants you to know that you are not immune to the bite of the income tax. The IRS has published a Notice providing guidance to owners of virtual currencies about their potential tax liabilities. For federal tax purposes, […]
As you begin preparation for your estate or will, you may ask yourself why you need a lawyer, when there are so many “self-help” legal websites offering cheap rates. The axiom, “you get what you pay for,” is the answer. While using a website to generate a templated estate plan may be less expensive than […]
Given the recent amendments to the New Jersey Estate Tax, now is a good time to determine if your estate plan is up to date.