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News & Info

Why Business Owners Should Update their Estate Plans

Jun 02 2015
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Written by Jason C. Henbest, Esq. and Brittany Saxton

Within the span of five years, various life changing events have the potential to occur--from birth, to death, to marriage, to divorce. Five years in the grand expanse of life may not seem all that extensive. But for business owners who have failed to update or establish an estate plan, five years is five years too long.

Most business owners yearn to achieve an annual fiscal objective in the most tax-efficient manner. The popular business focus on spending and saving also sheds light on the importance of estate taxes. As long as estate taxes and interconnected business interests exist, so will the essential role of estate planning. For many business owners, an estate plan means having a Will. For others, the topic of estate planning is an impending threat, with unwelcome topics such as death and the potential failure of the business. However, fear should not impede on important business decisions, such as the wise move of validating a proper estate plan.

An updated estate plan is important for any business owner to keep up to date with tax laws. Business owners who, at minimum, have a Will claimed to be wealthier since the creation of their estate plan. For any business owner, feeling richly reassured about the future of the business is just as important as fiscal prosperity. To affirm that the future of your business stands on solid ground, all owners should familiarize themselves with proper estate plans. In order to confirm that the future of your business is on firm legal standing, contact your local Ocean County lawyer.

Forming a Limited Liability Company, or LLC, in New Jersey

Feb 15 2015
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Written by Jason C. Henbest, Esq. and Brittany Saxton

Forming a Limited Liability Company, or LLC, in New Jersey is an exciting, but specific process. For current and future New Jersey business owners, it is essential to understand all of the steps in creating a legally sound, financially stable, and properly registered business in New Jersey.

First and foremost, it is vital to select a distinguishable business name. Even more important than a catchy business title is the inclusion of the full words or abbreviated letters “LLC” in the business name. The new business title, while distinct from other business entities on file with the New Jersey Division of Revenue, should represent the company’s overall purpose. After selecting a title, you can reserve the name for up to 120 days with the Application for Reservation of Name by mail for $50.00 if you are not quite ready to register.

Next, it is essential to complete the Public Records Filing for New Business Entity through the NJ Department of Treasury. Whatever method you choose to file this $125.00 document (online, webpage, or a paper document), you must include all the important information of your up-and-coming business. This information includes: the business name, the objective of your company, and the name and address of the managing members and registered agent.

The Consequences of Ignoring Special Needs Planning

Jan 21 2015
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Written by Jason C. Henbest, Esq. and Brittany Saxton

Do you have a child with Autism?  Or perhaps you take care of an elderly parent?  If you find yourself taking care of a family member with Special Needs-someone who receives Social Security Income (SSI) benefits, Medicaid, or any other governmental assistance-a proper estate plan is imperative. 

When you pass away, you want to know that your family will continue to be taken care of.  What you may not know is that this Special Needs dependent needs particular care regarding estate planning, especially when making definite plans for the indefinite unknown. 

A Special Needs Trust is a critical medium of passing assets to your Special Needs beneficiary.  It promotes convenience without sacrificing suitability. A Special Needs Trust prevents the legal bind of your dependent receiving an inheritance as a beneficiary, causing the termination of their governmental benefits.  A Special Needs Trust also provides the option to plan for medical, dental, education, transportation, and other essential spending expenses.  If the Trust is sufficiently funded, your Special Need's dependent has the potential to receive lifelong financial support through customization of their unique circumstances.  Take these words of advice into consideration when planning your Special Needs Trust with your Ocean County attorney:

The Pitfalls of Online and Form Wills

Jul 11 2014
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Written by -Jason C. Henbest, Esq. and Brittany Saxton

We have all seen the commercials for the self-help legal websites such as LegalZoom, Will & Trust Kit, LegacyWriter, BuildaWill, and Nolo. Anyone can find a Will and complete their own estate plan online for as little as $20.00! But at what risk?

It is imperative to contemplate the consequences of a cheap legal document in comparison to a Will drafted by your lawyer.

 It is not always clear who drafted the Will forms you find online.
 Many assume that estate planning is only for the wealthy, but this belies the fact that people on every economic level benefit from a Will drafted by a qualified attorney. A Will distributes property to beneficiaries with as little tax as possible. Attorneys with extensive legal education and experience provide the best advice on the distribution of an estate. And frankly, for those who have few assets, it is that much more important to make sure that every asset goes where intended.
 There are numerous rules to estate disposition, and these rules vary by state. What you find online may have been drafted for North Carolina, Kansas, or California. An online Will, available to residents of New Jersey, may not include the specifics that are needed here.

Protecting Your Child from Identity Theft

Jun 17 2014
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Protecting Your Child from Identity Theft

Written by -Jason C. Henbest, Esq. and Brittany Saxton

For residents and visitors at the Jersey Shore area, summer is synonymous with sun, surf, and shopping. And for teens, especially, being away from school presents more time to spend on social networking sites like Facebook, Twitter, Instagram, and Pinterest. But for parents here in Barnegat, Forked River, Lacey Township, and Manahawkin, these activities present a new concern for their children’s safety.

The dangers of posting information online are well known and documented, and as parents, we know to make sure that our kids are not opening themselves up to physical harm or to cyber-bullying. How many of us, though, are monitoring our kids’ credit reports? Identity thieves are always on the prowl, seeking identities with clean credit records, and kids are the perfect targets. Children have rarely done anything in their lives yet to truly use their Social Security numbers; they do not have a credit history and do not monitor their credit.

Estate Planning for College-Age Kids

Jun 03 2014
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Written by Jason C. Henbest, Esq. and Brittany Saxton

Surprising Information Parents Should Know!

           Your child is in limbo between adolescence and adulthood as a recent, or soon-to-be, 18 year old.  He or she is on track to graduate from Barnegat, Lacey, or Southern Regional High School.  They have ambitious dreams of pursuing a college education, trade school, or full-time employment and may be moving to a different state to pursue these dreams.  What you may not know is that the independence your adolescent child craved throughout high school is no longer a figment of their imagination once they turn 18.  Your baby is grown up, and they are regarded as legal, independent adults by the State of New Jersey amidst this period of immense change in their lives. 

           Since 18 is the age of majority in New Jersey, your child is now responsible for their own medical and financial decisions.  If your child is miles away at school or their place of employment and becomes ill, the proper planning needs to be in place if you are going to be able to give them all the help they might need.   Two essential documents that any person 18+ should possess include: