Just about everyone will tell you that a will allows you to leave the property you own at your death to anyone you wish. Without leaving those instructions, the state of New Jersey would decide where all of your property goes. Right?
Not necessarily. If you place certain assets into your will, it could cause a stir within your family upon your death. This is because putting them into your will does not provide the necessary legal right to transfer the property.
Now that you are starting a business here in New Jersey, you may be looking for the perfect piece of property for your venture. You may think that finding the right spot to give your business the best chance of success will be the most difficult part of the process.
Sadly, that may be yet to come. Once you find that piece of property, you will need to make sure that you can use it for your purposes. If you are new to commercial real estate transactions, you may not be familiar with the different types of zoning. In order to use the property you find for your business, you need to make sure that it's properly zoned.
The audacity of someone who would flee the scene after causing an accident is almost inconceivable. Without checking to see if you needed medical attention, the other driver backed up and drove off. It is almost unimaginable that fearing the trouble such an accident may bring is more important than rendering aid to someone who may be suffering life-threatening injuries.
Whether you were walking, biking or in another vehicle at the time of the accident, if you suffered injuries in a hit-and-run, you are likely wondering what to do next. Above all, your primary concern should be seeking medical attention. Beyond that, everything you do can aid police in their investigation and begin building your case for recovering your losses.
You found your dream home here in Linwood. You negotiated and signed a purchase and sales agreement and went through the due diligence process before attending the closing and taking possession of your new home. Then, at some point, you either discovered or otherwise found out that something was wrong with the title to your property.
Perhaps someone came forward to make a claim against what you thought was your property. Now, you could face litigation to regain the rights you thought you had.
When you are looking to purchase a piece of property, part of your due diligence will probably be to assess whether it has any environmental issues that could cause you problems in the future. If your research indicates that such a problem exists, you may consider walking away from the sale.
However, that may not be necessary. Many misconceptions exist regarding how buyers deal with environmental issues. You may want to understand what your liability actually is before making any final decisions regarding purchasing the property.
When you and your partners start a new business here in New Jersey, you probably think that you will work together well into the future. You form your partnership, draft a partnership agreement and open your doors, but what happens if one of your partners leaves the business at some point?
Now is the time to prepare for that eventuality even though none of you think it will happen at this point in time. A buyout agreement, also called a buy sell agreement, may be the solution. You might consider it as sort of a prenuptial agreement for your partnership.
Estate planning may not be at the top of most New Jersey residents' to-do lists. Contemplating mortality doesn't make for lively dinner conversation. However, you should consider it sooner rather than later, since no one knows what could happen in the future.
As you sit down to discuss the type of plan that will best express your goals and wishes, you may have heard a question you didn't anticipate: "Have you considered a revocable living trust as part of your plan?" More than likely, you hadn't since you only considered a basic estate plan. Aren't trusts for the rich? Actually, many people could benefit from this type of trust, but understanding both the advantages and disadvantages first can be very important.
Are you one of the many small business owners here in New Jersey who owns a convenience store or service station? Do you sell gasoline to the public? Then you probably have an underground storage tank regulated by the Environmental Protection Agency. In fact, the vast majority of USTs in the United States hold petroleum.
The EPA regulates these tanks in order to be sure that they do not harm the environment or pose a danger to the people in the area. If at least 10 percent of the combined volume from your tank and any piping is underground, then you fall under the EPA's UST regulations.
If you are like so many other people who own small businesses with others, you probably aren't fond of paperwork. You would rather be in the trenches doing the work. For this reason, and others, you may have already agreed with your partners that forming a complicated business entity just isn't necessary.
You may be aware of partnerships but don't really understand the differences between a general partnership, a limited partnership and a joint venture. Before deciding which way to go, it would probably help to have some information about each type of partnership so that you can make an informed decision.
As you consider how to best provide for your loved ones after your death, you may run into a snag. You own a home that you and your current spouse occupy, but you don't want it to become part of your surviving spouse's estate upon his or her death. Instead, you want to be sure that it passes to your child from a prior relationship upon your spouse's death.
You may leave the home to your child in your will, or even put the home into a trust, but that could risk your spouse not having a home upon your death. You may love your child, and he or she may verbally agree to allow your spouse to live in the home after your death, but why take the risk that a falling out could occur that leaves your spouse without a home when you are no longer around?
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Fitzgerald & McGroarty PA
747 Shore Road
Linwood,
NJ
08221
Toll Free:
800-465-1307
Phone:
609-365-0036
Fax:
609-926-3104
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