A self-cancelling installment note (“SCIN”) can be used to sell a business interest, stocks, real estate or other types of assets, usually to a family member of the current owner. This is a variation of an installment sale where the remaining payments are cancelled upon the death of the note…
The irrevocable life insurance trust (“ILIT”) provides an accessible means of avoiding New Jersey and federal estate taxes on life insurance proceeds. The potential savings often outweigh the disadvantages of what you give up. The New Jersey and federal “estate taxes” are taxes on the transfer of property at your…
Many fitness centers have begun to open around New Jersey. Owners should be aware that New Jersey strictly regulates businesses that provide “physical fitness or physical well-being” services. For example, every health club facility must register with the New Jersey Division of Consumer Affairs and renew the registration every two…
Creditors in New Jersey should not be dissuaded from trying to collect what is owed to them because debtors transfer their assets. New Jersey law protects creditors’ rights by imposing penalties for debtors who transfer assets to prevent collection of a valid debt. The Fraudulent Conveyance Act of 1919 has…
The purpose of New Jersey’s Unemployment Compensation Law is protecting people from the harsh effects of losing their jobs, and providing a safety cushion for this sudden loss of employment. Most employees are “at will” employees. This means that there are no contractual terms of employment or specific requirements for…
When a person dies owning assets, probate is often required to transfer the title. Some assets are “probate assets.” These assets can only be transferred after an executor or administrator has been appointed by one of the New Jersey Surrogates. Each county in New Jersey has its own Surrogate. The…
Estates of New Jersey residents are potentially subject to two types of state taxes: New Jersey Estate Tax and New Jersey Inheritance Tax. First, an estate is subject to New Jersey Estate Tax if the value of the estate is more than $675,000.00. This tax is based solely on the…
New Jersey’s Law Against Discrimination New Jersey’s Law Against Discrimination (the “LAD”) protects many people, particularly employees, from discrimination because of their race, ethnicity or religion, among other things. Discrimination can take many forms, but includes direct tangible adverse employment actions, such as firing, demotion, etc., and harassment which cause…
Background: Due Diligence, Purchases and Sales of Business In the sale of a New Jersey business, buyers normally perform due diligence such as inspecting profits, losses, revenue, expenses, bank accounts, tax returns and financial statements and the like. Contracts for the sale of a business often say that the buyer…
There are limits to the assets you may own and still qualify to receive Medicaid in New Jersey. What those limits are depends on the type of Medicaid coverage you are seeking and your marital status. If you have more than the allowable amount of assets, you can only qualify…