TestMany states, including New Jersey, have laws stating that divorce automatically revokes the designation of a spouse as a beneficiary of certain kinds of assets passing outside the Will. However, divorce is not effective to revoke the ex-spouse as beneficiary of a deceased spouse’s 401(k) plan or any other type […]
Generally, in a sale of a closely-held business, a buyer who desires to acquire a regular or “C” corporation, which is taxed separately from its shareholders, will prefer to purchase the assets of the C corporation rather than the stock from the individual shareholders in order to avoid any hidden […]
The New Jersey Revised Uniform Limited Liability Company Act (the “Revised LLC Act”) took effect on March 18, 2013 for LLCs formed on or after that date and on April 1, 2014 for all other New Jersey LLCs. The Revised LLC Act repealed the old New Jersey LLC Act and […]
Why You Should Have a Will and Title Assets Properly. According to a recent survey, 60% of Americans do not have a will or an estate plan, a general durable power of attorney, or a living will. This can be disastrous and costly for loved ones who have to deal […]