How To Save Your Jersey Shore Home From Foreclosure

Life is unpredictable. Estate plans are intended to help you plan for the unexpected. While it is ideal to start estate planning early on in your adult life, it is never too late to create or update an estate plan. The benefits of asset protection, medical directives, and other estate planning tools remain valuable even for seniors who have not done any estate planning. However, seniors who start estate planning later in life may face specific obstacles that younger individuals may not encounter. Here, we examine the benefits of estate planning for seniors and provide guidance on navigating the potential challenges associated with late-in-life estate planning. The Benefits 1. Your Wishes Are Followed Perhaps the biggest motivation for seniors doing estate planning later in life is to have their wishes known and respected. As we age, we start to consider end-of-life planning and what will happen to our assets after we pass away. An estate plan allows you to be direct and specific about what assets pass to which loved ones. Clear directives also help loved ones avoid confusion and conflict after your passing. 2. Medical Preferences Estate planning enables seniors to be specific about how their assets should be distributed while also providing crucial details about their preferences for medical care and end-of-life care. Naming a medical power of attorney to make decisions for you in the event you are incapacitated can help family and loved ones intervene quickly on your behalf. You can also provide detailed preferences about which treatments or medical interventions you accept. Even if you already have an estate plan in place, your preferences for medical intervention may be very different from the preferences you had when you were younger. A comprehensive estate plan can ensure that your wishes are followed even when you cannot advocate for yourself. 2. Avoid Probate Without an estate plan in place, your assets will be subject to the probate process. During probate, all your assets are identified and appraised by the court. This includes real estate, bank accounts, investments, personal belongings, retirement accounts, and other assets. Probate is time-consuming and potentially costly. Not only will the state have purview over your assets and what happens to them, but probate opens your estate up to scrutiny. The state will allocate your assets based on New Jersey intestacy law—not your preferences. Creditors seeking repayment of debts can also receive repayment through the probate process. When you work with an attorney to develop an estate plan, they can help you avoid the probate process so that more of your assets go to your loved ones. The Challenges 1. Incapacity One of the biggest challenges seniors face with later-in-life estate planning is the risk of incapacity. As we age, our mental acuity can decrease. Especially with a diagnosis of Alzheimer’s or dementia, seniors can lose the right to plan for their future. Mental incapacitation can prevent a senior from legally making changes to an existing estate plan. If you are worried about claims of incapacitation, you can work with an attorney and your medical team to determine what choices you can still make for your future. For seniors whose mental incapacity has progressed to a certain level, family members and loved ones will need to utilize the probate process to manage the estate. However, mental incapacity is not a problem for all seniors. If you still have good mental capacity, now is the time to create or change an estate plan. You can create an estate plan even after moving into an assisted living facility or gain the assistance of an aid. As long as your mind is not impacted, you are legally able to make decisions about your assets and your future. 2. Medicaid’s 5-Year Lookback Period In New Jersey, seniors seeking to qualify for Medicaid will have their assets scrutinized under the five-year look-back period. Medicaid will review financial transactions from the previous five years to determine if there are any red flags indicating that assets were intentionally given away as gifts or transferred in an attempt to qualify for Medicaid. This artificial reduction of assets to qualify for Medicaid can result in a senior being disqualified from receiving long-term care services through Medicaid. Working with an experienced attorney early on can help you set up the gifting of your assets in a way that does not raise any red flags for Medicaid. Veitengruber Law is an experienced estate planning law firm in Monmouth County. Estate planning for seniors presents unique challenges that require the expertise of a legal professional. We offer compassionate and beneficial legal services to help seniors navigate their later-in-life estate planning.

Estate planning for New Jersey business owners is a critical task. You’ve put your time, energy, and resources into building a prosperous business, and you want to see that business thrive even after you’re gone. Regardless of the size and scope of your business, having a comprehensive estate plan in place can help facilitate the smooth transition of ownership, minimize the tax impact on your successors and loved ones, and establish a lasting legacy for you and your business. As a business owner, you will need to make special considerations for your business. Even if you have an estate plan in place for your personal assets, you will also need to consider the needs of your business and those tied to it. Veitengruber Law has been providing expert estate planning for business owners in New Jersey for over a decade. We work with NJ business owners to create a customized estate plan tailored to the unique needs of their business. Here are seven essential features of estate planning for business owners in NJ: 1. Will As a business owner, you have many estate planning tools at your disposal to help protect your assets and set your business up for future success. The most well-known document is a will, but the truth is that your will is just one part of a larger estate plan. Just as with personal estates, business owners will outline their assets and how those assets should be distributed after death. The will also lists an executor of your estate. This is the person who will oversee your estate and ensure your wishes are carried out. For business owners, your will is a good place to outline your successor, as well as outline management and ownership. 2. Power of Attorney A durable power of attorney allows you to designate a trusted person in your life to manage your financial and business affairs if you are unable to do so yourself. If you are incapacitated during an accident or due to a medical issue, this person could step in to ensure your business runs smoothly in your stead. This person can be a family member, business partner, trusted employee, or even a financial or legal advisor. It is essential to select someone familiar with your business to ensure they are capable of managing your business affairs effectively. 3. Trust While a will is a crucial estate planning tool, it cannot protect your assets as thoroughly as a trust. Trusts are flexible but efficient estate planning tools that can help you transfer business ownership while avoiding probate, maintaining confidentiality, and reducing your successor’s tax burden. Trusts are often used to transition ownership of family businesses. Without a trust, your business will be subject to probate, a time-consuming and costly process. Probate can hinder the smooth transition of your business and also puts your business assets in jeopardy for creditors and other legal action. Transferring business assets into a trust can also help business owners reduce their taxable estate, lowering estate taxes for their heirs. 4. Business Succession Planning A business succession plan is a document that allows you to outline the transition of ownership and leadership for your business. Succession planning can include plans for your transition into retirement or for what should happen in the event of your death. This plan outlines how you want the business to be managed and who should own the business after your departure. Your business succession plan should identify successors for ownership and leadership roles to ensure operational continuity and preserve the value of your business. You can also outline how you want ownership to transfer—to family, partners, key employees, or even external buyers. Business succession planning helps business owners ensure the lasting legacy of their life’s work and the continued success of their business. 5. Asset Protection Estate planning is the best way to legally protect your assets. However, business owners must be cautious about how they protect personal assets from business liabilities. Personal assets and business assets should be addressed separately to avoid potential issues. The easiest way to do this is to establish your business as a separate and distinct legal entity from yourself. You can do this by establishing an LLC or corporation. Work with an estate planning lawyer to ensure your assets are addressed separately in your estate plan. Establishing a trust for your business can help safeguard your business from creditors and lawsuits. 6. Buy-Sell Agreement If you share ownership of your business with one or more other owners, a buy-sell agreement can outline how ownership of your part of the business will be transferred under different circumstances. You can work with an estate planning attorney to determine buy-sell agreements for death, disability, or retirement. A buy-sell agreement should include the following: Ownership Transfer: This section of the agreement outlines the method for transferring ownership if one owner leaves. This can help prevent business disruptions and also provide for the heirs of the departing owner. Triggering event: The agreement should specify what events will initiate the transfer of ownership. This can include death, disability, retirement, termination of employment, or any other major event that would impact ownership rights. Valuation: A buy-sell agreement should include the method used to measure the value of the subject’s business interest. This will also help establish the estimated value of the business for estate tax purposes. Funding: The departing owner may wish to fund the buy-sell agreement. By providing the capital needed for remaining or future owners to purchase the departing owner’s interest, the departing owner can ensure a smoother transition. Life insurance is commonly used to provide the funds needed to purchase the business interest. 7. Tax Implications In New Jersey, after a business owner passes away, heirs and successors may be required to pay the IRS estate tax. This tax could be anywhere from 35% to 50% of the business’s worth. Often, heirs cannot pay this tax outright, which can result in the sale of the business. However, with some thoughtful estate planning, you can avoid this tax burden. Trusts can help minimize taxes or offer tax-efficient strategies to limit the tax burden for your heirs. Buy-sell agreements can also work strategically to help reduce the tax burden on remaining owners. 8. Regular Reviews and Updates Periodically reviewing and updating your business estate plan is critical to the success of your plan and the easy transition of your business. Things can change quickly when it comes to businesses. Employees and leadership may change, valuation can fluctuate, and your beneficiaries may also change. Regularly review your estate plan with an experienced estate attorney to ensure that your estate plan effectively protects your business, assets, and future. Veitengruber Law is an experienced estate planning attorney in New Jersey. We work with NJ business owners to protect their personal assets and business interests. Business owners face unique challenges when it comes to estate planning. Working with a skilled attorney who understands estate law can help NJ business owners ensure that the future of their business is secure. Contact us today for a consultation!

Selling a home can be a daunting task. Contrary to popular belief, the process of selling a home is more than just sticking a "For Sale" sign in the front yard. Selling a home in Monmouth County presents its own unique set of benefits and challenges. Desirably located on the coast with quick access to major metro areas, Monmouth County is an appealing place to set down roots for a wide variety of buyers. At the same time, the real estate market in Monmouth County is competitive. To sell your house quickly and for the best possible price, sellers need to do some preparatory work. The steps you take to sell your home will depend entirely on your unique goals for the sale. Some homeowners are looking to sell quickly and are willing to make significant concessions or accept a lower sales price to ensure the property does not linger on the market. Some sellers are looking to maximize their profits and spend their selling preparation focused on maximizing value. Regardless of your motivations and goals, most sellers will benefit from these 5 tips for homeowners trying to sell a Monmouth County home in 2025. 1. Work With Real Estate Professionals One of the biggest mistakes we see sellers make is to try to go it alone. Many DIY sellers feel they have already gone through the real estate transaction process and, therefore, understand how to manage the sale alone. However, experts know that "for sale by owner" transactions are, more often than not, a disaster, forcing sellers to expend undue time and money. When you are assembling a real estate team to help you sell your home, you are looking at two leading professionals: real estate agents and real estate attorneys. While neither are required to sell a house in Monmouth County, both offer invaluable benefits to sellers. Experienced real estate professionals provide a deep understanding of the market and skilled negotiation prowess that can save buyers time, effort, and money in the long run. 2. Research Your Local Market Even when working with professionals, it is essential to gain a thorough understanding of the Monmouth County real estate market. Sellers who have a good grasp of the market tend to have more realistic expectations for the sale. They are also able to make informed decisions based on their own desires, goals, and needs. The Monmouth County real estate market is particularly competitive due to the numerous amenities and attractions that Monmouth County offers its residents. With a balanced mix of suburban living and quick access to major metropolitan areas, this is a desirable place to live. Red Bank, Middletown, Colts Neck, and other popular towns offer a charming lifestyle that attracts individuals, couples, and families. This competitive market requires sellers to carefully consider the presentation and pricing of their property to maximize profit. Sale timing is just as important to understand. If you are listing your home in the fall or winter, you may have less competition from other sellers, but you also may experience a lack of buyers in Monmouth County. The real estate professionals you work with can help you determine the best timing and conditions under which you can get the best deal to sell your home. 3. Prepare Your Home for Sale Like it or not, most buyers are judging your home by its appearance. While some buyers are okay with a home that needs a little work or some minor repairs, the vast majority are looking for move-in-ready homes that look appealing. To prepare your home for sale, take the time to make it sale-ready. Some things to consider:  Curb Appeal: The outside of your home is the first view a potential buyer sees upon arrival at your property. First impressions are everything in real estate. The outside of your home and surrounding areas can be an invitation to come in or a turnoff, depending on the effort you put into your curb appeal. Some simple fixes, such as weeding, planting colorful flowers, repainting the front door, and cleaning up your outdoor spaces, can go a long way in boosting curb appeal and increasing the chance that buyers will want to take a second look at your home. Declutter: Your home is lived in—that is what makes it a home. However, too much clutter can have the effect of making your space appear smaller. During home tours, buyers will want access to every area of your home to ensure they have a thorough understanding of the property. To showcase your space to its best advantage, start by decluttering your living areas and then tackle closets, drawers, cabinets, and other storage spaces. Depersonalize: Similarly, buyers want to be able to envision themselves living in a home—which can be challenging when the home is cluttered with the seller's personal items, family photos, bold or unique artwork, or untraditional furniture. Make your space as much of a blank slate as possible to encourage buyers to envision themselves living in the house. Repaint: Painting every room in your home may sound daunting, but with the cost of some paint supplies and sweat equity, you could gain thousands after the sale. While you may love your bright accent wall, a buyer might see it as a big eyesore. Choose neutral colors to repaint more vibrant areas of your home. If your home already has a neutral color pallet, ensure the walls still look fresh and touch up if needed. Repair: This is the word sellers dread the most. Every property is bound to have some needed repairs, but who wants to spend the money fixing things in a house you are soon to be leaving? However, you don't need to spend thousands on repairs to make your home appealing. Focus on things buyers are sure to notice during a walkthrough: tighten loose handles, replace burnt-out light bulbs, repair broken hardware, etc. Keep It Clean: Whether you're still living in your home or not, you need to keep your home clean and ready for spur-of-the-moment viewings. Pre-Sale Inspection: A pre-sale inspection can help you identify problem areas that could delay or prevent the closing or result in a sale falling through completely. 4. Market Your Home In such a highly competitive market, Monmouth County sellers must execute a comprehensive marketing plan. Working with your experienced real estate team, you can develop a marketing plan that showcases the property's highlights, making it stand out in listings. Highlight all the features that make your home uniquely attractive, such as extra storage space, ample outdoor areas, or proximity to local attractions. Open houses and private viewings can also help boost your marketing reach. The more people who see your home, the more likely you are to have a buyer. 5. Prepare to Navigate Legal Details NJ real estate law is complex. Even the most straightforward real estate transactions involve significant legal and financial considerations. By partnering with a skilled Monmouth County real estate attorney like Veitengruber Law, you can ensure that you are meeting all of your legal responsibilities as a seller and protect yourself from legal consequences. A real estate attorney can advise on local, state, and federal regulations that can impact your sale. Real estate attorneys can ensure that all your documentation is in order and that any legal issues that may arise are resolved promptly, allowing your sale to proceed as planned. Selling your Monmouth County home is a huge undertaking. Having the right experts working with you can make all the difference. Veitengruber Law is an experienced real estate law firm in Monmouth County, NJ. Our deep knowledge of the Monmouth County real estate market can ensure you achieve your real estate goals.

Estate planning is like a puzzle. Every individual and family will have different needs, goals, and issues that need to be addressed and resolved as they create their estate plan. The plan that offers the most holistic protection for one person may not be the best plan for another. Determining what estate plan tools best meet your needs and goals can be difficult. While many folks still think a will is the be-all and end-all of estate planning preparedness, an experienced estate planning lawyer can tell you that a will is just one small piece of the estate planning puzzle. Proper protection of your estate and loved ones involves implementing a variety of tools, including power of attorney (POA), health directives, medical proxies, and even trusts. Trusts are often overlooked in the estate planning process, even though they are powerful tools that can solve many estate planning problems. The idea of establishing a trust can seem overwhelming or even unnecessary. But the truth is that you don’t need to be super wealthy to benefit from a trust. If you are looking for an estate planning lawyer who can help with trusts, look no further. George Veitengruber is an experienced estate planning lawyer in New Jersey. We have worked closely with our clients to establish trusts that protect their interests, meet their estate planning objectives, and create a lasting positive legacy. Here are some reasons why a will is not enough: 1. Wills don’t bypass the probate process. There is a common misconception that creating a will can prevent the estate from undergoing the probate process. This is not true. Instead, the will simply provides a set of instructions to be used by the probate court. Probate is the legal process used by the courts to validate a will and distribute the assets as per the will's instructions. Your assets will still undergo this typical legal process of probate before being distributed as indicated in your will. Probate can take months or even years, during which your loved ones are dealing with legal fees and court costs that can reduce the value of your estate. The probate process is not only time-consuming and expensive, it leaves your estate open to disputes. Creditors or unhappy loved ones can use the probate process to challenge your will. The probate process can be emotionally, financially, and mentally draining for loved ones—which is why most people try to set up their estate plan to avoid the probate process. If you want to avoid the probate process and ensure that your wishes are carried out as intended, consider establishing a trust. A trust will allow your assets to pass straight to your beneficiaries without the need for court involvement. 2. Wills offer no protection if you are incapacitated. A will only goes into effect upon death. Incapacity due to illness, injury, age-related decline, or another problem is not accounted for with a will, leaving you and your assets unprotected. If you become incapacitated and only have a will, your loved ones may face a stressful, costly, and time-consuming process trying to get approval from the court to manage your affairs. Alternatively, a trust can appoint a trustee of your choosing to manage your financial, legal, and medical affairs if you are incapacitated. This ensures your assets are secure while allowing your trustee access to your finances to ensure your bills continue to be paid. A trust can work in partnership with a power of attorney, medical POA, and other directives to give your loved ones the legal power to get you through a difficult time. 3. Wills offer few tax planning benefits. If you or your family has significant assets, using only a will for your estate planning can lead to exorbitant taxation. Because your will undergoes the probate process, it exposes your beneficiaries to the New Jersey Inheritance Tax. This can reduce the impact of the inheritance and cause financial issues for your loved ones. Instead, a trust can help shield your beneficiaries from the most excessive tax liabilities. Trusts can help you utilize strategic gifting, allowing you to give assets to loved ones while minimizing tax burdens. Some kinds of trusts, like an irrevocable trust, can help you and your family shield wealth from creditors. A trust enables your beneficiaries to maximize the benefits of their inheritance with minimal tax implications. 4. Wills offer less control over asset distribution. A will distributes assets outright to beneficiaries upon the death of the testator. While a will can include instructions and your wishes for these assets, it does not hold legal weight to ensure these wishes are fulfilled. A trust can allow you to structure distributions of an inheritance ahead of time, giving you control over how your beneficiaries utilize your assets. Trusts can be established to disperse funds at a specific age or life milestone, such as attending college or getting married. This can help you create a plan for the future of your younger beneficiaries. You can also establish a trust for specific purposes, such as education, healthcare, real estate, or charitable giving. For instance, a trust can be set up to pay for a grandchild's college tuition or to cover future medical expenses for a disabled family member. Trusts can be established to be distributed in installments rather than as a single lump sum. This can also ensure that your assets will be managed responsibly when you are gone. 5. Wills offer little protection for business owners. When you own a business or significant real estate, you need a trust to protect your assets. Wills cannot offer adequate protection for the succession of your business or the transfer of ownership of multiple properties. This can leave your heirs in a sticky legal situation as they try to navigate the transfer of ownership. Alternatively, a trust can allow you, as the owner, to define who has decision-making capabilities concerning your business. You can also outline in detail how profits will be allocated, who ownership transfers to, and even what can happen to specific business-owned assets. Trusts can help you protect your business, family estates, or rental properties from being sold, neglected, or mismanaged. Trusts Are Key Estate Planning Tools If estate planning is a puzzle, trusts are a significant piece that can solve many problems. Estate planning enables you to create a lasting legacy in line with your vision. Trusts can help you protect your family’s future, honor your life’s work, and ensure your wishes are followed exactly as you intended. Wills are a piece of the puzzle—but they cannot solve every problem. Trusts can provide adaptable solutions that give you more control over your assets while protecting your beneficiaries legally and financially. When you need an experienced estate planning lawyer in Monmouth County, look no further than Veitengruber Law. We can help you develop a holistic estate plan that goes beyond a basic will. We can work with you to create an estate plan that addresses all your concerns and provides peace of mind, knowing your future is protected. 

When selling your home, it can seem like your to-do list is never-ending. Repairs and maintenance, packing and moving, listing and showing your home — all of this can be stressful. Once the sale is finalized, you can finally breathe a big sigh of relief. But there may be a few things you need to add to your to-do list. As a real estate lawyer in Monmouth County, Veitengruber Law works with sellers to ensure all the little details are correct—before and after closing. Here are 5 things you can check off your to-do list after the sale of your home: 1. Confirm Closing Payoffs After closing, ensure that all funds have been transferred correctly. This includes: Mortgage Payoffs: Your mortgage lender will give you a payoff amount to settle your loan. You should check with your mortgage servicer to ensure that the loan is fully paid. You should also receive a confirmation letter stating that your mortgage was paid in full. Late Property Taxes: Unpaid late property taxes are typically cleared during the closing process. You can confirm that taxes have been settled by contacting the tax office of the municipality where the property is located. Liens or Judgments: Liens or judgments associated with your property must be paid at or before closing. You can confirm this by contacting the lienholder or the court. The title agency or attorneys working on your closing should also be able to help verify that these issues are resolved. This information should all be in the closing documents you receive at settlement. Confirming these payoffs with the entity listed in the closing documents is crucial to avoid future financial and legal setbacks. Keep any confirmations in your records. 2. Retain All Documents You should hold on to any documents you received throughout the sale of your home, including the settlement statement, deed transfer paperwork, and any contracts you signed. If any questions about the sale arise in the future, you will have the necessary documentation to resolve any issues quickly. These documents can also help when it comes time to file your taxes. Keep hard copies in a safe, secure location where they will be protected from damage. For electronic copies, store them with an encrypted cloud service or a digital filing service that offers authentication procedures. 3. Prepare for Tax Season How you must prepare for tax season depends on your specific situation. If you made a significant profit from the sale of your home, you should likely consult with an experienced tax professional to understand what capital gains taxes you could owe. A tax professional will be able to help you prepare by calculating how much you may owe in taxes and helping you correctly apply for the exclusion. This number will change depending on how long you have had the property, your filing status, and any deductions you qualify for. Many home sellers benefit from the Primary Residence Capital Gains Exclusion, which allows individuals to exclude up to $250,000 of capital gains from their income, with married couples filing jointly able to exclude up to $500,000. This exclusion is designed to help homeowners avoid a significant tax liability when they sell. To qualify for this exclusion, the home must have been the primary residence for at least two out of the five years preceding the sale of the house. 4. Update Your Estate Plan When selling your home, it's also a good idea to update your estate plan documents. If your home is listed in a will, power of attorney, trust, or any other legal documents related to your estate, you need to revise these directives. If you have significant profit from your sale, you will also need to factor this new wealth into your estate plans. Veitengruber Law is an estate planning and real estate law firm in Monmouth County, and we can help ensure you are protecting your assets before and after the sale of your home. 5. Update Your Address Don't overlook the steps required to update your mailing address correctly. You can submit a change-of-address request with the postal service so that any mail sent to your old home will be forwarded to your new address. You should also take the time to update your address on all critical accounts, such as your bank, credit cards, insurance, investment accounts, and utilities. You should also inform your employer of your move. Notifying government agencies, such as the DMV and Social Security Administration, can also ensure you receive timely notifications from these entities. And, of course, you should inform your friends and family of your move so that those holiday cards reach the correct address. Veitengruber Law has been assisting New Jersey homeowners with selling their homes for over a decade. We can work with you to tackle your to-do list before, during, and after the sale. 

Selling a home "as is" can help sellers save time, money, and stress on repairs and renovations. Many sellers are unable to afford major repairs and upgrades. While selling "as is" can lower your sales price and even result in fewer interested buyers, it is an attractive option for those seeking to sell a property with the least amount of work and up-front costs. In New Jersey, sellers are permitted to sell a property in "as is" condition. However, that does not relieve sellers of specific legal responsibilities throughout the sale. If you are selling an NJ property "as is," consulting with an experienced real estate attorney to discuss your obligations is crucial. Monmouth County attorney George Veitengruber and Veitengruber Law have been helping buyers and sellers fulfill their real estate goals for over a decade. Here are some things you need to understand about real estate law before you list your home "as is." What does selling "as is" actually mean? In New Jersey real estate law, selling "as is" simply means the seller intends to transfer the property in its current condition, with existing, disclosed defects. This is the seller telling the market they are unwilling to make repairs or improvements and, in some instances, will not make price concessions. An "as is" sales agreement releases the seller of any obligation to provide reimbursement for any losses or damage resulting from the condition of the property. It sets a clear expectation for the buyer up front that the seller is not willing to negotiate on repairs. While the "as is" clause relieves the seller from fixing the property's issues, it does not exempt the seller from disclosing these problems. The seller is still legally required to disclose any major defects with the property. The seller cannot knowingly withhold information about defects associated with the property. The condition of the property as presented in the listing and via correspondence with potential buyers must be accurate and honest to the best of the seller's knowledge. What is seller disclosure law? In New Jersey, sellers are legally required to disclose defects or repairs needed for the property they are attempting to sell. If the seller knows about a defect, they must tell any potential buyer. If a seller is found to be deliberately concealing a defect or even if the seller simply remains silent about a problem, they could face fraud charges and liability for damages incurred by the new owners. Adding an "as is" clause or a general disclaimer to a real estate contract does not exempt sellers from their disclosure obligations. If a damage or defect is not readily apparent to the buyer, the seller must still disclose these defects. For example, you are selling your home and you know that the roof leaks. A buyer tours your home on a sunny day and sees no water damage in the attic. As the seller, you are required to disclose that the roof leaks even if the defect is not obvious to the buyer. What is a Property Condition Disclosure Statement? A property condition disclosure statement is a common way for sellers listing a home "as is" to ensure they are satisfying their legal obligations to disclose any known defects. These statements can help establish buyer expectations, point inspectors to problem areas, and minimize the chance a buyer will back out at the last minute. While they are not required under NJ law, they can greatly reduce the chance of legal action against the seller. Some common issues the disclosure statement can address include: Roof: Detail the age and repair or replacement history of the roof. The seller can also disclose any leaks or previous damage from leaks. Attics, Basements, or Crawl Spaces: Disclose the condition from any current or previous water issues, including damage, mold, moisture retention, etc. Termites and Pests: You must disclose the presence of or damage from termites and other wood-destroying insects. You should also disclose the presence of any other pests that may damage the property. Structural Defects: Shifting, movement, or other damage to walls, floors, or foundations of all structures should be disclosed. You can also disclose defects with pathways, retaining walls, patios, driveways, or other hardscape structures. Water or smoke/fire damage also needs to be disclosed. Additions/Remodels: Any structural changes or alterations should be disclosed, including building permits and approvals. Plumbing: Water and sewage system issues should be disclosed, including issues with the discharge of wastewater, the water heater, and abandoned or shut off systems. Heating and AC: Disclose what kind of system you have, how old it is, and any known problems. Electric: Disclose any known problems and any modifications to wiring, amp service, or additions, including permits and approvals. Major Appliances: The working conditions of appliances included in the sale should be addressed. This includes smoke detectors, garage door openers, and pools. Environmental Hazards: If your household has received notification from any agencies about conditions on the property that may affect the quality of the air, soil, or water on the property, you must disclose this information to potential buyers. This includes testing for and treatment of radon gas or the presence of lead paint. Land or deed restrictions: This can include legal restrictions like zoning ordinances, protected areas, encroachments, easements, or HOAs. It can also include physical restrictions like wetlands, drainage or flooding issues, tidal water, mining operations, etc. If any boundary disputes are in progress, the buyer should be made aware of this. Legal actions: Any legal issues associated with the property should be disclosed to potential buyers, including zoning violations, nonconforming use, unpaid assessments, title problems, liens, and other ongoing legal matters. Can I sell without a certificate of occupancy? A certificate of occupancy (COO) is a document issued by a local authority that certifies the property's safety and compliance with local code laws. Typically, the seller is responsible for obtaining the COO prior to closing and paying the application fee. However, COOs are not required for every real estate transaction in NJ. As an alternative, sellers can obtain a temporary certificate of occupancy or a certificate of title transfer if the property's condition does not meet local municipal standards. If these alternatives are used, the seller should disclose this to the buyer and ensure they understand there is no COO for the property. Buyers may consider this option if they intend to make substantial repairs or renovations prior to moving into the property. Selling your home "as is" in New Jersey can simplify the sale for the seller, provided they comply with local, state, and federal disclosure laws. Working with an experienced attorney can help sellers protect their interests throughout a real estate transaction. Veitengruber Law can offer peace of mind throughout the sale of your property. Our Monmouth County real estate attorney can reduce your legal risk and simplify the selling process.

A Google search of “DIY estate planning” will return hundreds of results. Many online tools claim to offer easy, quick, and budget-friendly ways to create wills, power of attorney (POA) documents, medical directives, and even trusts. Many folks turn to these services because they feel more private and appear to be cost saving. However, the one-size-fits-all templates used by these companies offer limited protection and tend to overlook the intricacies inherent to every individual’s specific financial, legal, and personal circumstances. Often, ignoring the complexities of estate law can lead individuals and their loved ones into messy legal and financial territory, or even result in expensive court battles. We are an estate planning attorney in Monmouth County. At Veitengruber Law, we have expertise that has been earned over years of experience helping individuals and families plan for the future. We have worked with many folks facing the ramifications of DIY estate planning. Here are some of the big reasons why doing your estate planning with an online tool is a bad idea: 1. They don’t account for state-specific laws. Estate law is not uniform, and each state has unique rules and protocols. These variations can be significant enough that a will that is valid in another state may be invalid in New Jersey. This can cause considerable issues for your loved ones and may prolong, complicate, and increase the cost and stress of the probate process. When you work with an attorney experienced in estate law specific to your state, you know you are getting the most up-to-date and correct information possible. We can ensure that all your documents are valid and help your heirs avoid legal issues in the future. 2. They do not account for life changes. Life is constantly changing. Marriage, divorce, birth, death, adoption, estrangement—all of these events can drastically alter your estate plan. DIY plans often fail to capture the complex nature of these shifting personal realities. Additionally, creating an estate plan with a DIY tool means you will be responsible for periodically reviewing and updating it to reflect your current wishes for the future. When you create an estate plan with the help of an attorney, we can revisit your plan periodically to ensure timely updates of life changes. We can also help you draft documents that encompass the full breadth of your relationships, regardless of their complexity. This can help you guarantee that your loved ones are always taken care of. 3. They cannot help you avoid tax consequences. The rules surrounding estate and inheritance tax are complex. When you create an estate plan without considering the tax consequences for your loved ones, they could ultimately end up receiving a fraction of what you initially intended. You can limit the tax burden on your family and loved ones by working with an experienced professional who understands how to minimize taxes. A Monmouth County estate planning attorney can help you set up trusts to skip the probate process, take advantage of tax exemptions, or come up with a personalized strategy based on your needs.  Estate planning law is intricate and complex. Protecting your assets and your legacy is not something you want to leave up to a boilerplate internet template. Veitengruber Law is a trustworthy and experienced estate planning attorney in Monmouth County. We can help you find the right plan to feel confident and secure in your estate planning.

Student loan debt represents a significant percentage of total household debt, accounting for about 9.2% of total household debt in the US. Most of this debt is held through federal loans, with just 7.5% of this debt held through private loans. While private loans can sometimes be discharged through bankruptcy, federal student loans have historically not been included in bankruptcy discharge. However, this standard is no longer as set in stone as it used to be. There are many avenues to student loan debt relief. Veitengruber Law is an experienced bankruptcy lawyer in Monmouth County. If you are considering including your student loans in your bankruptcy case, here are some things you should know. 1. There are different kinds of student loans. As discussed above, there are two main types of student loans: federal student loans and private student loans. Generally, neither is eligible for discharge through Chapter 7 or 13 bankruptcy. That being said, there are some kinds of private student loans that can be discharged through bankruptcy. 2. What loans can be discharged? Some private loans can be automatically discharged through bankruptcy. These include private loans that fall under any of the following provisions: Loans to attend schools ineligible for federal aid (like foreign schools or non-Title IV schools) Loans for attending school less than half-time Loans made in excess of the cost to attend the school Loans to cover fees and other living expenses incurred while the student was in preparation for a professional exam (like the bar exam or medical board exams) Loans that covered living expenses and moving costs for medical residencies Any loan made for non-qualified higher educational expenses 3. There is a risk of legal action after discharge. While the above circumstances make it perfectly legal to discharge your private student loan debt through Chapter 7 or 13 bankruptcy, private student loan lenders frequently try to sue borrowers for the debt after a discharge has been granted. If a lender contacts you about paying a discharged debt, you can reach out to an experienced NJ bankruptcy attorney who can guide you through your rights and how to respond to a lawsuit of this nature. 4. The "Undue Hardship Standard" is a difficult but not impossible option. In extreme cases, the court may grant you a Chapter 7 bankruptcy discharge for your student loans under the Undue Hardship standard. This is a very expensive, very difficult option that requires a lawsuit called an adversary proceeding to be filed in bankruptcy court. To prove undue hardship, you must prove that you: Cannot support a minimal standard of living based on your income and expenses Additional circumstances exist that will limit your ability to repay your loans (like a chronic medical diagnosis or permanent disability) You have made a good-faith effort to repay your loans If you decide to pursue discharge under the undue hardship standard, it is highly advisable to work with an experienced attorney. 5. Bankruptcy is not the only option. Besides the vast array of forgiveness programs, repayment plans, deferment options, and forbearance programs for federal student loans, you have other options if you are struggling with student loan debt. Filing for bankruptcy to eliminate other debts from credit cards, private loans, mortgage arrears, and more can open up more income to dedicate to your student loans. Even if you are unable to include your student loans in a bankruptcy discharge, getting rid of your other debt can make your student loan payments more manageable. Veitengruber Law is an experienced bankruptcy law firm. We can help you devise a plan to get out of debt. Call us today for a free consultation.

Foreclosure can be a stressful process resulting in financial devastation. The extent of the damage to your credit can depend on a number of factors. Regardless of how far your credit score drops after foreclosure, rebuilding your credit from the first day after foreclosure is possible. If you're looking for help with NJ credit repair after foreclosure, Veitengruber Law can help. As an experienced NJ foreclosure defense and credit repair attorney, we have worked with hundreds of clients to reduce the damage throughout the foreclosure process and help them rebuild their credit scores afterward. Working with an experienced credit repair professional can help you rebuild your credit quickly and efficiently, eliminating stress and giving you a clear plan for your future. Here, we will explore what foreclosure does to your credit score and simple, proven ways you can improve your credit after foreclosure. What will foreclosure do to my credit score? A foreclosure entry remains on your credit report for seven years from the date of the first missed payment that led your mortgage to enter default. At the end of these seven years, the entry is deleted from your credit report. Depending on your credit score before foreclosure, you can expect your score to drop between 100 and 160 points, on average. The higher your score before your foreclosure, the more you can expect it to fall after. Your score will be impacted as long as you have a foreclosure entry on your credit report. This impact will be most pronounced in the first few years and then slowly decrease until the end of the seven years. Lenders consider foreclosure a major red flag when considering your application for more credit or a loan. Many lenders will refuse to work with you in the first few years after your foreclosure. However, as time goes on and your credit improves, more lenders will be willing to work with you, even with a foreclosure entry on your report. Ultimately, you can begin improving your credit score on day one after a foreclosure entry is added to your credit report. The more proactive you are in the immediate aftermath of foreclosure, the sooner you will be able to improve your score and seek new financial opportunities. How can I limit damage to my credit score? There are some things you can do to limit the damage to your credit score while you are going through the foreclosure process. If you know you cannot save your home, focus your financial energy on paying your other bills on time and in full. Keep your credit utilization low, aiming to keep your utilization below 30% at least, but ideally 10% if you are facing foreclosure. You could also work with an attorney to look into alternatives to foreclosure, like a loan modification or a short sale. While these options will have some effect on your credit, it will not be as severe as with a foreclosure entry. How do I improve my credit score after foreclosure? Rebuilding your credit score is very possible, but it takes time, patience, and discipline. Veitengruber Law works with our clients to find achievable goals and actionable solutions that do not involve a ton of financial know-how. Often, the best path forward is utilizing basic good credit habits. Here are some of our tips: 1. Keep All Accounts Current Pay your bills on time, in full, every time. Payment history is the most critical factor in determining your credit score. Every single on-time payment adds positive data to your report and improves your score. The best way to ensure you can pay all your bills on time is to develop a realistic budget and stick to it. Determine your essential expenses and ensure you can pay for those before you pay for extras like entertainment. Sign up for automatic billing so you cannot forget to make a payment. Making on-time payments throughout the seven years after a foreclosure is the best way to ensure your score will rise quickly. 2. Lower Credit Utilization Keep your credit card balance as low as possible. While using credit cards and making payments on time each month can also help you rebuild your credit, there is no benefit to carrying card balances month to month. By paying off your credit card balance every month can keep your credit utilization low, which is another major aspect of improving your credit score. Low credit utilization typically means an improved credit score. This shows lenders that you understand how to use your credit and can manage your finances. You will also save money on interest charges. 3. Consider a Secured Credit Card Using a secured credit card can be very useful for rebuilding credit. With a secured card, a user puts a security deposit down that will serve as your credit limit. Deposit amounts typically start at just $200. To start, we usually suggest that our client use this card monthly for one expense, like groceries or gas. At the end of the month, pay off the balance. Every on-time payment will boost your score a little bit. Secured cards are a great way to build or repair credit without risking getting in over your head with credit card debt. 4. Monitor Your Credit Report This is a practice everyone should do periodically, but it is especially critical in the aftermath of foreclosure when you are trying to rebuild your credit. There are many free credit report services. Your bank or current credit card lenders may already provide these services to you. You can check these reports quarterly for any errors. If you find any errors on your credit report, you can file a dispute. This will prevent any inaccurate entries from dragging your credit score down unnecessarily.  5. Be Patient and Smart You will not rebuild your credit score overnight. It will take a bunch of time, dedication, and patience. Stay consistent, stick to your budget, and avoid any impulsive financial decisions. For example, applying for a new line of credit may be tempting when you see your score improve. But you need to keep in mind that credit inquiries can impact your score, too. Stay patient and work with an experienced credit repair attorney or financial expert to make a plan. This guidance can help you improve your score as quickly as possible. Within a few years, you may be able to apply for a vehicle loan, a credit card, or even a mortgage. George Veitengruber is an experienced NJ foreclosure defense and credit repair attorney. Our firm has worked with many NJ homeowners to save their homes from foreclosure, get out from under unmanageable debt, and find solutions to repair a low credit score. Every individual will benefit from different strategies based on their unique situation. Our credit repair solutions are fully customized to meet your needs and help you achieve your goals. If you are going through foreclosure or struggling in the aftermath, reach out to us for a consultation today.