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September 2012 Archives

Estate planning should start when life begins, not when it ends

Most people would associate estate planning with the end of life. But the best time for expectant parents to begin building an estate plan is soon after the child is born. Many of the legal ramifications in estate planning in New Jersey change when a baby is born and should be attended to as soon as possible after the birth.

Designating a power of attorney, important for estate planning

There are many estate planning tools that can be used by those in New Jersey that can address the needs of multiple situations. One prime example is the power of attorney. Many people use a power of attorney in estate planning because it can offer the individual a sense of relief knowing that someone they trust will be able to make important decisions for them if they cannot care for themselves.

In Monroe case, place of estate administration crucial to heirs

When planning your estate, where you own property can be a big issue if you happen to have assets located in more than one state. This is frequently an issue when someone owns a residence in one place, such as New Jersey, and another home in another state. If you split your time between the two places, or if circumstances at one place or the other indicate that one is your primary residence, the jurisdiction in which your estate administration takes place can become a point of controversy. One such example involves the estate of Marilyn Monroe.

Using estate planning to ensure your children are protected

There are a lot of things in life that need planning. Although many New Jersey parents choose to delay thinking about how their estate will be administered when they die, ensuring that the proper estate planning documents are in place can be crucial. This planning can be especially vital for a child who has special needs and may need continued assistance well past the time they turn 18.

Items not to neglect in New Jersey estate planning

The law surrounding estates is ever changing. With the less volatile estate taxes that have been around since the start of 2000, many individuals have not been worried about how these taxes will affect their distributions to their beneficiaries upon their death. However, new tax laws are set to go into effect in 2013, which could have significant implications on New Jersey residents and how they go about creating their estate planning documents.