Those who are acting as executors of an estate will likely benefit from understanding what to do as part of their responsibilities. Estate administration in New Jersey and elsewhere entails a multitude of duties and responsibilities, which when accomplished correctly, may help maximize assets and limit liabilities.
Estate planning necessary to keep family out of danger
Many people don't realize the need for financial planning as they get older. Believe it or not, those who are not actively involved in estate planning may be putting their family at risk. One of the problems that financial planners in New Jersey and elsewhere are finding is that only one spouse may be involved in the finances. When something happens to this person, it may be difficult for the other spouse to continue with the finances going forward.
Consider estate planning as part of your retirement plan
A recent study found that about 19 percent of baby boomers feel that they owe their children an inheritance. Of individuals age 72 and older 14 percent feel they must leave an inheritance to their children. While it may be that baby boomers are more interested in imparting family legacy and values, the simple fact is that many still have substantial assets to distribute as well.
Use estate planning to manage retirement wealth
Heirs of those who died are often stuck with hefty estate taxes. Those in New Jersey and other states may benefit from considering how to use estate planning to better manage their retirement wealth. Properly envisioning an estate may ensure that heirs will pay little or no federal taxes on their inheritance. Whether it's a large estate or an average one, estate planning can go a long ways toward limiting unnecessary taxes and expenses.
'Granny Snatching' law could prevent guardianship battles
Our nation is seeing one of its largest and most renowned age groups entering into senior citizen status -- the baby boomers. It is this groups' entry into their golden years that has driven many states to enact legislative changes to protect them and their estates from disagreements between children, grandchildren and/or other designated guardians. The new form of elder abuse, dubbed as "granny snatching" has been a problem throughout the country. Legislators in New Jersey are hoping to join the ranks of 30 other states to protect the best interests of their vulnerable adults.
Court rules adopted 65-year-old isn't one of heirs
Inheritance issues are not always cut and dried. In recent news, one woman who was slated to inherit a large amount of money recently tried to improve her claim by adopting her former husband.
