Many adult children in New Jersey may realize that if their parents die owning a home, it is possible there will be a mortgage on that home. How the home and mortgage are dealt with after death should be a topic of discussion when the parents are doing their estate planning. There are several ways that the home can be passed on after death.
New Jersey estate planning: Don't forget about your digital life
Most everyone in New Jersey has all kinds of digital accounts. When people are doing their estate planning, some tend to forget that they need to provide for what will happen to that digital life. This can range from online bank accounts to a Facebook account and everything in between.
New Jersey estate planning: Using the annual gift tax exclusion
According to IRS statistics, over $9 billion has been given away--tax free. Gifting is an estate planning tool that most everyone in New Jersey may be interested to know about. Many people could be saving thousands of dollars in taxes each year by taking advantage of the annual gift tax exclusion.
New Jersey residents encouraged to protect inheritance
When leaving an inheritance for a New Jersey loved one, it is important to make sure every detail has been handled. One recent story involving two brothers and a step-mother has proven to be a good example of why it's important to protect an inheritance. The brothers' father had remarried and when he unexpectedly passed away a short time after, it was determined his wife had not signed the appropriate documents needed to make the sons the beneficiaries of their father's 401(k).
New Jersey estate administration: Copyrights are valuable assets
Who to choose to administer an estate after a person's death is often an important consideration for New Jersey individuals engaged in estate planning to make. Estate administration can be relatively simple when few assets are involved; but in cases where significant amounts of assets or intellectual property are at stake, it can become more complex. For instance, in cases where an author with a valuable literary heritage dies, estate administration can involve overseeing how copyright issues are handled after that author's death.
