New Jersey frozen pizza lovers may have heard of Jeno Paulucci, who founded Chun King Foods and was worth somewhere in the neighborhood of $150 million at the time of his death in Nov. 2011, at the age of 93. Up until weeks before his death, control of the majority of his fortune rested with two attorneys serving as trustees of one of the frozen pizza tycoon's trusts. In Oct. 2011, he replaced them with two other people. Paulucci's wife died just four days before he did, and shortly before her death, she made the same change to her trust. That move has sparked a probate dispute by two of the couple's children.
It is a new year... Time to put an estate plan in order
The beginning of the year is a good time for New Jersey residents to evaluate their lives -- including any preparations for their retirement, unexpected incapacity or death. For people who already have an estate plan, this is a good time to review it to make sure that nothing needs to be changed. For those that do not yet have one, now is as good a time as any to put one together.
Estate planning for a New Jersey resident's digital estate
These days, many New Jersey residents have active online lives. Facebook pages, iTunes accounts and other online accounts require some estate planning in order to be dealt with accurately after a person's death. Without some advance planning, surviving family members could encounter considerable issues trying to identify and deal with a deceased person's digital assets.
Giving New Jersey beneficiaries a choice in inheriting an IRA
Wills, trusts and powers of attorney are not the only things to consider when creating an estate plan. Some assets typically do not pass to New Jersey beneficiaries through a will. Life insurance policies, retirement accounts and IRA's all require beneficiary designations -- forms that are on file with the policy maker or account manager in case of death.
Choosing an executor can be critical for New Jersey residents
During the estate planning process, many decisions need to be made. One of the most critical decisions for many New Jersey residents will be the choice of an executor. The executor handles the administration of the decedent's estate such as paying creditors, locating assets and distributing property.
