Most New Jersey television and film fans heard about the recent death of actor Phillip Seymour Hoffman. Not only was his death a cautionary tale for the entertainment industry but also for the estate planning industry. The way Hoffman's estate plan was done back in 2004 highlights some common mistakes.
Addictions and beneficiaries, how to leave them an inheritance
Just because someone in New Jersey has an addiction, that does not mean he or she is not entitled to an inheritance. The question is how to provide for these beneficiaries. One of the safest ways to leave an inheritance to someone who struggles with an addiction is through a trust.
A New Jersey probate dispute can put an inheritance in jeopardy
Many in New Jersey know firsthand that losing a loved one is never easy. The grieving process is often interrupted by funeral and burial arrangements and the probate of that loved one's estate. Things can get even more complicated when a probate dispute arises, causing delays in administering the estate and risking the loss of an inheritance for the heirs and beneficiaries.
Term life insurance as part of an estate plan, who gets it?
Many New Jersey residents have term life insurance policies as part of their estate plan. An individual's spouse, who is entitled to a portion of the estate plan, is not always the named beneficiary on these policies. For example, a child may have been named as the sole beneficiary on such policies.
