Estate Planning

Research shows that many older folks derive significant benefits from aging in place. Not having to uproot themselves in their golden years and resettle in an unfamiliar community allows them to finish out their days in their cherished family home. But be aware that...

An estate plan allows people to decide how their assets should be managed after they pass away. Estate planning is a lifelong process. Many people update their estate plans regularly throughout their lives. Knowing when and why you should update your estate plan is...

Gifts to others can play an important role in a modern estate plan. Testators with valuable personal property and financial resources may want to see their beneficiaries enjoy their inheritances. They can achieve that goal by gifting resources to their loved ones while they...

Sometimes, it seems like there is no end to the taxes Americans pay. This can vary by state. Most states, for example, don’t have an inheritance tax. However, New Jersey is among the six that can levy an inheritance tax on inheritances when a...

Everyone makes mistakes. While many mistakes are inconsequential, an estate planning mistake can lead to legal disputes, family fights and unfulfilled last wishes. If you have an estate plan, then it is important to review your plan and avoid these costly mistakes: 1. Your...

All adults should take the time to create an estate plan. This requires them to make multiple decisions, some of which revolve around their property. While estate planning includes deciding who receives what, it also can help people protect assets, reduce taxes and help...

A trust is just one part of an estate plan, but it can give you some options that go beyond writing a will. You can often choose between creating an irrevocable trust, which cannot be changed after it has been created, or a revocable...

Making the decision to transition a loved one into long-term care is not always easy. Whether prompted by a recent medical event or the gradual progression of age-related challenges, the move carries emotional and practical weight. Families often find themselves balancing concern for well-being...

Estate planning is a personal matter that should reflect the creator’s wishes. While the creator may turn to others for help in determining how to set things up in the estate, the final decision must be based on their own desires. There are times...

When people think about handling a person’s estate, their attention usually turns to distributing assets. Most people don’t think about the person’s debts, but those will have to be taken care of, too. The debts of a decedent typically fall on the estate to...

Estate planning protects your legacy, your loved ones, and your peace of mind. Yet many NJ families fall into avoidable traps that complicate their plans. Here are 5 of the most common mistakes we see—and how to avoid them: Failing to Update Wills and...

When doing their estate planning, some New Jersey residents may have concerns about how their loved ones will manage and use any funds they leave them in their wills. There could be concerns about how access to large sums of money could upset the...

You might think, instead of writing a will or creating a trust, why not just give away your assets now and save everyone the trouble later? It sounds simple – no lawyers, probate or other formalities – just a generous hand-off to your loved...

You’ve worked hard to accumulate your wealth. If you haven’t already, now is the time to figure out how those assets will be dispersed when the time comes. But the thought of your loved ones inheriting your estate might leave you on edge, especially...

In the digital age, your smartphone holds more than just messages and photos—it may be a key piece of your legacy. That’s why Apple introduced the Legacy Contact feature for iPhone users. This tool allows you to designate a trusted individual who can access...

When it comes to estate planning, one of the most challenging decisions parents face is how to divide their estate among their children. While the concept of equality might seem like the simplest and fairest approach, the reality is often more complicated. It is...

New Jersey’s aging population makes elder fraud a pressing issue. By 2025, nearly 18% of the state’s residents will be 65 or older, a 31% increase since 2010. More seniors mean more potential targets for fraudsters. And the numbers are alarming. A June 14,...

In the case In the Matter of the Estate of Michael D. Jones, the Supreme Court of New Jersey addressed a critical issue: whether an ex-spouse’s rights as a designated beneficiary on U.S. savings bonds were nullified by divorce. Background of the Case Michael...

Planning for a family member with a disability comes with a unique set of challenges. You want to provide for them financially, but at the same time, you don’t want to accidentally put their government benefits—like Medicaid or Supplemental Security Income (SSI)—at risk. That’s...

Gifting assets to your loved ones during your lifetime can be a rewarding experience. Aside from the potential tax advantages, this practice allows you to witness the impact of your generosity firsthand and help ease potential financial burdens for your loved ones. However, while...

Estate planning isn’t just about deciding who gets Grandma’s china or your secret cookie recipe. It’s also about making sure you are taken care of if life throws you a curveball. Two unsung heroes of planning—powers of attorney (POA) and advanced healthcare directives—can save...

In estate planning, one of the most important documents you will create is your will. However, disgruntled family members or other interested parties may challenge even a carefully crafted will. Below are steps you could consider to minimize the risk and ensure your heirs...

Thanksgiving is a time for gratitude, family, and meaningful conversations. While the holiday is often centered on turkey and traditions, it can also be a valuable opportunity to discuss important topics—like estate planning—with loved ones. These conversations may feel uncomfortable at first, but they...

Planning for the future can feel stressful and overwhelming, especially when protecting your family and assets. You’ve likely come across the terms “irrevocable” and “revocable” trusts, and it’s normal to feel a bit lost. This blog will explain the critical differences between the two...

After building a life together, many couples are under the assumption that a joint estate plan is sufficient to protect their shared future. In most cases, creating separate plans can better serve each spouse’s unique needs and wishes. Estate planning laws allow for personalized...

Estate planning is often associated with retirees and married couples with children. But the truth is, everyone, regardless of age or marital status, needs an estate plan. What makes a comprehensive estate plan? A well-crafted estate plan typically includes: Will : Specifies how you...

If you have a specific goal in mind for the inheritance that you are leaving to the next generation, you may want to use a trust. For instance, maybe a new grandchild was just born. You know how important it is for that child...

Many people think they should keep their estate plan a secret. They fear disclosing the details of it could cause people to behave differently, or give rise to gossip or provide business competitors with juicy details to feast on. There is usually no need...

You might think that most American adults have already made their will. Sadly, you’d be wrong. The latest survey from Caring.com shows that the percentage of U.S. adults with a plan is worryingly low. What’s more, it is dropping. Less than half of adults...

Death is inevitable – but nobody likes to think about it. So, what happens if you don’t? Roughly 67% of people in the United States don’t have an estate plan and are at risk of dying intestate. What’s the harm in that? When you...

The most important document that you will likely mainly focus on as you draft your estate plan is your will. Your will documents your last wishes for who should handle your assets after you pass away and who should benefit from your estate. Despite...

Many estate disputes revolve around high-value items. The beneficiaries involved are debating how that value should be transferred to the next generation and split between them. For instance, a parent could leave a family home behind. If there are no instructions for what the...

You may have read estate planning advice to remember to include all your assets in your will. And that forgetting something could lead to confusion about who you want to get it. While this is generally true, there is one category of asset you...

A trust is one of the most important estate planning resources that you can establish. When done right, a trust can offer a variety of benefits such as reducing your estate taxes, saving time, safeguarding your privacy and ensuring that your assets go to...

If you’re making an estate plan, it is wise to address debt. For instance, maybe you want to set up a trust fund in advance that can be used to cover some of these costs. There are also ways to pay down debt if...

When you draft a will, you hope your assets will be distributed according to your wishes. Sometimes, however, a will can be the root cause of a costly and time-consuming inheritance dispute. It’s on this basis that you may want to include a no-contest...

Most people do not know how much their parents own, and many believe it is much more than it is. That might lead to complacency, with them believing they do not need to save for retirement as they will inherit a large amount from...

You love your family, so you want to make sure that your estate plan is in place. You also want to make sure that you entrust the job of executor to the right person – and that can prove challenging. Because the executor of...

If you’re making an estate plan, you do have some control over what happens to your estate at that time. You can decide who gets which assets, for instance, or how financial accounts should be split up. You can give items away as gifts...

Drafting an estate plan largely centers around choosing who will inherit your assets when you die. Nonetheless, there are also major decisions to factor in. If you have young children, then you most likely want to nominate someone to look after them if something...

Whether you’re preparing to update your estate plan to include your grandchildren or you’re just now developing your plan, you may decide that the best thing you can do for them (and their parents) is to help fund their college education. Whether your grandkids...

Many people often wonder. “Is there an ideal age to begin planning for the future of your estate?” The answer to that isn’t a straightforward one, as it largely depends on your individual circumstances and goals. It’s natural to assume that estate planning is...

When a testator passes away, their will is submitted to probate court. The probate court judge should review and authenticate the will. Once it’s clear the will is valid, the executor of the estate is then responsible for the distribution of assets. However, probate...

Some people have no living relatives – or only very distant kin they may have never even met. These folks may believe that they don’t need an estate plan. But the reality is that these are the ones who may most need official documentation...

A final will is among the most important documents you may ever create. In it, you can let everyone you love know what you intend to happen to your estate after you die. Unfortunately, well-meaning family members who believe you may have lacked the...

There is little doubt that conversations with parents or grandparents about getting older can be challenging. Most elderly people want to preserve their independence and dislike it when someone younger tries to tell them what to do. Of course, most everyone wants to protect...

A no-contest clause is an interesting estate planning tool. Essentially, it’s just a clause you can put into the estate plan saying that, should one of the heirs challenge that plan, they won’t get any of the assets. For example, this is sometimes done...

You’re making an estate plan when you realize that you’re not going to be able to pay all of your bills before you pass away. For instance, maybe you pay your property taxes twice a year. But if you pass away before that payment...

Your estate plans will cover a lot of matters. For example, you’ll plan out who will inherit your hard-earned assets, and you’ll also name an executor to manage the process. You can even use your estate plans to name a power of attorney for...

It may be tempting to avoid estate planning by giving away assets to loved ones when you are alive instead of creating a will or trust. After all, you will hand down assets to your heirs like you would with your estate plans. It...

Suppose you become seriously ill or injured and cannot communicate or independently make medical decisions. Who would speak for you? What kind of treatments would you want or not want? How would your loved ones cope with the uncertainty and stress? It’s why you...

If you spend any significant time online and you have reached the age of majority, it is time to start thinking about digital estate planning. Everything you do online contributes to your broader digital footprint. By proactively planning for how that footprint will be...

When you have a child, you may start thinking of things you never thought of before, including what would happen if you died or became incapacitated. It becomes important to consider estate planning and guardianship designations. But, who can you pick among your loved...

Estate planning can be confusing. Most people have a loose understanding of how it works. As a result, people may talk about estate planning without fully understanding what they’re talking about. This can lead to a lot of misconceptions. To learn about estate planning,...

Not as many people have safe deposit boxes as in the past. In fact, many financial institutions have decreased the number they offer because they take up a lot of space and don’t bring in much income. Further, many of our documents today are...

Many people face the challenge of choosing a family member or someone outside the family as the executor of their estate. It may be natural to select your spouse, child or relative to handle your affairs. However, someone from outside, such as a close...

A will is a legal document that speaks for you when you are no longer around to speak for yourself. With a written will, you can have peace of mind knowing that your assets will go to the people or causes you love and...

Discussing estate planning with your parents is possibly one of the most challenging things. However, the chances are you have seen or heard of incidents where families had a difficult time with inheritances and would like to change the narrative for yours. Thus, if...

Whether you have had an estate plan in place for some time or you’ve never crafted one, it’s important to understand the common estate planning missteps that too many American adults make so that you can avoid making these mistakes yourself. The first and...

Often, older people need some convincing to put an estate plan in place. No one likes to consider what will happen after they die. Ironically, the longer you put off developing an estate plan and the older you are when you do, the more...

One reason that people will challenge a will or an estate plan is when they discover that they didn’t inherit anything and they hoped that they would. For instance, someone may claim that the will is fraudulent because the individual who passed away would...

A trust can be an important tool in your estate plan. Choosing a living trust gives you the flexibility you will not get if you choose an irrevocable one. You cannot predict the future, so being able to access assets or alter the trust...

When someone is writing a will, they may decide to leave everything that they own to their spouse. This is commonly referred to as an I love you will. It is a declaration of love because the full estate is going to one person....

A medical power of attorney (POA) is a legal document that allows you to appoint someone to make healthcare decisions for you if you are incapacitated. You do not need to have lingering health issues to have medical power of attorney. An unexpected event...

It helps to look ahead when making your estate plans and plan for unexpected occurrences that may negatively affect your estate. A lot can happen when you are gone, and it may be too late to save the day. Picture a situation where your...

Estate planning goes beyond leaving your assets and property to loved ones after you are gone. It also involves planning for other eventualities, such as mental or physical incapacitation. This is where the power of attorney comes in. A power of attorney (POA) is...

Do you have a will? Congratulations if you do. And if you don’t, it is extremely important that you set time aside to create and sign one. Without a will, it would be up to the state of New Jersey to determine what happens...

If you’re a grandparent, one of your top concerns is ensuring that your grandchildren are taken care of financially if something happens to you. While you may have an estate plan, should you also consider setting up a trust for your grandchildren? Here’s what...

Putting your estate plan together is something that you might be tempted to avoid. Failing to get the plan together can be a huge mistake. Once you do get started with the estate plan, you must ensure that you handle it correctly. One thing...

When it comes to estate planning, no one knows your heirs and beneficiaries better than you do. You know that while some children or grandchildren may have other positive qualities, good fiscal management has never been one of them. In some cases, there may...

You are among the majority if your ideal senior life includes the desire to stay in your home. About 90% of Americans want to remain in their homes as they grow older. It sounds like a goal that most people can achieve, but perhaps...

As you write your will and consider the assets that you own, you think about your life insurance policy. It’s going to give a substantial amount of assets to your heirs after you pass away. Naturally, you assume that you need to include this...

You’ve always been actively involved in looking after your elderly relatives. Even though your parents have reached an age now where they need a little more assistance, they’re adamant that they don’t want to enter a nursing home. They’d rather have some assistance at...

A will is the primary estate planning tool for many New Jersey residents. However, living trusts are becoming increasingly popular. By placing your larger assets, like your home, car and accounts, in a revocable living trust, you maintain control over them throughout your life....

Your elderly relative has worked hard for many years. Their assets and savings are proof of this. Once you are no longer able to work, these assets can soon disappear though if caution is not exercised. You do everything you can to protect the...

There are times in everyone’s life when they can use some help making decisions. Sometimes, it’s a simple matter of talking things through with a friend. But, there are other times when a person may not be able to make decisions for themselves due...

As your loved ones grow older, you may be involved in considering their long-term care planning options. This is sometimes done along with estate planning, and it’s important to consider all sides of elder care. You may also be wondering what role you need...

Creating a will is the responsible thing to do. It ensures that your wishes are known and that your assets will be disbursed based on these wishes when you pass. However, what if no one knows about your will or where to find it?...

People often think about estate planning when something goes wrong. A loved one is diagnosed with cancer, for instance, and so they start making plans for the end of their life. If you are a child who wants to talk to your parents about...

Federal tax is applied to almost all of your assets and income. Even your property and other assets you own when you die may be subject to tax again even though you paid taxes on it. Estate taxes levied by the federal government can...

If you have a toddler, you need an estate plan. You may not be very old and you may assume that you have decades of life ahead of you, and you certainly may be right. But you need to make sure that your toddler...

Having to sit down with your parents or someone else you love to find out if they have an estate plan is difficult. It forces you to face the fact that they won’t always be around. Taking the time to do this helps to...

Now more than ever, people around the globe have taken an interest in helping those facing personal and financial hardships. They realize that aid in whatever form is needed can help to heal the world. If you have developed an interest in helping others,...

Having an estate plan in place gives you control over your future while ensuring that your legacy is safeguarded. No matter what you own or your status in society, having a properly created estate plan gives you peace of mind knowing that your wishes...

Thinking about what to do in the event that you become incapacitated may be the last thing on your mind. Often, the subject is referred to as depressing and those who discuss it are deemed to be morbid. However, the reality is that there...

Creating your estate plan is the only way that you can ensure your loved ones know exactly what you want to happen with your estate after you pass away. Getting this in order as quickly as possible helps to ensure that they have the...

Many people believe that they don’t need an estate plan until they begin to reach retirement age. That’s when they start planning for the cost of aging, such as living in an assisted living center, and for the eventual need to leave their assets...

You want your assets and personal possessions to go where you direct when you’re gone — but you’re concerned that one or more of your heirs may contest your will. You can take steps now to minimize the chances of your heirs contesting your...

The topic of estate planning is often uncomfortable for people to discuss. This is because it can bring up thoughts about aging, death, and losing the ability to take care of yourself in the future. The best way to prepare for this conversation is...

A comprehensive estate plan lets you dictate how you’d want your assets handled once you pass away. As you’re creating the estate plan, you need to consider who will make sure that your wishes are followed. The person who will do this, and carry...

Guardianships exist to protect the elderly and vulnerable from abusive treatment and personal mistakes that could affect their health and happiness. A guardian can help someone pay their bills and manage their household when they can no longer manage their personal affairs independently. Unfortunately,...

When there are plenty of assets to go around, you might think that estate battles would be unnecessary — but it’s the little things that often matter the most to someone’s heirs. In particular, your parents’ jewelry can be the source of a lot...

When deciding how to set up an estate plan, some individuals decide that they actually want to give their assets away before death. They give money to the kids, give them a house or a cabin, hand their cars to the next generation of...

There are a lot of different things that you need to consider when choosing the executor of your estate. Who do you trust to follow your wishes? What type of relationship do they have with your heirs? Are they even willing to take on...

Most individuals don’t engage in estate planning because they don’t think they’re old or wealthy enough. You can become incapacitated or die at any point, though. Estate planning involves more than drafting a will. You’ll want to take various estate planning steps depending on...

People are often disappointed when they discover the contents of a will. If you are one of them, you might consider mounting a challenge. Before you seek to contest a will, there are few things to consider. Firstly, whether you have legal grounds to...

There are multiple ways that your estate can be subject to taxes after you die. If the sale of estate assets leads to financial gains, the estate may have to pay income taxes. Estates worth more than a certain amount may be directly subject...

Strategic gifting often plays a major role in someone’s estate or retirement planning. Diminishing the value of your assets intentionally over several years can mean that you qualify for certain state benefits or that you avoid estate taxation when you die. It’s important for...

As a parent, the last thing you want your estate plan to do is to create conflict for your children. You want them to be able to come together at an emotional time and support each other. You want them to have lasting relationships...

If you give away assets while alive, it can reduce taxes paid on your estate when you die. However, before you go giving away everything, it is important to realize two things. You probably have nothing to gain from doing so, and secondly, it...

An executor or personal representative is the term used for the person who will take charge of distributing your estate on your death. When making your estate plan, you should think long and hard about who could fulfill this role. Choosing an executor can...

One of the decisions you have to make about your estate plan is what details you share with your family. Much will depend upon your particular circumstances. What works for one family might not be the best for another. What are the advantages of...

If you intend to live fast and die young, you may not feel you need an estate plan. You might think it only applies to older people who have a family and lots of possessions. However, it applies to you as much as anyone....

The older you get, the more critical it is to have an estate plan. However, you cannot force someone to make one. If your parents have not done their estate planning, you need to understand the reasons why and explain to them why they...

When you discover that your parents left their home to your sister, you might get upset. If this was the principal asset that your parents owned, it might seem unfair that you do not get a share. However, before you think of challenging the...

One of the key aims of estate planning is to pass your assets to the people you choose with the minimum of fuss and the minimum of taxes. With so many different estate planning tools available, it can be hard to understand what they...

Things can get confusing when you start to think about estate planning. There are many legal documents you might or might not need or want to use. However, there are three documents that every estate plan should have. Advanced Medical Directive Some people call...

Giving someone power of attorney is an essential part of your estate planning, as well as something you might use for your business. However, you need to tailor their powers to your needs. What types of power of attorney are there? Here are some...

When making your estate plan, there are specific things that you should exclude. Otherwise, it could create confusion or delays in the transfer of your assets. What should I exclude from my will? Your funeral plans: Create a separate document in your estate plan...

A dynasty trust is a way of keeping money in the family and out of the tax office’s grasp for generations to come. How many generations can a dynasty trust last? New Jersey does not place a limit on how long a dynasty trust...

As a new parent, you want to spend your time with your child, not filling forms in an attorney’s office. Yet, making time to do this is essential to safeguarding your child’s future. It only takes one freak accident for you and your spouse...

If you wish to contest a will, there are three requirements you need to meet. You need to be within the required timescale, be eligible to do so and have grounds to do so. Am I in time to contest a will? As a...

When you create your estate plan, you need to name an executor. You will need someone you can trust to carry out your wishes fairly and transparently. The obvious choice might be someone in your family. After all, you know them better than you...

Elder Law is a sub-specialty within the practice of law. Until the early 1990’s, this area of practice was more generally known as “Estate Planning,”...

It is confusing, to be sure. For the most part, lawyers learn little or nothing about trusts in law school. I learned everything I know...

If you already own, or plan to purchase a vacation timeshare, chances are that you are thinking about the sun and sand, not frustration and...

If a Will is properly executed and has two Witnesses and a Notary, the Will can be admitted to probate by the Surrogate’s Office of...

The most common reason is to protect the house in the event one or both of the parents need nursing home care.

By: Nancy Rice Esq Program of All-Inclusive Care for the Elderly (PACE) is a health care model aimed at allowing the elderly to age in place. PACE provides all-inclusive care for frail seniors so that they can remain in their homes, avoiding nursing home...

When we plan estates or advise executors and trustees who are handling estates and trusts, we need to consider both the income tax and the...

Nancy M. Rice, Esquire, CELA 1236 Brace Road, Suite F, Cherry Hill Twp, NJ 08034 856-673-0048 Fax: 856-673-0052 Q: What are the “top 3” legal documents everyone should have? A: 1. Advance Medical Directive/Living Will 2. Durable General Power of Attorney 3. Last Will...

Nancy M. Rice, Esquire, CELA 1236 Brace Road, Suite F, Cherry Hill Twp, NJ 08034 856-673-0048 Fax: 856-673-0052 Q: What are the “top 3” legal documents everyone should have? A: 1. Advance Medical Directive/Living Will 2. Durable General Power of Attorney 3. Last Will...

Nancy M. Rice, Esquire, CELA 1236 Brace Road, Suite F, Cherry Hill Twp, NJ 08034 856-673-0048 Fax: 856-673-0052 Q: What are the “top 3” legal documents everyone should have? A: 1. Advance Medical Directive/Living Will 2. Durable General Power of Attorney 3. Last Will...

By: Nancy M. Rice, Esq., CELA I became aware of Continuing Care Retirement Communities (“CCRC’s”) in the 1970’s because my grandmother had volunteered in one and often said she would go there “when she was ready.” At that time, it was expected that the...

An advanced health care directive is an essential part of estate planning. It allows you to set out how you would like medical professionals to treat you if an accident or illness leaves you unable to make your wishes clear at the time. You...

Trusts are one of the estate planning tools you have available when you need to pass assets down to your loved ones upon your death. There are many benefits to establishing trusts instead of just outlining everything in your will. One of these is...

Your estate plan is the key to what is going to happen to you and your assets. It includes some end-of-life plans, such as the advanced directive, and your will and trusts. Many people think that once they create the plan, they won’t have...

Talking about an estate plan isn’t something that’s easy. Instead, it takes time and compassion to have these discussions. If you want to discuss their estate plan with your aging parents, remember that this might not something that they can easily or quickly. In...

When your small business is dependent upon you for daily actions and activities, you need to ensure that you have a plan in place just in case something happens to you. A business that is dependent on an owner will likely go under if...

One of the decisions you have to make when you are creating an estate plan is whether you are going to establish a trust or not. There are many different types of trusts; however, they all fall into one of two possible categories. They...

Creating your estate plan is only part of what you need to do to ensure that your loved ones are taken care of when you pass away. Once you have the plan in order, you need to talk to your family members to let...

As much as it hurts to think about, there are times when people need to disinherit someone from their estate plan. This is often seen as an extreme measure, but it is one that can be warranted. You might have other options that enable...

When you are setting up your estate plan, you can’t think about only where your assets will go. You also need to consider what you want in your final days. Some people reach a state of incapacity before they pass away. This makes it...

When you think of an estate plan, you likely think about wills and trusts. But, there is another document that you need to prepare for your loved ones – the letter of instruction. This isn’t legally binding, but it outlines important information that can...

One of the most important things that you have to decide as part of your estate planning, particularly if you are a single parent, is who will care for your children if you pass away. The person you choose will need to have the...

Thinking about the end of your life on Earth isn’t a pleasant thought for most people. One thing that you need to do is ensure that you have things set so that you can be cared for if you aren’t able to make decisions...

Many people focus on their personal assets when they are creating an estate plan. They don’t realize that people who have family businesses, including farmers, should have a comprehensive estate plan that sets out what will happen to the business. One thing that no...

Many decisions have to be made when you are going through the estate planning process. One aspect of this might not be one that is commonly considered when you are creating your will and setting up trusts. This is the funeral planning part of...

People who have considerable assets need to think about a plan for what they are going to do if they aren’t able to make decisions by themselves. One of the options that you have is to establish a power of attorney designation. This sets...

People who are creating an estate plan will sometimes decide that they are going to include trusts in that plan so that they can transfer assets over to their heirs more easily. This often comes with many benefits, including easy transfer and the ability...

Estate planning is something that many adults don’t want to have to think about very often. Unfortunately, there are many things that you might miss if you are trying to rush through the process. It is imperative that you take the time to think...

There are many aspects of your life that you need to think about when you are creating your estate plan. Not only do you need to consider where you want assets to go when you pass away, but you also have to think about...

Estate planning is a vital duty of being an adult. The first of the year is a good time to get this taken care of so you start the year off knowing that you’ve done what you could to protect your family if something...

It isn’t easy to think about becoming incapacitated, but it is something that is very necessary. What if you are unconscious after a car wreck or suffer a debilitating condition that takes away your ability to make your wishes known? In both of these...

Thinking about how your relatives will carry on when you pass away is difficult. One thing that you might do is ensure that your estate plan is in place so they have one less thing to worry about. This will help them focus on...

When you create an estate plan, you need to write a will. This document might seem old-fashioned, but it still plays an important role in the estate. Without one, the state will determine who gets your assets based on intestate succession laws, which outline...

Parents who have a special needs child often worry about what is going to happen to their child when they aren’t there to care for them. Unfortunately, this huge concern doesn’t always have an easy answer. One thing that the parents can do is...

Tax considerations are sometimes cited as a reason to have an estate plan in place. While this is certainly a consideration in some instances, it doesn’t play a part in others. Many people don’t realize just how important it is to have your estate...

One of the duties you will have when you are creating an estate plan is naming the executor to your estate. This person has considerable responsibilities to handle when you pass away. With this in mind, it is imperative that you choose a person...

When you have loved ones who count on you, the thought of losing you might be frightening to them. One of the ways that you can make this transition to life without you easier on them is to have your estate plan set up....

The idea of a prepaid funeral is appealing to many people because they think that this will take the stress off their loved ones. This does seem like it would the best thing to do, but issues with prepaid funeral are more common than...

There seems to be a misconception floating around that estate planning is difficult. This isn’t the case. Getting the estate plan together is actually fairly simple. The hardest part might be deciding what you are going to leave to whom and what you want...

When you are setting up your estate plan, you need to make sure that you are including all components. You can’t focus only on the will because there is so much more to an estate plan than just that. One important thing that you...

The estate plan that you create lets your loved ones know what you want done in the days after your death, but there is much more to these documents. They can also set the plan for what will happen if you become incapacitated. This...

Creating a will now can help make life easier for your loved ones after you pass away. As you are creating the will, you need to think about what you can do that might help discourage them from contesting the will. You might not...

Planning your estate must be taken seriously, but this is one reason why some people might put off the planning process. It is very easy to think that you have plenty of time left to get a will and other components of the estate...

A lot of people wish they could live forever; however, this isn’t something that is going to happen. Since you know that death will occur at some point, now is the time to get things together so that your loved ones know what to...

Your estate plan is a personalized account of what you want to happen when you die, as well as what needs to happen if you can’t make decisions. You have to think about a variety of issues when you are making your estate plan...

One of the components of an estate plan is the advanced directive. This works with the powers of attorney for health care to ensure that you get treatments you are comfortable with when you aren’t able to make decisions on your own. When you...

If you are an adult, you need an estate plan. There really isn’t any situation that would get you out of this need unless you are truly broke and have no possessions and if you don’t care what happens to you if you can’t...

As a parent, you want your children to have a good life that is filled with stability and opportunity. You are probably doing your best to ensure that this happens. But, have you taken the time to think about what will happen to your...

We recently discussed some of the specific things you should consider if you are going to become an organ donor. Just like with most other end-of-life decisions, you should discuss this one with your family members. We can help you to learn about what...

If you know that you are going to pass away with a healthy level of assets in your estate, experts say that giving gifts to your heirs now and throughout your life can reduce the amount of tax that is levied on your estate....

The obvious answer is that you should notify family and close friends, but that’s the immediate answer. Beyond that, the executor of an estate has to make numerous notifications to begin closing out accounts and transferring assets appropriately into the ownership of the estate....

A few weeks ago, we covered some benefits of Roth IRAs to the estate planning process. We know that many financial planners promote matching IRA savings and lifestyles, making it so that you spend most of your retirement savings during your retirement. It does...

We’ve covered estate-planning statistics in previous blogs, so it’s probably no surprise to our readers that over half of all adult Americans don’t have a will. Common estate-planning misunderstandings are one reason this is the case, and even once you get around to planning,...

Both traditional IRAs and Roth IRAs offer some benefits when it comes to taxes and estate planning, but a Roth IRA comes with one benefit the traditional retirement account doesn’t. Both plans let you put money away for retirement while reducing your tax burden,...

When someone passes away, the last thing you want to consider is the tax man. While it’s not a pleasant task, someone has to handle the debts and liabilities of an estate, including any remaining tax burdens. That someone is usually the executor, and...

A beneficiary silent trust is a type of trust that allows for the creator of the trust to dictate that the beneficiaries of the trust not be given notice of the trust’s creation or the assets held within. There are many reasons why a...

The ruling that marriage is legal for same-sex couples opens a great many chapel doors for ecstatic brides and grooms, but it also opens a variety of legal doors that are worth considering. Whether you’re planning to keep your relationship as is or you’re...

For millennials, retirement might seem like a long way off, and worries about your estate are an even distant concern. While many younger individuals don’t yet have assets or potential heirs to share them with, some do, and that makes estate planning an important...

You have an estate plan in place. Good for you! That’s more than most Americans can say. However, too many people make the mistake of putting it in a drawer or safe and never thinking about it again. That can lead to some serious...

You’ve decided it’s time to consider your estate plans and make a will to protect your assets and those you love. This is a great step toward a future filled with greater peace of mind and protection, but before you finish your will —...

Last week, we discussed the importance of estate planning if you have minor children or dependents. An estate plan helps you put guardianships in place for those dependents, so you ensure that loved ones are taken care of in the future by people you...

A will is an essential part of your estate plan. It documents how you want your estate to be distributed and your final wishes and requests. Despite the important role this document will play in you and your loved one’s futures, many of them...

No matter what phase of life you are in, unexpected medical expenses can throw a giant wrench in the financial works. As you approach retirement and end-of-life, you should consider a number of money-related matters. First, you’ll want to consider how much you need...

When you are creating an estate plan, there are sometimes some special considerations that you must take into account. One of these special considerations occurs when you have a dependent who is mentally ill or disabled. Often, a special needs trust is used to...

When you are creating an estate plan, there are numerous options that you have to convey your wishes. Generally, people will choose to use a will and trusts to get their assets distributed in accordance with their wishes. Understanding trusts can be complicated, but...

When you are creating a will, you likely want the will to be as comprehensive as possible. That is a good idea, but you should know that there are some items that aren’t appropriate to include in a will. Understanding this before you write...

Our latest Blog published on FamilyAffaires.com As an estate planning and elder law attorney, I have often urged my clients to consider consolidating their bank accounts, for several reasons. First, it makes your life easier. Second, if you become unable to manage your financial...

We have often discussed making plans for your medical care, such as appointing a health care power of attorney. It might shock some of our readers to know that there is some concern about how Healthcare Insurance Portability and Accountability Act of 1996 affects...

If you’re a young professional of the millennial generation, you’ve probably got a lot on your plate. High unemployment during the Great Recession, an average of $30,000 in student loans — you’ve even redefined the American Dream as a life lived without debt. Staying...

The Health Insurance Portability and Accountability Act, or HIPAA, was passed in part to protect patient privacy. Entities covered by HIPAA, such as healthcare providers and insurance companies, are generally prohibited from releasing personally identifiable health information to anyone unless the disclosure is necessary...

Estate and inheritance taxes have been in the news lately, both in New Jersey and nationwide. In a recent, highly partisan vote, the U.S. House of Representatives recently called for the complete repeal of the federal estate trinax. Here, estate and inheritance taxes were...

We may not want to think about it, but we all know it’s true. We are — each and every one of us — going to die. If we have property to pass on, estate planning is one thing we can do to make...

Many New Jersey residents use trusts as part of their estate planning. The family home is usually the largest asset many people own, and is often the first item to go into the trust. This and other assets need to be properly placed into...

A popular assumption is that if people have significant wealth, as many celebrities do, they may spend a great deal of time on their estate plans in order to preserve the wealth for their heirs and beneficiaries. However, celebrities are as human as the...

Married couples are not the only people who need to plan for who will receive their assets after death or make decisions on their behalf if they become incapacitated. Regardless of whether a New Jersey resident is single because he or she has never...

It is the beginning of a new year, and that tends to make New Jersey residents sit back and take stock of their lives. For many people, this means either updating or creating an estate plan. One aspect of estate planning that many people...

You don’t have to be part of the New Jersey rich and famous to need an estate plan. In fact, just about anyone in the general population can use an estate plan to help divide assets among beneficiaries when the time comes. The key,...

As 2014 draws to a close, people’s thoughts may not only be on the holidays, but also on wrapping up their finances for the year. This is a good time to take stock of any estate-planning arrangements that need to be made. Every adult...

Wills, trusts and powers of attorney are the tools that most New Jersey residents think about when it comes to estate planning. However, other tools are available that an individual can use to create an estate plan that meets his or her goals. One...

Trusts often bring up images of wealthy people who are limiting their tax exposure and/or providing for their children. However, regardless of a New Jersey resident’s net worth, trusts can be an invaluable estate planning tool for many reasons. Depending on individual estate planning...

Some New Jersey parents may still believe that they do not need an estate plan since they do not have many assets. However, for parents who have minor children, estate planning is about much more than distributing assets. Without a will, who will care...

Even though thinking about dying is not pleasant, many New Jersey residents take the time to put together an estate plan. However, this estate planning is not only for an individual, but for his or her family as well. It can give family members...

Many New Jersey residents are aware that avoiding estate and inheritance taxes is one of the reasons that people create an estate plan. However, there are other — and some would say more important — considerations in estate planning. What an individual believes his...

Many New Jersey residents, especially young people, tend to believe they do not need to plan for their death. However, no one knows how long he or she has on this Earth. Further, an estate plan is not just about death, it is about...

As New Jersey residents age, their memories and decision-making processes may decline. Without advanced estate planning, it is possible that the hard work an elderly individual did in order to enjoy his or her retirement could go to waste. An incapacitating illness can sneak...

Every day in New Jersey and across the country, people are involved in serious accidents or contract serious illnesses. Some of those people are unable to make healthcare decisions for themselves during these times — at least temporarily. This is when family members can...

Most New Jersey residents want to provide for their loved ones when they pass away. However, many people make certain assumptions when it comes to estate planning that can ultimately deny a family the inheritance an individual intended to leave behind. Two of these...

For some New Jersey residents, choosing the people to represent them in the case of incapacity or death is more difficult that making other estate planning decisions. These people could literally be making life and death decisions on an individual’s behalf. When creating an...

There are many reasons for transferring assets during life. No matter what your reason may be for wanting to transfer your assets, it is my job to consider the relevant factors and possible implications of such transfers. Below are some examples of common transfers...

To marry, or not to marry? While the obvious answer can usually be found in one’s heart, many couples also look to the pros and cons of marriage- in terms of things like healthcare benefits, retirement benefits and tax implications. Until recently, however, many...

Virtually every parent in New Jersey wants to see his or her children grow up, and most will get that chance. However, there are no guarantees in life, and estate planning becomes crucial for parents who have minor children. Without any plan in place,...

The simple fact is that many New Jersey couples will never have to worry about federal estate taxes. This is because the federal estate tax exemption is $5.34 million per person, and a marital exemption from estate tax exists. For this reason, many couples’...

Many New Jersey residents consult someone knowledgeable in estate planning to draft even a basic estate plan consisting of a will, powers of attorney for health and finances and trusts. However, fewer people consult anyone when they fill out beneficiary designations for accounts such...

New Jersey readers may be aware that Casey Kasem — the voice of “Casey’s Top 40,” “American Top 40” and Shaggy of “Scooby Doo” — was recently lying in a hospital bed at the center of a controversy regarding how and when he would...

Estate planning memorializes the wishes of a New Jersey resident with respect to two primary circumstances — death and incapacitation. When it comes to preparing an estate plan for the distribution of assets after death, a will typically serves as the cornerstone of that...

Many New Jersey parents are put in an impossible situation when it comes to leaving an inheritance to more than one child. Even if the estate is divided equally, conflicts could result. In order to minimize these conflicts, it may help to begin the...

Many people in New Jersey want to be sure their spouses and children are taken care of when they pass away or if they become incapacitated. Estate planning is the best, easiest way to ensure that happens. How simple or complex an estate plan...

Now that the federal tax exemption is over $5 million per individual, many people believe they no longer need an estate plan. However, limiting tax liability was never the main benefit for many people. Estate planning provides for loved ones the disposition of an...

Nearly everyone in New Jersey — and nationwide — has at least some sort of online account. This includes everything from email accounts to bank accounts, and everything in between. The fact that so many people conduct at least some of their personal or...

Everyone in New Jersey has heard at one time or another that they should have at least a will. Without an estate plan, the state will decide who inherits an individual’s assets after they die and even who will be given custody of any...

No one in New Jersey likes to contemplate death — especially his or her own. However, doing so is essential for many reasons, the least of which is to save family members a good deal of trouble when they are already mourning the loss...

Saving on taxes is one of the reasons that many New Jersey residents seek out an estate plan. Through careful and well thought out estate planning, it is possible to greatly reduce — or even eliminate — income taxes as well as estate and...

To young New Jersey parents with minor children, the possibility of death may seem so far away that it does not even bear consideration. However, anyone who picks up a newspaper, reads news online or watches television knows that people lose their lives in...

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...

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...

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...

Many New Jersey families have businesses they eventually hope to pass on to their children. However, without adequate estate planning, the wishes of the current owner may not be carried out. As a result, the interests of the business could be left unprotected. This...

Many in New Jersey tend to be overwhelmed before they even begin the estate planning process. For this reason, the idea of sitting down to create an estate plan may seem slightly less terrifying than going to the dentist. In reality, the process can...

Many New Jersey residents either don’t have an estate plan or the one they have is outdated. People tend to believe that there is no rush to create or update an estate plan. Hopefully that is the case, but unfortunately, one of the unknowns...

The majority of New Jersey families may not think they could benefit from having a trust. However, a trust can be an invaluable estate planning tool for any family. Trusts come in all shapes and sizes depending on the needs of the party executing...

For many people in New Jersey, choosing the executor of their estate is as easy as turning to their spouses. Since most surviving spouses are significantly affected by the outcome of the probate process, and are often the person trusted the most by their...

As technology advances, more and more of people’s lives are conducted online. Some banks no longer have physical locations, and nearly everyone around the country and in New Jersey has some sort of social media account. There is an increasing movement to make sure...

There is more to an estate plan than just a will. Depending on the complexity involved in the estate planning process, there can be numerous documents to execute. Generally, however, most estate plans share five documents. Of course, no estate plan would be complete...

There are many ways to prepare for the future. One of the best methods is to have a will professionally drafted. A will may just look like a piece of paper, but in the right hands, it can change the lives of loved ones...

Most anyone in New Jersey that has drafted and executed an estate plan has done so with the hopes of making things easier on their loved ones after they pass away. However, depending on how long ago the estate planning was done, it may...

Most people in New Jersey are aware that they should have an estate plan. What many people aren’t sure of is what they want that estate plan to accomplish. It’s not just about how much or what assets a person wants to leave to...

There are a lot of decisions to make when setting up an estate plan. Taking care of loved ones and deciding what assets will to go which beneficiaries can be overwhelming at times. But what about a person’s pet? Many states, including New Jersey,...

Many people think that just because their estate is small and won’t be subject to estate tax that they don’t need an estate plan. That simply isn’t the case. Every New Jersey resident can benefit from doing some estate planning. If nothing else, everyone...

It doesn’t matter what a person does for a living — lawyer, farmer, architect or mechanic — everyone can benefit from having an estate plan. The problem is that there are certain estate planning mistakes that people in New Jersey commonly make that could...

There may be people in New Jersey that believe wills, trusts and powers of attorney are only for older couples that are established and around retirement age. In truth, everyone could benefit from estate planning. Anyone that has children, is married, owns property or...

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...

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...

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...

The outcome of ongoing Supreme Court hearings could have significant impact on the estate planning needs of gay couples in New Jersey and across the nation. At the center of the issues before the court are concerns that gay couples who are legally married...

People in New Jersey and across the nation have likely heard much on the news recently about the new federal tax laws passed by Congress in January. The American Taxpayer Relief Act (ATRA) is considered to be good news for those who are in...

When people draft an estate plan, they are typically thinking about how to provide for spouses, children and grandchildren after their passing. However, it is possible to go a step further and include provisions in estate planning that can benefit many generations for years...

As many New Jersey residents are aware, Congress recently passed the American Tax Relief Act of 2012 (ATRA), which permanently enforces estate tax rules. This means that many individuals with estates worth over $5.25 million, particularly if they run a family business, may want...

There are stories in the news and shows on television that feature people who buy something at an estate sale or thrift shop for a few dollars, only to discover that the item is worth a large sum of money. Situations like this often...

It is a commonly held belief that property that passes outside of probate, such as savings bonds, is not subject to federal or New Jersey estate taxes. However, whether these assets are taxed or not depends on the value of the decedent’s net estate...

With nearly half of all marriages ending in divorce, there are many blended families throughout New Jersey and elsewhere. Parents who are raising children from more than one marriage may be concerned about how to draft an estate plan that includes everyone. While it...

When drafting an estate plan, many adults consider the best way to leave their assets to their children. However, a number of older adults struggle with issues of estate planning when they have no children. Not only must childless adults in New Jersey and...

When it comes to planning one’s estate, the process can seem overwhelming. There are a multitude of issues to address, and it can be difficult to know which items take priority over others. One aspect of estate planning that is often overlooked by New...

When New Jersey residents decide that it is time to start estate planning, there are many things that they must consider which may be difficult. It is never easy to ponder one’s own mortality, but that is the heart of estate planning, and is...

When someone thinks of estate planning, it is often with the thought that it will only be needed after someone has lived a long life. However, with the recent devastation and loss of life brought to New Jersey from Hurricane Sandy, estate planning is...

When it comes to taking the time to sort through one’s financial circumstances and plan for the future, it always seems like the ideal time to sit down and begin is just on the horizon. However, notwithstanding the fact that sooner is always better...

Even with the best of intentions, New Jersey residents can sometimes make estate planning mistakes that may later hurt their families. Celebrities also make these same kinds of mistakes, but with much more dire consequences because of the amount of wealth that they hold...

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...

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...

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...

Deciding who should take care of your children when you die can be difficult. There are so many factors to consider, and then the people you choose have to agree. But once the decision is made, immortalizing those wishes in a will as part...

Most New Jersey residents don’t like to think about making out their will. Some may feel like it is tempting fate to sit down and decide what should happen to your assets and your family after death. The truth, though, is that it may...

Several Bush era tax cuts are set to expire on Dec. 31, 2012. As Congress argues and debates about whether to extend the tax cuts or let them expire, New Jersey residents are left to figure out how to best protect their assets. Estate...

An individual’s estate is comprised of everything that they own. Many New Jersey residents fail to realize that in addition to tangible possessions and investments, their estate planning should also includes digital assets such as online banking accounts, passwords, e-mails, etc. While one may...

Many people are interested in making sure that they develop a plan for what happens to their assets after they die. However, estate planning in New Jersey and elsewhere also needs to take retirement funds into consideration. Recently, financial planners were asked what their...

Recent and upcoming legislation will make changes to estate taxes. The proposed changes will impact taxes connected with individual estates. However, those changes don’t alter the fact that there are millions of people who die each year without having the basic documents in place...

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...

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...

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...

Many residents of New Jersey and nationwide may, at one time or another, have to look at estate planning for their parents and themselves. Many financial planners believe that some individuals who are otherwise in good shape financially either lack judgment or use poor...

Many Camden County, New Jersey residents know what goes into planning for worst-case scenarios. For example, when a man or woman is incapacitated and cannot voice their wishes for medical treatment, they need to appoint someone to make those decisions on their behalf. This...

It’s not a new statistic that over half of all marriages end in divorce. What’s more is that of those divorced individuals, 75 percent of them will opt to walk down the aisle again, bringing with them the fruits of their first marriage —...

People might think that only senior citizens are in need of estate planning to handle their assets upon their deaths. This is a common misconception for many Ocean City residents. Parents of young children are a perfect example of those who would benefit from...

Many Camden County couples preparing their estate plans utilize the assistance of a financial advisor to prepare important documents. However, it is important for individuals and couples to not only provide accurate information to their financial planner, but to also carefully review the information...

If you have begun the process of planning your estate, you probably know that we are currently in one of the most favorable estate and gifting environments since the creation of the Internal Revenue Code. This means that, until the end of 2012 (pending...