Heirs & Beneficiaries

Coping with the loss of a family member or close friend is challenging, and handling their estate can add to the stress. The situation becomes particularly complicated when their loved one’s assets are not enough to pay off all debts and fulfill the bequests...

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...

Someone’s estate could include assets worth tens of thousands of dollars — or even more. Real estate, ownership stakes in a business and valuable personal property can motivate some people to try to get more than their fair share of an estate. Sometimes, when...

Many New Jersey residents have retirement plans, annuities and life insurance policies. These accounts do not pass through probate but instead go directly to beneficiaries through forms filed with the company for each account. How these forms are filled out can have an impact...

Back on Feb. 26, we wrote about Philip Seymour Hoffman’s estate (“Where did Philip Seymour Hoffman’s estate planning go wrong?”). More details recently came to light regarding why he may have set up his estate the way he did. Reportedly, he was adamant about...

New Jersey’s recognition of same-sex marriage has resulted in significant changes to the rights of same-sex couples. Married same-sex couples now have the same rights as all married couples. As a result, there are changes with retirement benefits and Individual Retirement Accounts (“IRA”) and...

For numerous New Jersey residents, estate planning does not end with wills and trusts. Most retirement accounts — including IRAs — life insurance policies and annuities are not governed by those documents. They require the account owner to fill out a beneficiary designation, but...

New Jersey residents often hear that it is important to keep beneficiary designations up to date on retirement accounts such as an IRA. However, not as much attention is given to making that designation in a way that helps heirs get the most out...

Many New Jersey residents want to incorporate charitable donations in their estate plans. The question may be how to do so without taking away from the inheritances of other heirs. Life insurance is one estate planning tool that may provide maximum benefit to a...

Estate planning is designed, in part, to prevent future generations from paying taxes on money they inherit. An ordinary trust protects the first generation of beneficiaries (children), but does not necessarily protect the second generation (grandchildren) from tax liability. One type of trust that...

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...

When it comes to estate planning, many New Jersey residents already know that wills and/or trusts are important documents for transferring assets upon death. However, there are many assets such as life insurance policies, investment accounts and retirement accounts that do not pass through...

Many people in New Jersey have a friend or family member that simply cannot be trusted with a dollar, let alone an inheritance. Sometimes, it is necessary to protect heirs from themselves, while protecting the assets from the heirs. This delicate balance can be...

New Jersey art lovers may remember that sculptor Alexander Calder and his long-time friend and dealer, Klaus G.Perls are both deceased. Calder died in 1976 and Perls died in 2008. The heirs of Calder’s estate have filed a lawsuit against Perls’ estate, alleging that...

Designating a beneficiary on a retirement account or insurance policy is not something that can be changed by any other estate planning document. Those beneficiaries will receive the proceeds from the account or policy regardless of what a person’s will may say. People in...

The simple answer to the question of whether contingent beneficiaries are necessary is yes. When drafting estate planning documents such as wills, trusts and powers of attorney, it is easy for New Jersey residents to forget that there is a possibility that primary beneficiaries...

There are times when parents make the often painful decision not to leave anything to a child in their wills. Regardless of what the reason for the decision is, it is solely up to the person making out the will. It is possible to...

Many people in New Jersey have a will and other estate planning documents drafted and executed that they believe will provide for the disposition of their property after death. These documents may have provided for the big things, but it’s typically the small things...

As the economy continues to create financial struggles among families, the pressure on New Jersey grandparents to help not just their children but also their grandchildren continues to grow. However, the ways that grandparents choose to help can make a huge difference in their...

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. The woman is one of several heirs to the Gore-Tex...

After the passing of a loved one in New Jersey or elsewhere, the heirs to the estate of the deceased may sometimes find themselves caught up in litigation. In some cases, this may be because the deceased did not undertake proper estate planning. However,...

When New Jersey consumers work with an attorney to plan an estate, they must think about the future as well as any unforeseen events. It can sometimes feel like a “what-if” strategic game. That said, it is important to plan for the unknown and...