Heirs & Beneficiaries
Using life insurance to provide for charitable beneficiaries
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...
Dynasty trusts transfer wealth to generations of beneficiaries
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...
Addictions and beneficiaries, how to leave them an inheritance
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...
Will intended beneficiaries recieve assets of New Jersey estate?
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...
Protecting heirs from themselves and assets from heirs
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...
Alexander Calder’s heirs claim his dealer cheated artist’s estate
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...
New Jersey beneficiaries: Designation is not controlled by will
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....
Is there really a need to pick contingent beneficiaries?
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...