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 to your hard-earned assets. And this can put...
Cherry Hill NJ Probate & Estate Administration Law Blog
Updated: Required Minimum Distributions for Inherited IRAs
Recent IRS regulations direct that if you inherited an IRA or 401(k) from someone who died in 2020 or after, and the decedent died after age 72, you (the beneficiary) must start taking Required Minimum Distributions (“RMDs”) right away! When the inherited IRA rules...
Should you set up trusts for your grandchildren?
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 you...
One estate planning error to avoid
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 that you should avoid when...
Using a spendthrift trust without causing dissent among your heirs
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 be...
Two potentially costly expenses involved with aging in place
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 you have not considered all the...
Do you need to include your life insurance in your will?
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 in the will. But the truth...
What traits should a home caregiver have?
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...
How a pour-over will helps your estate avoid probate
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...
Is your elderly relative at risk of financial exploitation?
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 best interests of your...