By: Nancy Rice, Esq.
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 planning can be especially vital for a child who has special needs and may need continued assistance well past the time they turn 18.
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 of your estate planning is paramount, especially if you are a single parent. Otherwise, a New Jersey court may decide who gets to take care of your children.
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 to protect their families. It is so important for New Jersey residents, regardless of age, to consider even the basics of estate planning by having a will in place.
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 their estates from disagreements between children, grandchildren and/or other designated guardians. The new form of elder abuse, dubbed as "granny snatching" has been a problem throughout the country. Legislators in New Jersey are hoping to join the ranks of 30 other states to protect the best interests of their vulnerable adults.