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Estate Planning Archives

Estate planning is about more than taxes

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 or her family members will do with their inheritance could shape the decisions made.

Debunking estate planning myths about the use of a trust

Many New Jersey residents may not believe that a trust is for them. This may be because there are certain myths surrounding the use of this estate planning tool. These myths are that only the rich need a trust, they are too complicated and a living person does not need a trust.

Every New Jersey resident needs an estate plan

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 documenting an individual's wishes if he or she becomes incapacitated and unable to make decisions.

Estate planning can protect older people from themselves

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 up on a person.

Should a living will be part of your estate plan?

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 turn to the incapacitated individual's estate plan for his or her living will in order to ensure that family members and physicians are aware of that person's wishes. Without a living will, family members are often left to make decisions that person may not have wanted. Further, they may have to go to court in order to be granted the right to make decisions on that person's behalf, and that could waste valuable time during which decisions need to be made.

Estate planning mishaps that can cost a family its inheritance

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 mishaps are failing to plan at all and not changing beneficiary designations on certain accounts and insurance policies.

An estate plan is only as good as the chosen representatives

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 estate plan, time should be taken to carefully consider these choices.

The Potential Pitfalls of Giving Away Your Assets

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 made with specific planning objectives that could lead to big problems- especially if you need long term care such as that offered by an Assisted Living Facility or Nursing Home.

Married Same-Sex Couples Can Cash in At Death

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 of these benefits to marriage did not apply to same-sex couples in New Jersey- even though several states (currently 19) already recognized their marriage as valid.

Estate planning is essential for New Jersey parents

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, family members could spend a significant amount of time and money in court in certain circumstances.

Law Offices of Nancy M. Rice
Representing clients in Ocean City and communities throughout New Jersey.

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Rice & Quattrone, PC
1236 Brace Road, Suite F
CHERRY HILL, NJ 08034

Phone: 856-673-0048
Fax: 856-673-0052
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Rice & Quattrone, PC
Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08221

Phone: 609-398-3447
Fax: 856-673-0052
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