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.
Many residents of New Jersey and nationwide may, at one time or another, have to look at estate planning for their parents and themselves. Many financial planners believe that some individuals who are otherwise in good shape financially either lack judgment or use poor judgment when it comes to their personal estate planning. They believe that misjudgment leads to omissions and poor estate-planning decisions.
Many Camden County, New Jersey residents know what goes into planning for worst-case scenarios. For example, when a man or woman is incapacitated and cannot voice their wishes for medical treatment, they need to appoint someone to make those decisions on their behalf. This is one of the important elements of estate planning.
New Jersey couples approaching retirement or who are currently retired may benefit from consulting a financial planner to review any investments that fund their estate plan.
It's not a new statistic that over half of all marriages end in divorce. What's more is that of those divorced individuals, 75 percent of them will opt to walk down the aisle again, bringing with them the fruits of their first marriage -- their children.
People might think that only senior citizens are in need of estate planning to handle their assets upon their deaths. This is a common misconception for many Ocean City residents.
Many Camden County couples preparing their estate plans utilize the assistance of a financial advisor to prepare important documents. However, it is important for individuals and couples to not only provide accurate information to their financial planner, but to also carefully review the information on the documents.
If you have begun the process of planning your estate, you probably know that we are currently in one of the most favorable estate and gifting environments since the creation of the Internal Revenue Code. This means that, until the end of 2012 (pending any extensions or new legislation on the matter), New Jersey residents will be able to secure several significant financial benefits through careful handling of their estate plan.