When you are creating an estate plan, there are sometimes some special considerations that you must take into account. One of these special considerations occurs when you have a dependent who is mentally ill or disabled. Often, a special needs trust is used to ensure that the person with special needs is properly cared for after you pass away.
When you are creating an estate plan, there are numerous options that you have to convey your wishes. Generally, people will choose to use a will and trusts to get their assets distributed in accordance with their wishes. Understanding trusts can be complicated, but there are some basic points to consider.
When you are creating a will, you likely want the will to be as comprehensive as possible. That is a good idea, but you should know that there are some items that aren't appropriate to include in a will. Understanding this before you write out your will can help you to avoid wasting time and effort.
Our latest Blog published on FamilyAffaires.com
We have often discussed making plans for your medical care, such as appointing a health care power of attorney. It might shock some of our readers to know that there is some concern about how Healthcare Insurance Portability and Accountability Act of 1996 affects the information that people who are listed on the health care power of attorney can receive.
If you're a young professional of the millennial generation, you've probably got a lot on your plate. High unemployment during the Great Recession, an average of $30,000 in student loans -- you've even redefined the American Dream as a life lived without debt.
There are many terms that you must know when working through estate administration or when drafting a will in New Jersey, from beneficiary to fiduciary. While these are more common, one you may not have heard as often is "residue." When it comes to a will or an estate, what is the residue?
The Health Insurance Portability and Accountability Act, or HIPAA, was passed in part to protect patient privacy. Entities covered by HIPAA, such as healthcare providers and insurance companies, are generally prohibited from releasing personally identifiable health information to anyone unless the disclosure is necessary for treatment, to protect public health, or for certain other purposes considered critical.
Estate and inheritance taxes have been in the news lately, both in New Jersey and nationwide. In a recent, highly partisan vote, the U.S. House of Representatives recently called for the complete repeal of the federal estate trinax. Here, estate and inheritance taxes were a hot topic dug budget negotiations. Some lawmakers would consider expanding the tax to fill up the neglected Transportation Trust Fund. Others argue for limiting their application to fewer people.
We may not want to think about it, but we all know it's true. We are -- each and every one of us -- going to die.