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Estate Planning Archives

Reasons to use an irrevocable trust

An irrevocable trust may be an effective estate planning tool for New Jersey residents. It is called an irrevocable trust because the terms cannot be changed once the trust has been create. An individual may either create such a trust during his or her lifetime or use provisions in a will to create one upon death.

Why unmarried couples may need estate plans

People in New Jersey who live with a partner but are not married could risk losing their shared assets if the partner dies. Furthermore, unmarried partners legally do not have a right to make medical decisions on behalf of each other. However, creating an estate plan can help solve these problems.

Including a Letter of Final Wishes in a will

New Jersey residents may be familiar with a non-legal estate planning document known as a Letter of Final Wishes. This document provides a way for the testator to express their wishes pertaining to important personal issues not stated in the will. When writing an LFW, it is recommended that the testator arrange it into several different sections.

The importance of powers of attorne

When New Jersey residents get older, they should strongly consider having powers of attorney created. Powers of attorney provide trusted individuals the ability to make financial choices for another person in their stead. Depending on how a document is drafted, a trusted individual, called the agent, may be able to pay someone's bills, sell their property or purchase food and other necessities for them.

Common estate planning problems to watch out for

Ideally, New Jersey residents should have estate plans in place to ensure that their final wishes will be carried out. A basic plan may include a will, a living trust and powers of attorney. However, it is important that an estate plan is constructed properly to avoid a myriad of issues that could make it harder to comply with its terms.

Estate planning for end-of-life care

Elderly people in New Jersey sometimes need their children to help them manage their finances. Adult children are frequently put in charge of paying bills, making investment decisions or applying for benefits. If an elderly person is completely incapacitated, he or she may need other people to be put in charge of critical health care decisions.

Including a simultaneous death clause in an estate plan

Most people in New Jersey do not expect to die at the same time as their spouses. Therefore, estate plans may not take the possibility of simultaneous death into account. However, fatal car accidents and other tragedies can result in two family members dying at the same time, and these events may complicate the deceased parties' estate plans.

Estate planning post-Trump

Many New Jersey residents are wondering what type of changes might come with the election of Donald Trump and the Republican party holding majorities in both the House and the Senate. Among other things, one area that could be greatly affected is estate planning. If the Republican agenda is successful, then there could be dramatic changes in related tax laws.

Office Location

Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
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