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Posts tagged "Estate planning"

What to know about powers of attorney

New Jersey residents should never be pressured into signing a power of attorney document. In fact, it may be a sign of fraud for another person to pressure someone to take that step. As a general rule, those who aren't ready to delegate financial duties to another person in the event they are mentally incapacitated should step away and reconsider the situation.

Why special needs trusts are important

Parents in New Jersey and elsewhere will ideally create an estate plan that takes into account the needs of their children. Doing so may be more important if a child has special physical, mental or emotional needs. This is because a properly crafted plan may allow a child to receive assets without jeopardizing their ability to receive government benefits if necessary.

Why durable powers of attorney are important

New Jersey adults of all ages should think about having some basic estate planning documents in place. Even people who are in their 20s may benefit by drafting these documents because unexpected accidents or illnesses can occur. There are several types of estate planning tools that can offer protection in the event that people become incapacitated and are unable to make financial decisions for themselves either temporarily or permanently.

The importance of a funeral planning declaration

When New Jersey residents are making their estate plans, they may not include what they want their final arrangements to be. Traditionally, the final arrangements were included in a person's will. However, those who have specific desires should prepare a funeral planning declaration.

Elements of an estate plan for entrepreneurs

Many entrepreneurs in Hunterdon County rely in large part on the income of their businesses. Since this income is responsible for sheltering the family, feeding them and providing a consistent standard of living, protecting the business is a necessity that shouldn't be overlooked in estate planning. However, a survey of entrepreneurs found that few had engaged in even the basics of protecting their business interests.

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.

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Flemington, NJ 08822

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