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November 2015 Archives

Lowering estate taxes with charitable trusts

Many New Jersey entertainment fans were probably saddened when actor James Gandolfini passed away at age 51 in 2013, but there were future surprises ahead for his family as around 80 percent of his estate was subject to federal and state estate taxes due to faulty planning. One way for people to protect their assets and limit estate taxes is with an irrevocable charitable trust.

Common estate planning errors

Although some New Jersey residents may assume that the most common estate planning errors that are made have to do with the wording of a will or trust, two of the most common mistakes are actually not keeping named beneficiaries updated and using online tools for document creation. Many people are not aware that the beneficiary named on a retirement account or insurance policy actually overrides the beneficiary designation in a will.

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