New Jersey residents who are planning their estates may wonder what steps they need to take and what documents they may be advisable beyond a will. A person may want to consider using a living trust in addition to a will because it might allow assets to be distributed...
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Year: 2016
How trusts can protect assets for children
New Jersey residents who are preparing their estate plans may think that they do not need a trust for their children. They might think of trusts as something that is only suitable for wealthy families or spoiled kids. However, a trust can be a useful vehicle for...
Gifting and estate taxes in New Jersey
The federal estate tax exemption stands at $5.45 million in 2016, and there are a variety of ways that people can take advantage of it. One particularly popular option is using gifts. People are allowed to give up to $14,000 per person per year as a gift without it...
Updating estate plans
People in New Jersey are typically aware of the need for addressing end-of-life matters. This process usually includes writing wills, deciding on powers of attorney and choosing guardianships. Unfortunately, however, people often make the mistake of asking a lawyer to...
The late David Bowie’s estate planning as brilliant as his art
New Jersey residents who are starting to think about how their assets will be passed along after they die should take inspiration from the careful estate planning achieved by the late singer and songwriter David Bowie. He died from liver cancer on his 69th birthday...
The interplay of capital gains and estate planning
Anyone whose estate plan was done years ago might want to review it in light of changes to federal tax laws. Historically, the focus of estate planning was to have an asset distribution aimed at avoiding federal estate taxes, but an increase in the estate tax...