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New Jersey residents and others who are thinking about their legacy may want to start creating an estate plan today. At a minimum, an estate plan will contain a will or a trust in addition to a health care and financial power of attorney. The will or trust will give a...
People in New Jersey who have created an estate plan may want to review that plan. In December, Congress passed a law that changed the amount of the estate plan exemption from $11 million for couples to $22 million. This means that people who have created trusts and...
New Jersey residents can't predict when they may find themselves incapacitated. If they do, how their affairs are carried out depends on how their estate plan was created. If the plan has a power of attorney, whoever was granted that power has the authority to manage...
A common misconception people have is that estate planning is for wealthy individuals with many assets. Some people in New Jersey also believe that estate planning is meant to be done later in life. While it's true that a tax filing isn't required unless assets and...
Many New Jersey residents are aware of the new tax bill that was passed by Congress and signed by President Trump. Kristi Noem, who is a Republican congresswoman from South Dakota, has campaigned for a repeal of the estate tax based on her family's story. According to...
A New Jersey resident who is creating an estate plan might think primarily of putting together a strategy that will pass assets on to loved ones. However, making a plan that covers potential incapacitation is another important aspect of estate planning. Many seniors...
Legacy planning involves much more than assigning beneficiaries for money and other assets after death. Although legacy planning is often used interchangeably with estate planning, the two are different. Estate planning is something New Jersey residents do when they...
After people in New Jersey have completed their estate plans, it is important that they review them regularly. It is especially important for people to review and change their estate plans when they decide to get divorced so that they don't accidentally leave their...
Some New Jersey couples might think that if they do not have children, they do not need an estate plan. However, estate plans are not just for passing on wealth to the next generation. They can also help protect people and allow them to decide what becomes of their...
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...
