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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...
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...
New Jersey residents who get married for the second time should be aware of the estate planning and financial issues that can arise. The complications that are created by blended families can easily get out of hand. If there are commingled assets and incomes in a...
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,...
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...
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...
Most New Jersey residents know the importance of estate planning. However, a study shows that nearly 60 percent of U.S. adults do not have a will in place. In January, researchers from Princeton Survey Research Associates International asked 1,003 adults if they had...
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...
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...
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...
