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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...
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...
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...
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...
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...
People don't like to think about dying. It's only natural. But heirs of New Jersey residents who plan ahead will reap the benefits from their estate planning actions. Most people know that it is important to have a will, but they may fail to update it regularly to...
Married couples in New Jersey may want to consider taking some simple steps to prepare for the possibility of one spouse's death. Although most spouses don't like to think about estate planning, it is important to have certain documents prepared. According to a survey...
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...
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...
Like people everywhere, New Jersey residents tend to put off estate planning because the process raises uncomfortable subjects. The excuse that only older individuals or parents of young children need estate plans ignores the reality that a medical emergency could...
