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One of the most common misconceptions that people have regarding estate planning is that they do not have any assets that will need to be distributed or settled when they pass away. They may think that because they do not have robust investments, property ownership or...
In a recent post, we discussed the unique challenges that New Jersey residents face when it comes to estate and inheritance taxes. This state is just one of two that requires both state estate taxes and inheritance taxes to be paid upon a person's death. Our earlier...
There is a popular saying that "Nothing is certain but death and taxes." There have been many variations of this quote, one of which is attributed to Benjamin Franklin, but the phrase has been used for centuries and still seems relevant today; especially when...
Residents across New Jersey were likely saddened by the recent death of famed actor Philip Seymour Hoffman. As tragic as his death was, however, it brought many important topics to light. Most recently, it is his will that has sparked some interesting...
Approaching estate planning can be very difficult for many people across New Jersey. Making plans for the end of your life is something that people may not want to even think about, let alone put down in writing. However, as uncomfortable as it may be to go through...
These days, people are much more mobile than they were just a generation ago. People move all across the state, country and world for new jobs, relationships and recreation. When a child or family member is one of the people moving around a lot, it can be difficult to...
During a person's lifetime, one of the most important estate planning documents is the power of attorney. These documents will ensure that a person's financial affairs are taken care of if that person becomes incapacitated. New Jersey Powers of attorney can be as...
As the old saying goes, "You can't take it with you!" That may be true, but New Jersey law does allow people to determine who will get their property when they pass away. Estate planning is essential in order to ensure that a person's wishes are carried out. If there...
In terms of taxation, New Jersey may be an unfriendly state when it comes to planning for retirement. The state currently ranks in the bottom 10 states when compared to the tax system in other states. Planning for retirement requires careful calculation of taxes and...
Estate planning can help avoid future mishaps down the road just in case an uncertainty arises. Even though estate planning is essential, many New Jersey residents are hesitant about starting the process because they believe it's just for the wealthy. An estate...
