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Estate Planning Archives

Estate planning and caregiving

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 end up needing a caregiver at some point, and around one-third of people eventually need long-term care.

Build for the future with a legacy plan

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 want to ease tax burdens and allocate assets. Legacy planning is done to continue a life's work after the estate holder has died.

The importance of reviewing estate plans when getting divorced

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 estates to their ex-spouses when they die.

Estate planning for couples without children

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 assets after their death.

What to know about powers of attorney

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 person in the event they are mentally incapacitated should step away and reconsider the situation.

Why special needs trusts are important

Parents in New Jersey and elsewhere will ideally create an estate plan that takes into account the needs of their children. Doing so may be more important if a child has special physical, mental or emotional needs. This is because a properly crafted plan may allow a child to receive assets without jeopardizing their ability to receive government benefits if necessary.

Why durable powers of attorney are important

New Jersey adults of all ages should think about having some basic estate planning documents in place. Even people who are in their 20s may benefit by drafting these documents because unexpected accidents or illnesses can occur. There are several types of estate planning tools that can offer protection in the event that people become incapacitated and are unable to make financial decisions for themselves either temporarily or permanently.

The importance of a funeral planning declaration

When New Jersey residents are making their estate plans, they may not include what they want their final arrangements to be. Traditionally, the final arrangements were included in a person's will. However, those who have specific desires should prepare a funeral planning declaration.

Elements of an estate plan for entrepreneurs

Many entrepreneurs in Hunterdon County rely in large part on the income of their businesses. Since this income is responsible for sheltering the family, feeding them and providing a consistent standard of living, protecting the business is a necessity that shouldn't be overlooked in estate planning. However, a survey of entrepreneurs found that few had engaged in even the basics of protecting their business interests.

Office Location

Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
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