Posts tagged "Estate Planning"

Changes in families should lead to changes in estate plans

Drafting a will and creating a comprehensive estate plan are actions that all New Jersey residents should undertake, regardless of their net worth. Practically everyone will have something to pass on when they are gone, and most people want to ensure that their assets and property go to the people that they love and not to the state.

Reasons to update an existing estate plan

Creating an individual estate plan is an important step for any New Jersey resident. Even individuals who do not believe their financial or familial situation warrants an estate plan can take control of their end-of-life decisions. Their goals and objectives can often be accomplished with the help of local estate planning attorneys.

Take control of wealth and assets with an estate plan

Advances in the medical field have allowed men and women throughout the country to live longer and healthier than ever before. Conditions that once imposed death sentences on individuals can now be treated in noninvasive ways and with excellent long-term results. As such, New Jersey residents are enjoying the people and activities that they love longer into their lives and with more vigor as they advance in age.

About using trusts

There are many different types of trusts New Jersey residents can use to protect their financial legacy and limit how much their estate may be taxed. However, it is important that in addition to choosing the right type of trust, they also designate the right person to administer the trusts.

Creating the right estate plan

People in New Jersey should create an estate planning checklist to ensure that they have everything they need in their estate plan. While estate planning provides individuals the opportunity to get ready for the unavoidable, it also allows them to dictate what should happen to their financial assets after they die. If their estate plan is not structured as it should be, surviving loved ones may encounter difficulties with the estate.

Errors to avoid with a living trust

When people in New Jersey are creating an estate plan, they may want to use a living trust. A living trust allows a person to keep control of assets after placing them in the trust. Married people may place assets in a trust and name one another as co-trustees. With a trust, assets do not go through the public process of probate and can be distributed to beneficiaries without delay.

Doing estate planning right in 2018

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 person greater control over how assets are handled. In the absence of a will, assets may go to surviving family members such as parents or children.

Why it is important to update an estate plan

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 used other tools to avoid estate tax may want to review their plans and see if those tools are still necessary. However, there are reasons that everyone should review an estate plan regularly even if the estate is a much smaller one.

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