It can be complex to handle real estate when making an estate plan. This could include the family home, investment properties, vacation properties and much more. One option that people have is to put real estate into a trust. For instance, a parent who is going to...
A well-written financial power of attorney (POA) is a critical component of an elderly person's asset preservation plan. It helps safeguard assets when a vulnerable person becomes unable to manage their financial matters. To reap the greatest rewards a financial POA...
As your parents age, you may have to start to make decisions about a parent’s health care or living situation. This can be challenging, partly because you may not know what to expect or what your parents want. Preparing early for these evolving circumstances can help...
The probate courts oversee estate administration. They help ensure that personal representatives follow estate planning guidelines and the instructions left by the deceased individual. The courts can also intervene in cases where misconduct occurs and protect the...
In New Jersey, your children typically do not pay inheritance tax because the state treats them as exempt beneficiaries, but that does not mean taxes are completely off the table. Other taxes can still apply depending on what you leave behind and how those assets are...
Tax can have a profound impact on the estate planning process. Testators need to consider the taxes that their estate may owe. They may also need to plan in advance for the taxes that their beneficiaries could end up responsible for after their passing. Frequently,...
Powers of attorney are very useful legal documents. They help people prepare for future emergency scenarios. Having those plans in place is of the utmost importance should the unexpected happen. However, many people fear the abuse of the authority that they grant to...
When an adult creates their estate plan, they name someone as the estate’s executor. That individual has specific responsibilities to perform once the creator passes away. The most important of these is ensuring that the decedent’s final wishes are carried out...
You already understand that it’s important to have a will. Without it, New Jersey’s intestacy laws will determine who gets your assets when you die. But just having a will is not enough. A comprehensive estate plan doesn’t just distribute your assets after you pass...
Many people assume that charitable giving means giving away money they might need later. When done correctly as part of a broader estate plan, charitable strategies can help you achieve your philanthropic goals while preserving your wealth. Understanding how these...
