Until 2018, New Jersey was an expensive state to die in. New Jersey had not only one, but two “death taxes.” That all changed in 2018 with the revisions of New Jersey’s tax laws. When a person dies in the Garden State, the estate tax is no longer collected, nor...
Estate Planning
Think twice before funding an incentive trust
You have been diligent about planning for your future and have drafted your last will and testament. You and your spouse have both completed medical and legal powers of attorney and also filled out advanced directives detailing the extent and type of end-of-life care...
Is a trust an ideal part of your asset-protection plan?
Estate planning isn’t just about writing a will. Among other things, it’s also about conserving your assets and minimizing the taxes on your estate. Historically, trusts were something that only the ultra-wealthy bothered to create, but many people of relatively...
By planning ahead, you may be able to protect your home
One of the largest assets most people have is their home. Whether you have a single home or multiple properties, you may be looking into the best way to protect that asset and to preserve your wealth as you age. You may want to pass that asset on in the future, too,...
Why planning for retirement is more crucial than ever
While many people want to live an extra 20 or 30 years, the truth is most cannot afford to. Many do not have sufficient funds set aside to see them comfortably through old age as it is. Growing old is expensive. It is costly for an individual and the country as a...
What you need to know about inheritance and estate taxes in New Jersey
Taxes are just an obligation most people have to deal with -- and that obligation doesn't end when they die. The executor of your estate may not only have to file your final tax return on your behalf, but your beneficiaries may have an obligation to pay inheritance...
If you draft a trust, remember that life is unpredictable
When you draft a trust as part of your estate plan, it allows you to retain more control over what happens to your assets. You get to decide how your money is spent, even after you pass away. What kinds of trusts are available? There are numerous different types of...
Transfer on Death (TOD) registration can help avoid probate in New Jersey
When you’re thinking ahead about how to transfer your assets to your heirs after you are gone, you may have already considered using “payable-on-death” designations on your bank accounts. Once you die, those funds will automatically become the property of whomever you...
Will your loved ones be able to inherit your home?
One of the reasons that people try to preserve their wealth during their life is so that they have the opportunity to leave behind a legacy for the people they love. An estate plan helps people set aside assets for specific people or even charitable causes. Major...
How to prevent death taxes from destroying an estate
More people than ever are entering retirement age. These citizens have worked their entire lives to earn this rest, funding their twilight years with purposeful estate planning and a lucrative retirement fund. These matriarchs and patriarchs often have large families...