There are many individuals who understand the basic benefits of estate planning, but they fail to realize that leaving their beneficiary designations the same from their initial estate planning meeting can be devastating. This is because there are several assets that fall outside of management by a living trust or a will. You need to[...]
While you will certainly need a will as your basic estate planning tool, you may also choose to use a revocable trust. There are several different reasons why revocable trusts can be seen as advantageous when compared with wills. Flexibility A revocable trust that has been funded may allow you to list out of state[...]
There are four primary estate planning mistakes that individuals all across the wealth spectrum are guilty of but there are important lessons that can be drawn from celebrities who have made these mistakes as well. Not Having a Will Singer, Amy Winehouse, passed away without a will at age 27 leaving behind a $6.7 million[...]
Although it is mostly common knowledge that any individual can create a special needs trust to help a beneficiary with a sever disability, it can be a mistake to attempt to do this on your own. Certain language is required inside special needs trust that protects these funds and the beneficiary of the trust itself.[...]
These days it is just as important to plan for what will happen to your digital assets as it is for your other assets. This is because many individuals do not realize that the accounts and passwords they currently have may not easily be accessible by their loved ones after they pass away. Thankfully, you[...]
There are several important considerations that you should factor in to the process of putting together a will in New Jersey. Working with a knowledgeable estate planning attorney can help ensure that you are in compliance with all relevant state laws and regulations and that you have a document that is in line with your[...]
If you are thinking ahead about accomplishing your estate planning in New Jersey, a trust is one of the most popular tools used to accomplish your goals. There are many different types of trusts that could apply for your individual situation and selecting the right one can be done after you meet with a New[...]
The tax code is extremely complex and it is one of the primary reasons that nobody likes tax season. One common point of confusion for individuals all over the country is the gift tax. Although many people are familiar with the concept of the magic number being $14,000, they are not familiar with the consequences[...]
With an increasing number of Americans being concerned about their parents developing cognitive disabilities as they grow older, it is important to think carefully about how the estate planning process can be impacted when your family member develops dementia. Accomplish Estate Planning as Soon as Possible If you have not yet started the estate planning[...]
It is essential for every individual to conduct an estate planning review on a regular basis but parents of children with special needs should consult with an estate planning attorney who has expertise in this area. It is a good idea to consider using what's known as a supplemental needs trust to provide for your[...]