Maybe it’s the IRA you have meticulously made contributions to for the last twenty years. Or the retirement plan you established with your employer the very day you began work at the company. Or that insurance policy you bought many years ago. You created them not only to protect your financial future, but also the[...]
Long-term care insurance is not for everyone. When clients ask us whether it is right for them, we consider their overall plan and unique situation. Sometimes we recommend long-term care insurance, sometimes we don’t, depending on the client’s needs and goals. But what if you’ve already bought long-term care insurance, and you’ve seen your premiums[...]
Reverse Mortgages Doing Damage From Beyond the Grave Here is an article from the New York Times on reverse mortgages. The article focuses on the damage done to children after elderly parents take out reverse mortgages so they (the parents) can stay in the home as medical care costs begin to increase. Many times, the[...]
Revocable living trusts are one of the most powerful tools in the estate planner’s toolbox and offer a number of advantages over wills. These include avoiding probate, reducing delays in the distribution of assets, greater control over your assets while you are alive and in the event of incapacity, greater privacy, and more. Unfortunately, many[...]
In New Jersey, if a person passes away without a will or trust, his or her estate assets are distributed according to what is known as intestate succession. It’s an estate plan of sorts, and for most people, not a very good one. Certain assets are not subject to New Jersey’s intestate succession laws. These[...]
I think we can all agree that New Jersey is a great place to live, work, and raise a family. But is it a great place to die? Not so much. Why? In a word (okay, two words): estate taxes. Sure, the federal estate tax exemption is $5.3 million, and taking advantage of the unlimited[...]
Paying your grandchildren’s (or adult children’s) college tuition is one of the greatest gifts you can make. The education lasts a lifetime and opens a world of opportunity for your grandchildren. In a way, it is like giving a gift to your children as well, since it alleviates their concerns about paying for their children’s[...]
Many New Jersey veterans are approaching the age where their health care needs require being admitted to a nursing home. The uncertainty of changing one’s living arrangement is often compounded by the fact that the costs of nursing home care can be, at times, staggering. Fortunately, the Veteran’s Administration provides long-term nursing home care in[...]
How Can I Alter My Will? According to New Jersey law, a will can only be altered by the execution of another will or codicil that explains the desired amendment. A codicil is an additional legal document that amends but does not replace a will. The execution of a codicil must meet all the standards[...]
I have many meetings with families that are caring for a family member with some form of dementia. While I normally collect this information ahead of time, I can spot those families without any warning from the moment I walk into the room. These are the families that look completely exhausted. That probably sounds a[...]