Category: Asset Protection

Being Single and Without Children Still Warrants a Will

Most people who are relatively young, do not have a great deal of wealth or do not have children may be under the impression that they can avoid the estate planning process in total. This could end up being a big mistake, however, if something were to happen to you. Don't take the short-term view[...]

What to Consider When Passing Assets on to Your Family Members – Part I

There are many different considerations when thinking about leaving behind your assets to your loved ones. Read on to learn more about the first of the four major reasons you should consider in this four-part blog post series.  Most people do not realize just how many belongings and assets they have until they sit down[...]

Estate taxes in New Jersey

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[...]

Must-Do Estate Planning Tasks for the Boomer Generation

For New Jersey’s baby boomer residents who still do not have estate plans, planning needs to be on the top of their to-do list for the new year. A recent article discusses several important estate planning tasks that should be done as part of any estate plan. Create a Will and Trust: While this may[...]

Do The Wealthy Use Medicaid?

A common estate planning strategy often discussed is the “Medicaid spend down.” This occurs when a person reduces his or her assets so that he or she can qualify to receive Medicaid benefits. Medicaid, of course, is an entitlement program. Individuals rely on Medicaid as a last resort to cover the astronomical costs of long-term[...]

A Growing Need for Estate Planning

In the coming years, experts predict that the demand for estate planning services and expertise will be greater than ever. As a recent article points out, the nation’s aging baby boomers are currently entering the retirement phase of their life. This “silver tsunami” is increasing the need for retirement and estate planning. American’s senior citizens[...]

Transferring The Title of Your Home Is a Dangerous Proposition

A common estate planning arrangement that many seniors have considered is transferring the title of their home to a child. According to a recent article, however, transferring the title of your home is a dangerous proposition.   Put simply, once you transfer the title of your home, the person you transfer title to is the[...]

Giving to Your Grandkids Without Sacrificing Your Retirement

Many grandparents desire to help their grandchildren financially, however the weak economy and job market has put many grandchildren in a situation where they need more than their grandparents can realistically give. According to a recent report in The Wall Street Journal, grandparents who are making financial gifts to grandchildren while living off their savings[...]

Cautious approach the wisest when it comes to reverse mortgages

Although reverse mortgages hold out the possibility of financial stability for older Americans, it is best to exercise a good deal of caution when considering this option. It might not be the panacea some people believe the concept to be. “The very loans that are supposed to help seniors stay in their homes are in[...]

Protecting the Snowbird Estate

Many seniors do not think about how living in two states after retirement may impact their estate plans. A recent article discusses several ways that seniors who live in two states can protect their estate and ensure that their wishes will be carried out should they become incapacitated or pass away. Seniors must be sure[...]