For those looking to avoid estate and inheritance taxes, New Jersey is currently not the ideal state for an individual to spend his or her last days. Additionally, the effects of unpaid estate and inheritance taxes could linger long after the owner’s death. New Jersey is one of only two states that impose an estate[...]
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[...]
Many New Jersey residents have executed a living will as part of their estate planning documents. A living will is important, because it informs your loved ones, as well as those providing you with medical care, of your wishes for end-of-life care. As a recent article explains, however, your living will may not be as[...]
New Jersey citizens should take care to prepare for the possibility of an accident or other emergency. As a recent article explains, one way to do this is to carry your important documents with you on a USB drive. So what kind of documents should you store on a USB drive? While the answer to[...]
Nearly a quarter of the baby boomer generation is childless. As this large segment of the population continues to age, concern is rising over who will care for the boomers who never became parents. As an article in the New York Times explains, however, studies show that childless adults are not receiving any less care[...]
When considering estate planning, many people understandably zero in on what should happen after death. However, an equally important part of estate planning considers what should happen towards the end of a person’s life. This is important, as one in eight Americans will deal with Alzheimer’s disease in their lifetime. Even more will deal with[...]
Many elderly New Jersey residents are considering making financial gifts to family and friends at this time of year. If you are considering making such a gift, it is important to understand how the rules applicable to lifetime transfers will impact your gift, otherwise your gift may be subject to a gift tax liability of[...]
While it may be difficult, it is important to have financial conversations with your elderly parents. These conversations are important because they will best prepare your family to cope when a parent loses the ability to handle his or her money and other affairs. A recent article discusses several issues you should be sure to[...]
When people are young and healthy, they don’t often take the time to plan for their possible incapacity by executing legal documents including a power of attorney and living will. As a recent article explains, however, these documents should be completed sooner rather than later. These documents are especially important given the fact that a[...]
The recent death of “Sopranos” actor James Gandolfini has sparked a national commentary on the wisdom of his will. A recent article outlines several estate planning lessons that people should learn from Gandolfini’s will. Foreign Property is Treated Differently Gandolfini was lucky enough to own property in Italy. In his will, he left the Italian[...]