The fiscal cliff legislation passed in early January has had an impact on many aspects of finance, including estate planning. A recent article discusses how estate planning is changing as a result of the legislation. The legislation fixed new tax rates and exemption limits. The federal exemption amount now sits at $5.25 million, and[...]
Estate planning is smart for everyone, without exception. No matter how wealthy or poor, everyone has an estate. Many people falsely assume that, because they are not wealthy, they do not need an estate plan. This could not be further from the truth. A recent article discusses why estate planning is essential for everyone. The[...]
Often while creating estate plans, parents struggle with determining how to leave their assets to children who perhaps are not responsible enough to handle them. In many cases, leaving money for children with no strings attached is simply not a good idea. A recent article in The Star-Ledger discusses options for parents facing this difficult[...]
Divorce is one of the major life events, after which both former spouses should update their estate plan. However, this recent article discusses why it is important for New Jersey residents to consider and revise their estate plans before, during, and after the divorce proceedings. Before The Divorce New Jersey law makes it difficult to[...]
Whether you agree with the politics of former Republican presidential candidate Mitt Romney or not, there are many lessons to be gleaned from his complex estate plan. A recent article in Fox Business discusses several of these lessons. Romney, who is worth $250 million, has in place a variety of trust funds that will[...]
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[...]
All of us in New Jersey just got a harsh, harsh lesson in preparing for emergencies. As my family and I left for the warmth (and hot showers at the homes) of family in Delaware, folks without a place to crash were left to fend for themselves as they tried to outlast the effects of[...]
While estate planning had long been a field dominated by men, there’s a growing realization that it’s of even greater importance for women. The reason is simple: They live longer. “Women live longer on average and tend to marry older spouses, making them three times as likely as men to be widowed at 65,”[...]
Once a person decides upon estate planning, that doesn’t mean all decisions will soon be turned over to a professional. For one thing, individuals must settle upon an estate planner, and that can seem to be a daunting task. “Make sure that your attorney knows what you wish to accomplish with your assets and is[...]
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[...]