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[...]
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[...]
Medicaid is a means-tested government benefit program. For those who qualify, Medicaid will provide payment for long-term care services. A recent article discusses three estate planning maneuvers that may assist a person in qualifying for Medicaid. Gifting Assets Although gifting assets is the most obvious way to reduce the value of a person’s estate, this[...]
A revocable trust, also referred to as a living trust, is an estate planning tool that a person can use to pass his or her assets outside of probate after his or her death. A recent article explains how a person may benefit from a revocable trust. When a person puts property in a revocable[...]
Although probate is beneficial for some estates, many people would like to avoid probate at all costs. For those who would like to avoid probate, a recent article discusses how a Revocable Living Trust (“RLT”) can help in this respect. Probate is a court-supervised process through which the instructions in a deceased person’s will are[...]
A common estate planning goal is to reduce taxes and thereby pass more money along to the beneficiaries of the estate. A recent article discusses several different estate planning devices that may help you to save taxes on your estate. The article first discusses how family business owners can reduce estate taxes. If you have[...]
Like most estate planning devices, a revocable living trust is not right for every estate. A recent article discusses several of the pros and cons of creating a revocable living trust. A revocable living trust is a trust that a person establishes during their life with their own assets. The terms of the trust can[...]
If you include any kind of trust in your estate plan, one important consideration is whether you would like to compensate the person you name as trustee. A recent article discusses the "when and how" of trustee compensation. Not all trustees need or expect to be compensated for their services. Trusts that do provide trustee[...]
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[...]