Addressing estate planning and elder law issues is something that every responsible adult is going to have to do, and the sooner you get started the better. If you procrastinate your family will be left behind to sort everything out on their own if you were to pass away unexpectedly. And if the resources are not there for them to maintain their quality of life a devastating family tragedy becomes all the worse. And, with regard to elder law matters such as the need for long-term care you could … [Read more...] about New Jersey Estate Planning Information
Inheritance Planning
Painter Kinkade Leaves Acrimony Behind
The so-called "Painter of Light" Thomas Kinkade left us in April, and the cause of death was listed as "acute intoxication." We are touching upon the cause because it is relevant to the estate struggle that has been left behind in the wake of Kinkade's passing. Kinkade was legally married at the time of his death, and his wife's name is Nanette. Two years before the painter's untimely death (he was just 54) Nanette filed for divorce, but it was not final at the time of his passing. A formal, … [Read more...] about Painter Kinkade Leaves Acrimony Behind
Estate Challenges: Leave the Doors Closed
You may have heard the adjective "ironclad" applied to contracts, and estate planning does in fact involve the execution of legally binding documents. All interested parties may not always be happy with the contents of these documents, so you have to make sure that you execute an ironclad plan that leaves the doors to estate challenges firmly closed. While you cannot see into the future you can apply some common sense. When you are drawing up an inheritance list you probably are aware of how … [Read more...] about Estate Challenges: Leave the Doors Closed
Events That Necessitate Estate Plan Updates
There are certain trigger events that are going to render your existing estate plan obsolete. We would like to highlight three of the most common ones here and encourage everyone to take action when significant life changes take place. Family Additions & Subtractions When new family members come along you are going to want to make sure that they are provided for when the time is right, so these additions to the family are going to necessitate estate plan revisions. By the same token, when … [Read more...] about Events That Necessitate Estate Plan Updates
Candidates Will Invariably Talk Taxes
During the midterm election year of 2010 the Bush era tax cuts were scheduled to expire. This became an issue that was hotly debated on the campaign trail, and immediately after the elections a new tax relief bill was indeed passed. It has subsequently been named the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Now we are in another election-year and there is a sense of déjà vu in the air. The aforementioned tax relief act is going to expire at the end of … [Read more...] about Candidates Will Invariably Talk Taxes
Action Could Be Beneficial In 2012
There are those who consider estate planning to be a "one and done" endeavor. You sit down with a good central New Jersey estate planning lawyer, work up the appropriate documents, and then tuck them away in a lock box somewhere and forget about them. In reality estate planning is better viewed as an ongoing process just like financial planning in general. When you are managing your finances on an ongoing basis you are aware of the fact that you may have to take action at times as a response to … [Read more...] about Action Could Be Beneficial In 2012
Farmers Must Be Aware Of Estate Tax
People who are not residents of the state may not be aware of the fact that there are a lot of farmers in New Jersey, and in many cases the farmland has been in the family for generations. The land may have been purchased long ago when it was relatively inexpensive. Quite a bit of appreciation may have taken place in the meantime and it may have become quite valuable. As a result a farmer who wants to keep the farm in the family may be exposed to the federal estate tax. Individuals such as … [Read more...] about Farmers Must Be Aware Of Estate Tax
Estate Planning: There Are No Quick Fixes
We live in a "fast food" society where many people have grown accustomed to instant gratification without much effort. While a quick and inexpensive lunch may have its place from time to time, when it comes to important legal matters with significant financial ramifications there are no quick fixes. This is something to remember when you consider the topic of estate planning. There are things like payable on death accounts that can sound like a good solution. You name a beneficiary when you … [Read more...] about Estate Planning: There Are No Quick Fixes
Can You Use Your Late Spouse’s Estate Tax Exclusion?
To be optimally prepared for the future you must inventory your assets to gain an understanding of the value of your total resources and how this value compares to the estate tax exclusion. If you are in taxable territory you are going to have to take steps in advance to gain tax efficiency in an effort to preserve your wealth. Right now the estate tax exclusion is $5.12 million per person. So, if you are married you and your spouse could combined your respective exemptions and have a total … [Read more...] about Can You Use Your Late Spouse’s Estate Tax Exclusion?
Make Your Final Wishes A Reality
There are things that must be facilitated after your passing if you want to see your final wishes become an actual reality. This is why it is so important to understand the things that take place after someone passes away on a legal level and take the appropriate actions with the benefit of expert guidance. The majority of people elucidate their choices with regard to asset transfers via the execution of a last will. If you are among them your estate is going to have to pass through the legal … [Read more...] about Make Your Final Wishes A Reality
