The subject of gay marriage was in the news recently when the state of North Carolina passed a constitutional amendment banning such unions. Of course same-sex marriages are not legal in New Jersey either at the present time. While there are certain implications that cannot be overcome legally, the good news is that if you are in a same-sex union you can take legal action to seize control of things when you are planning for the eventualities of aging and your eventual death. It is however … [Read more...] about Same Sex Couples: Legal Action Can Assuage Concerns
Inheritance Planning
Parents: Prepare For The Unexpected
The average life expectancy in the United States right now is around 78 years, but this does not mean that you can wait until you are 65 or 70 to start planning your estate. If you follow the news you are well aware of the fact that young adults pass away every day, and in many cases they are parents of young children. We live in an era during which two incomes are frequently necessary to maintain the quality of living of a young family. If one of the wage earners was to pass away the standard … [Read more...] about Parents: Prepare For The Unexpected
Open Dialogue Can Be Helpful
Estate planning involves considering what you will be leaving behind after you pass away. Of course financial resources will probably be the first thing that comes to mind when you think about the subject, but it is also a good idea to do what you can to leave a healthy family dynamic behind as well. Most people are going to want to see their family members support one another going forward, but there are cases when this does not happen due to resentments that come about with regard to … [Read more...] about Open Dialogue Can Be Helpful
Select A Solid Trustee
If you decide to use a trust such as a revocable living trust to transfer assets to your loved ones after you pass away you are going to have to select a trustee. The trustee will be charged with the responsibility of administering the resources contained within the trust. While you are still alive you can actually serve as both the trustee and the beneficiary so that you retain complete control. But when you are deciding on a trustee who would take over after your passing you should take this … [Read more...] about Select A Solid Trustee
Shortcuts Can Lead To Nowhere
It is no secret that millions of dollars are essentially thrown away each year as people momentarily demonstrate lapses in judgment and make purchases based on sales pitches that sound too good to be true. This is something to be very much aware of when you come into contact with websites and advertisements concerning do-it-yourself estate planning notions. Technically you can state your final wishes in any number of ways. You can write out your will in your own handwriting and there are people … [Read more...] about Shortcuts Can Lead To Nowhere
The Estate Tax and Dick Clark
People around the globe are mourning the loss of the entertainment giant Dick Clark. The irrepressible impresario made his mark years ago as the host of the American Bandstand television show, and he presided over the evolution of popular music as we know it. Dick Clark passed away a wealthy man with a fortune estimated to be valued in the hundreds of millions of dollars. Since Clark is generally perceived in a very positive light you may find it possible to empathize with the situation that … [Read more...] about The Estate Tax and Dick Clark
With Careful Planning Your Legacy Can Be Felt For Generations
If you want to you can look at estate planning as a bare-bones effort to arrange for the transfer of assets to your loved ones after your passing. This is certainly not the best perspective, but even a basic estate plan is better than none at all. However, there are those who see things in a different way. If you have ample resources you may be able to make your legacy felt for generations to come, and this is something to consider when you are contemplating the future. There are a number of … [Read more...] about With Careful Planning Your Legacy Can Be Felt For Generations
Inheritance and Estate Taxes: NJ Gets Them Both
Being aware of the tax burden that your heirs may face after you pass away is very important when you are making preparations for the inevitable. Some states impose more of a burden than others, and here in New Jersey we are in rarefied company. Only the Garden State and the state of Maryland have both an estate and an inheritance tax at the state level. Before you even get started evaluating your New Jersey tax responsibility you have to be aware of the federal estate tax that is imposed … [Read more...] about Inheritance and Estate Taxes: NJ Gets Them Both
Winehouse Estate Update
A recent article in Forbes is indicating that the initial reports regarding the Amy Winehouse estate were not accurate. As you may recall, right after the tragic death of the young singer details about her estate were circulated. The newspapers over in Great Britain were saying that Winehouse had planned her estate wisely. This came as a surprise to many observers who assumed that a person who appeared to have lived in the moment such as Winehouse would not have taken such astute steps. We are … [Read more...] about Winehouse Estate Update
Some Canines Carry Financial Clout
It is no secret that many people pamper their pets, and perhaps they deserve it. Our dogs and cats provide us with a unique brand of love and companionship. They make no judgments and simply brighten your day, and this can subtly but profoundly improve your quality of life. The above being stated you have to make sure that you remember your pets when you are planning your estate. There are those who fail to do so because they are under the impression that they'll outlive their pets, but you … [Read more...] about Some Canines Carry Financial Clout
