The proceeds from your life insurance policy can benefit your loved ones in many ways, from paying off your outstanding debts to providing supplemental income for your spouse and children to covering funeral and burial expenses.
Pension and retirement accounts often form a large portion of an individual’s wealth and should be accounted for in an estate plan. If a retirement account holder completes a proper beneficiary designation, their account assets will bypass probate.
Misunderstandings about how much life insurance costs and what type to purchase are the most significant barriers to buying a policy. Even among those with a life insurance policy, there are knowledge gaps about how it can be used to meet their financial and estate planning goals. Two Types of ...
Retirement is a milestone that many of us have worked toward for decades, but planning for a secure and comfortable retirement doesn’t end with saving money. In New Jersey, where living costs and taxes can impact long-term financial stability, retirement planning must go hand in hand with estate planning. Ensuring that your assets are well-managed and passed on according to your wishes is crucial for your peace of mind and your loved ones’ future.
What is a Dynasty Trust, and why should you consider one? If you have significant wealth, one of the best ways to protect your family and transfer your wealth is through a dynasty trust. However, setting one up requires considerable financial and estate planning knowledge. As experienced estate planning attorneys, we can explore all options to protect your legacy and decide if a dynasty trust is right for you.
Not long ago, pet trusts were thought of as little more than eccentric things that famous people did for their pets when they had too much money. These days, pet trusts are considered much more mainstream. For example, in 2016, Minnesota became the fiftieth state to recognize pet trusts legally.
When developing your estate plan, addressing every account or property you own is nearly impossible. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or group of beneficiaries.
Today, many estate plans contain an irrevocable trust that will continue for a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, they must include trust decanting provisions to address changes in circumstances, beneficiaries, and governing laws.
As we age, legal and financial matters become increasingly important. Elder law is a specialized area of law that focuses on issues affecting older adults and their families. Whether planning for your future or helping a loved one navigate legal complexities, understanding the basics of elder law can empower you to make informed decisions.
Having an estate plan is a great way to ensure you and your loved ones are protected today and in the future. When creating an estate plan, we look at what is going on in your life at that time.
Now is the perfect time to start working on an estate plan. As newlyweds, you are likely deciding which of your accounts and property (your assets) to combine and how to turn two households into one. You may also be setting up new bank accounts and creating a plan for paying shared bills and other expenses. You can use that time, energy, and work to leapfrog into planning your future, which will prepare you for the following stages of your new life together.
If you recently married or have been married for a while and have acquired additional money or property (or plan to), you have options regarding how your assets can be owned. Although joint ownership seems easy and convenient, it may not always work as well as you think it should, depending on the circumstances.
Getting married is a special time in your life; you may have a beautiful wedding, a fun reception (with a delicious cake and unique gifts), and a romantic honeymoon. It is also the right time for you and your new spouse to plan for your future—for richer or poorer, in sickness and health.
Medicaid is one of the most critical public health programs in the United States, providing essential healthcare coverage to millions of Americans. Whether you or a loved one are navigating healthcare options or planning for long-term care, understanding Medicaid’s role, eligibility requirements, and benefits is crucial.
With your honeymoon over, there are several things you should be mindful of to ensure that the legal and financial parts of your life properly reflect your newly married status.
Mark your calendars: January 28 is International LEGO Day, which celebrates the date when the patent for the globally famous plastic brick system was filed.
A benefit of working hard is sharing the fruits of your labor with your loved ones. However, gift or estate tax consequences may impact high-net-worth clients when they share their wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high-net-worth clients and their loved ones. The following three types of trusts may assist high-net-worth clients in sharing their wealth in a tax-advantageous way.
Compared to residents of other wealthy nations, Americans are more likely to give their time and money to help others.
Caring for a child with special needs often feels like a full-time responsibility that only you can manage. The thought of asking for help may seem overwhelming, whether due to a lack of time to train someone or a belief that no one can care for your child as well as you. However, seeking support provides much-needed relief and ensures that your child becomes accustomed to receiving care from others—a critical step for the future.
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff?
The Internal Revenue Code assesses a tax (gift or estate) on transferring money or property from one person to another during life or at death, with some exceptions. If you own accounts or property worth a lot of money and expect them to continue to increase in value, you may want to transfer them out of your estate so you will no longer own them, and they will not be subject to estate tax at your death.
It does not matter who you are, how old you are, or how much you have—having a proper plan in place to address your incapacity or death is necessary for everyone. Recently, comedian and late-night talk show host Jay Leno had to seek court involvement to handle his and his wife’s estate planning needs due to his wife’s incapacity.
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust or an inter vivos trust, provides added flexibility and functionality, including incapacity planning.
Trust protectors are commonly used in the United States. Essentially, a trust protector serves as an appointed authority over a trust that will be in effect for an extended period. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the trust to changes in law and circumstance.
As a parent, your primary concern is ensuring your child’s safety and comfort, whether you're hitting the beach, exploring a new city, or visiting relatives. By understanding and preparing for the legal and practical considerations of travel with a child with special needs, you can make your trip enjoyable and stress-free.