Estate planning isn’t just about death—it’s about incapacity, too. Learn how to protect your minor child’s care and finances, no matter what the future holds.
Why Estate Planning for Your Minor Child Can’t Wait—Now More Than Ever
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High School Seniors Can Use a Starter Estate Plan
Your high school senior is now a legal adult. Learn why every 18-year-old in New Jersey should have a basic estate plan before heading off to college or beyond.
Back-to-School Prep: Name a Guardian for Your Minor Children
Back-to-school season is the perfect time to name a legal guardian for your children. Learn how to select the right person and safeguard your children in the event of an unexpected occurrence.
Demystifying Probate and the Executor’s Role
When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate.
What Your Will Won’t Cover: Important Legacy Questions You Should Answer in Your Estate Plan
When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan.
Why You Want to Avoid Intestacy
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according to the laws of their state in a process called intestate succession.
If My Will Is Filed with the Court, Will It Go through Probate?
Death is a personal and private affair that affects the deceased’s close family and friends. However, there is at least one aspect of death that may require state oversight: probate.
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
Many believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true.
How Business Executives Can Set and Meet Their Estate Planning Goals
As a business executive, you are used to strategizing and creating goals as part of your job. But have you devoted time to strategizing and creating goals to protect yourself and your loved ones?
Caution: Your Traditional Asset Protection Plan Is Set Up to Fail
You may be surprised to learn that not only has asset protection planning been around for a long time, but you likely have already engaged in it at some point. You may have one or more types of traditional asset protection planning currently in place.
3 Asset Protection Tips You Can Use Now
A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued.
I'm a Survivor... and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan, which uses one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s trust.
Should the Trustee of My Trust Be Different During My Incapacity Than at My Death?
When you create a trust, choosing a trustee is one of the most important decisions you will make. If you create a revocable living trust—a trust you establish during your lifetime and can revoke or amend—you may act as trustee for your trust, retaining complete control over and benefit of the money and property it holds.
Who Should Be Your Successor Trustee?
If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) or after your death. This person is known as your successor trustee.
How to Pick a Trustee, Executor, and Agent under a Power of Attorney
Understanding the basics of each fiduciary role and what to consider when making your choices can help ensure the effectiveness of your estate plan.
How to Choose the Initial Trustee of Your Trust
When you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee.
Preparing Your Senior for the Real World
The long, carefree days of summer are drawing to a close. If you have a high school senior at home, childhood is also coming to an end for them as they prepare to graduate, turn 18, and enter the “real world.”
Does a Young Adult Need a Will?
As our client—and as a parent—you understand that having a comprehensive estate plan ensures your children will be taken care of in the event of your passing. But what if something happens to your child? Should they have a will, too? If they do not, what happens then?
First Step in Adulthood: Choosing the Right Decision-Makers
Being an adult comes with freedom and responsibility. You can now make important decisions independently without consulting your parents or guardians. While this may feel incredibly liberating, it is not without some scary moments. As an adult, you are responsible for yourself. If you are unable to act on your behalf, no one can automatically step in for you—not even your parents or guardians.
Four Things A High School Senior Needs to Know Before Graduating
Young adults are not typically known for being the most financially responsible individuals. Yet, financial planning is more critical than ever for a generation that is struggling with high inflation and debt and tends to prioritize spending over saving. If your advice is brushed aside, try putting yourself in your child’s position and seeing the current economic environment through their eyes. Professional guidance can also help break through money management barriers and prepare a young adult for a lifetime of financial success.
Who Should You Name as a Life Insurance Beneficiary?
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.
Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts?
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.
Creative Ways Life Insurance Can Enhance Your Estate Plan
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 and Estate Planning – a Perfect Pair
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.
Creating and Preserving Your Legacy with a Dynasty Trust
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.