The movie Rain Man highlights key estate planning lessons about trusts, unequal inheritances, and planning for children with different needs. Learn how careful planning can prevent family drama and protect your legacy.
Family trusts can protect wealth and preserve legacies, but they can also spark conflict among heirs. Discover the estate planning lessons from The Descendants movie and how to avoid family drama in your own legacy planning.
Your estate plan is only as strong as the people you choose to carry it out. Learn why it may be time to “recast” your estate planning decision-makers and how to keep your plan updated with life’s changes.
Your life is your story—make sure the ending reflects your values. Discover how estate planning is like writing a movie script, with characters, conflicts, and resolutions that secure your legacy for the future.
When your child with special needs turns 18, your legal rights change. Learn the steps you must take now to protect their future health, finances, and autonomy.
Choosing a guardian and trustee for your child is no small task. Learn whether these roles should be filled by the same person—or two different trusted individuals.
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.
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 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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
Understanding the basics of each fiduciary role and what to consider when making your choices can help ensure the effectiveness of your estate plan.
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.
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.”
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?
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.