Blog: Estate Planning

Estate planners may have questions about what they should include in their estate plan and what they should include in their will. It is helpful for estate planners to have answers to these questions, know what to include in their will and if spouses should have separate wills. Separate wills for spouses It is a good idea for spouses to have separate wills and in some states joint wills between spouses are not recognized. Though...

Over the past decade or so, many states have been eliminating their inheritance tax. In fact, only five states still have an inheritance tax, including New Jersey, Kentucky, Maryland, Nebraska and Pennsylvania. Though, at least our state, unlike Maryland, does not have both an estate and inheritance tax. Though, understanding the inheritance tax when doing an estate plan is extremely important. New Jersey inheritance tax The inheritance tax applies to those assets (gifts) transferred to...

When thinking about estate planning in New Jersey, most people will focus on wills and trusts. However, there are other aspects to having a comprehensive estate plan that suits an individual’s needs. If, for example, a person is concerned about the possibility of being incapacitated and wants to ensure their affairs are handled in a way they deem appropriate, they will have a guardianship. The guardian will know the protected person’s desires and adhere to...

Incapacity planning is an important overall part of the estate planning process. It ensures the estate planner will be taken care of according to their wishes if they become incapacitated and are unable to handle their own financial affairs or direct their own medical affairs. For that reason, estate planners should know what factors to consider when selecting an agent. How to select an agent for incapacity Incapacity planning can be achieved through powers of...

Planning for one’s future in New Jersey is important. It is important to plan for events that may occur and to ensure that they will be protected if unexpected events occur. It is also important that people plan for one’s death. This is typically done through estate planning and can include drafting wills, trusts and having a power of attorney among planning for other aspects of growing older. Some people may do this relatively early...

New Jersey families with a member who is disabled and cannot work face a troubling conundrum: many government programs, such as Medicaid and Supplemental Security Income, pay significant monetary benefits to disabled persons, but eligibility for these benefits depends upon the income of the disabled person. If the disabled person has significant assets or is given significant monetary gifts by friends and relatives, the person’s eligibility for the government assistance program may cease. To solve...

It is difficult to think about the future when the present is so unexpected. Nonetheless, individuals in New Jersey and elsewhere should take the time to consider what they want for their future and what can be done now to protect it, especially when it comes to their loved ones and their inheritances. No matter a person’s age, if they are single or married, have children or not or in school or in a career,...

During our current economic climate, estate planning has become a hot topic. Indeed, last week, we analyzed several factors that may mean that one needs to craft an estate plan. And, this week, we will go over additional considerations. Estate size The most talked about reason for an estate plan is one’s estate size. For single and young people, their estate size is such that they can likely just put a payable on death designation...

Many Haddonfield area residents don’t think about estate planning until they’ve reached the age of retirement. This can be a mistake, though, as nearly everyone should have some sort of estate plan in place. What are the life stages where a person should consider an estate plan? First baby and subsequent children When a couple has their first child it can be a good time to create an estate plan. The estate plan should include...

When preparing an estate plan, the estate planner should think thoughtfully and carefully about what they would like their estate plan to achieve and do for them and their loved ones. They should also be familiar with how an estate plan can help them accomplish their goals for their estate plan, plan for their future and care for their family. Considerations to take into account when estate planning The estate planning process is different for...