Blog

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...

Being selected as an estate executor may be an honor. Before accepting this position, however, you should understand the important probate and estate administration duties that executors must perform. The estate Executors act on behalf of the testator who signed the will and handle all the testator’s financial and other final arrangements. New Jersey law also governs these duties. Regardless of the estate’s size, you must determine whether you have the time and knowledge to...

Business owners often work day and night to ensure the growth and success of their organizations. However, when it is time to design an exit strategy, many professionals hesitate to develop a comprehensive succession plan. Often, this crucial step is avoided based on commonly held beliefs that have no foundation in data. Here are five common myths that can influence a business owner’s decision to create a succession plan: Succession planning is focused squarely on...

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...

Many people wait too long to begin planning their estate. This is part of the reason there’s over $50 billion of unclaimed cash floating around the United States. Part of the reason people put off estate planning is because of its unpleasant association with dying. But there’s another reason – misconceptions about the process abound. Yes. People don’t plan their estate because some pre-conceived notion tells them not to bother. Here are three estate planning...

Developing an estate plan can be a challenging task. It forces individuals to make uncomfortable decisions centered around their own mortality. For this reason, many people hurry through the process and then try to ignore the documents. Failing to update various aspects of your completed estate plan, however, is a serious error in preparation. Avoid these three mistakes and you can keep your plan accurate and up to date. Failing to account for changing relationships:...

In situations where a person is incapacitated and cannot make decisions for themselves, a New Jersey court can appoint a legal guardian to act on that person’s behalf. The court may determine a person is incapacitated if he or she has a mental or physical illness, developmental disability, suffers from chronic drug or alcohol abuse or other concerns that render him or her incapable of acting independently. Establishing guardianship To establish a guardianship in New...

Between 50 to 70% of people across the country do not have a will. Many New Jersey residents who fall into this category may think they don’t need a will, but this could not be farther from the truth. Regardless of one’s wealth level, they most likely have some assets or property that they have an emotional attachment to and want to pass on to loved ones. A will, a legal document that details the...

Non-disclosure agreements are a popular method used by businesses and celebrities to protect information from public disclosure. Such agreements are commonly used by both small and large businesses in New Jersey to protect their proprietary information from snooping by competitors. They are also used in the aftermath of a lawsuit that has been settled to prevent the parties from disclosing the details of the claim and the terms of the settlement. A seismic shift in...