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November 2014 Archives

Revocable trusts can be key to ensuring asset protection

When creating an estate plan, many New Jersey residents are looking for a degree of flexibility. This is an important consideration, especially when the needs of various heirs are not the same. Having the ability to customize an estate plan to provide both asset protection and address the varying needs of one's heirs is possible through the use of trusts.

Celebrity examples of estate planning mistakes

In virtually any significant social matter, the mistakes of others can present an opportunity to those who are willing to learn from those errors. Such is the case with celebrity estate planning missteps, which are often widely reported in the media. New Jersey residents who follow these matters can learn a great deal about how not to construct their own estate plans, and can use that knowledge to avoid a similar outcome.

Document storage an important part of estate planning

When New Jersey residents go through the process of planning their eventual estate, it is important to remember that these directives can only be put into place if the guiding documentation is available to those who need to take action in the matter. Simply creating these estate planning documents and then stuffing them into a file box is not the best course of action. Individuals must take the proper steps to ensure that their wishes can be carried out in the manner of their choosing.

Estate planning with a purpose: Creating trust stipulations

As many in New Jersey consider how to pass on their wealth to loved ones, the issue of responsibility often arises. Parents and grandparents want to create an estate planning package that allows their heirs to access an inheritance, but also want to ensure that those funds are used in a responsible manner. This can pose a challenge, one that is best met by the careful creation of one or more trusts.

Estate planning for couples without children

For the majority of New Jersey residents, the primary focus of their estate planning involves how to pass on their assets to children and grandchildren. However, there are many couples who do not have children, and their estate planning needs are somewhat different. It is easy to assume that a childless couple has less need for a comprehensive estate plan, but this is simply not true. Even when there are no direct descendents in place, individuals still need to create a roadmap for how their assets will be handled in the event of their death.

Estate planning tips: Common trust fund errors

Most New Jersey residents are aware of the benefits of establishing one or more trusts. These flexible estate planning tools can help individuals protect assets from excessive taxation and can give families the ability to bypass probate. However, in order to access the full potential of any given trust, it is important to follow some simple guidelines.

Addressing collections within estate planning

Many New Jersey residents have amassed impressive collections. Some focus on more traditional items, such as stamps or coins, while others favor collections of a more esoteric nature. In fact, some collections are so unique as to lead others to wonder why anyone would choose to hunt for such unusual items. When considering how to pass these collections on to loved ones, individuals have a number of estate planning options.

DIY estate planning, is it worth it?

The do-it-yourself lifestyle is alive and well here in New Jersey. An increasing number of people are interested in learning how to remodel homes, plant gardens or learn a variety of other valuable skills that will benefit themselves, their families and their pocketbooks. While taking time to do a project by oneself can certainly grant a sense of accomplishment and save money in the long-run, there are some things where seeking professional assistance would be advisable. Estate planning is one such area.