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January 2016 Archives

Pets may be a concern of New Jersey owners during estate planning

Many New Jersey residents often consider their pets as part of the family. Therefore, they may be concerned about the welfare of those pets in the event that the owners suffer from a situation in which they are not able to properly care for their pets. In some cases, that issue could be due to illness or incapacitation or potentially due to the owner's demise. If individuals are concerned about pet care, they may wish to consider addressing the matter during estate planning.

Estate planning can put New Jersey families at ease

For New Jersey residents who want to ensure that their families understand their end-of-life wishes, estate planning is an action to consider. By creating an estate plan, individuals can detail what actions should take place in the event of their incapacitation, who should receive what assets after death and other similar topics. Though estate planning can prove beneficial in the future, many individuals put off creating their plans.

An unusual approach to estate tax planning

Many New Jersey families are interested in ways to reduce their estate tax obligation. While there are a number of ways to reach that goal, some are more creative than others and can benefit multiple members of the same extended family. An example lies in a practice known as upstream gifting, which can have capital gains and estate tax planning benefits for three generations or more within the same family.

How to select beneficiaries while estate planning

One of the primary purposes of an estate plan is to create a body of documents and vehicles to smoothly transfer wealth from one party to others after death. The concept is a simple one, but the construction of an estate planning package can be complex. One of the first and foremost matters that must be handled by New Jersey clients involves selecting one's beneficiaries.