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Phone: 201-345-3018

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September 2010 Archives

Lack of Planning Costs Family Hundreds of Thousands

Over the past five years, a Texas probate judge has approved close to $450,000 in legal fees for a court-appointed guardian and attorney in a case involving the well-being of a 52-year-old disabled man. That money has and will continue to come out of assets left behind by the man's adopted mother.

Passing On Property Interest, Insurance Payouts

Under the New Jersey Probate Code, the primary beneficiary of a family member's insurance policy is allowed to disclaim that payout, deferring it to the secondary beneficiary. In fact, this can be done with many different forms of property interest, says Ronald Garutti, a New Jersey financial planner quoted in a recent "Biz Brain" column for The Star-Ledger.

The Potential Pitfall of a Revocable Trust

A revocable trust is a trust that can be changed or canceled by the grantor. The income earned from the trust is distributed to the grantor, and after the grantor's death the property within the trust transfers to the beneficiaries. A revocable trust is a good tool for changes in circumstances because the grantor is able to adjust the provisions of the trust. But, what happens when the grantor is influenced by a beneficiary with impure motives?

Ensuring a Steady Stream of Income Through Retirement in New Jersey

Many retirees need to know how to transition from the phase of saving for retirement to the phase that provides reliable income during retirement. Proper planning can ensure that your retirement will be full of joy and stress free. 

More on the Creation of Wills while Planning Your Estate

Near the end of last week, we took a look at some common estate planning questions (courtesy of Tara Siegel Bernard at The New York Times) related to the creation of a will. The most important part of estate planning, whether you are creating a will or advance care directive, is knowing what it is that you want to do with your assets.

Pinpoint Control Within a Larger Trust - Directed Trusts

One of the options available to individuals planning their estate is something called a directed trust. This is a legal device that allows any person with a large amount of assets to put those assets into a larger trust, perhaps managed by a bank or trust company, while designating a third party to manage one specific asset in the trust.