New Jersey residents may wonder about common mistakes people make when establishing their estate plans. Being aware of a few common estate planning errors can help people know how to better manage their affairs. A very common mistake that people make is thinking that...
It is important to know the disposition of assets upon the death of a financial account holder. In New Jersey, the Multiple Party Deposit Account Act applies to accounts at banks, and the payable-on-death determination takes precedent over the terms in a will. If...
New Jersey residents who are planning for their futures may wonder about how to reduce estate taxes or avoid using their savings to pay for their long-term health care needs. One advisor recommends that couples start their estate and nursing home planning while they...
Although the Supreme Court decision ruled that the Defense of Marriage Act was unconstitutional and that same-sex spouses would be eligible for the same federal benefits as opposite-sex spouses, the confusion is not over. The Internal Revenue Service and the Treasury...
New Jersey residents might be curious to learn what the wealthiest families are doing to protect their assets. Trusts can be used for a variety of purposes, one of which is protecting assets while the parents are still living. Asset protection trusts are trust funds...
In the last two decades, the number of trusts that have been executed has grown, perhaps owing to more people becoming aware of their benefits. New Jersey residents may utilize trusts as an asset protection tool or use them to save on federal estate taxes and to avoid...
New Jersey residents might be interested to hear that they can use bypass trusts as annual tax savings tools. Everybody has to pay taxes on their income; according to the assignment of income doctrine, they cannot simply hand their income over to another person in a...
It may seem counterintuitive, but there may be instances in which giving away your home may be the best course of action as part of asset protection and estate planning strategies. Older New Jersey homeowners and their families may want to consider such a gift under...
While New Jersey individuals over the age of 50 with aging parents may be under the impression that their parents have a plan in reserve for their final years, this may not be the case. More than 80 percent of people older than 65 live at home and independently, but...
Good news for the wealthy or the particularly comfortable was just released by the federal government. In 2014, individuals in New Jersey and across the country will be able to add an extra $90,000 free from federalestate tax to the amount that they are allowed to...
