As with most areas of financial planning, a large amount of it can be done online. The simplicity of using technology and taking care of estate planning online may discourage some New Jersey readers from seeking help from experienced advisors. Despite the temptation to save money or to make plans without seeking assistance, estate planning can be a complicated financial and legal process.
The importance of estate planning, no matter the age
New Jersey residents should update estate planning documents
Many New Jersey residents make the prudent choice of creating wills and trusts that will handle their assets after their death. When it comes to estate planning, making sure that the information provided is correct is of the utmost importance. If a mistake is made or a wrong beneficiary listed on official documents, conflict could ensue.
Estate planning important for New Jersey family businesses
Most New Jersey business owners start family owned companies with the hope of being successful for generations to come. However, a study by the Family Business Review revealed that family owned businesses tend to pass into the next generation only 30 percent of the time, and even fewer linger until the third generation. Fortunately, estate planning that outlines a clear plan of succession for the business may help increase the chances that it will leave a lasting legacy.
When it's necessary to probate a will in New Jersey
A will generally protects someone's assets in the event of their death. Sometimes, a will may require New Jersey family members to go through probate litigation for the distribution of assets. As emotional as this is, there are circumstances where this is necessary and beneficial.
Don't forget digital assets in New Jersey estate planning
It seems like residents of New Jersey and elsewhere are able to do more transactions online by the day. From downloading music and e-books to investing in digital currency, these things can add up to a substantial amount of assets over time. That is why it is important to include any digital property in the estate planning process, though the user agreements from some service providers may create a challenge.
Regardless of one's age, asset protection planning is crucial
People spend their lifetime working hard to make sure they will have enough money to enjoy retirement, cover possible care they may need in old age and hopefully leave their families with a little something extra when their time is up. Unfortunately, some don't take the necessary steps to protect the assets they have attained. New Jersey residents, regardless of age or financial status, would benefit from asset protection planning to ensure they will be well prepared for the future.
Domestic partners in New Jersey have estate planning challenges
Domestic partnerships whether same-sex or not require special considerations when it comes to estate planning in New Jersey. Unlike legally married couples, domestic partners who wish to pass assets to the surviving partner have to plan for federal taxes. In addition, estate planning may be particularly challenging if the couple has assets in excess of $2 million. A complex estate plan may be in order in such a situation, but it ensures that assets will be distributed according to each partner's wishes.
Considerations for New Jersey estate tax planning
When it comes to estate planning in New Jersey, many tasks, concerns and considerations make up the foundation of a great plan. One issue that may be overlooked, however, is estate tax planning, which is a very real concern for individuals planning their estate and their loved ones. When there are multiple beneficiaries collecting inheritances from different sources, planning the big picture, including taxes, becomes a very important part of any estate plan.
Young adults in New Jersey can benefit from estate planning
Young adults in New Jersey and elsewhere likely feel that their whole lives are ahead of them, so they may not worry about estate planning. In addition, the majority of young adults likely do not have much in the way of assets. While it is often the case that people only think about estate planning when they are starting a family or preparing for retirement, anyone who is a legal adult can benefit from having one.
