For those in New Jersey who have completed the estate planning process, a great sense of security can come from knowing that one’s final wishes are provided for within a legal format. It is important to understand, however, that these documents will need to be reviewed and revised from time to time. Estate planning is best thought of as an ongoing process, rather than a one-time item on one’s to-do list. Significant life events trigger the need to reevaluate one’s documents, and a family move from one state to another is one such event.
Estate planning and state-to-state moves
Benefits of using a QTIP trust for asset protection
When creating an estate plan, New Jersey couples have a wide range of options. For those who are seeking maximum asset protection, establishing a trust is one of the best possible choices. In particular, a QTIP trust offers a high level of protection, as well as a degree of flexibility.
Addressing the need for nursing home planning
When many New Jersey residents consider their estate plan, they focus on ensuring that they can pass their assets on to their loved ones in the manner that they wish. While this is a vital aspect of estate planning, there are other parts of the process that are just as important. Making sure that one’s own late-life needs are taken care of is a prime example. Unfortunately, many individuals fail to recognize the need to address nursing home planning.
Asset protection planning for every level of wealth
Many New Jersey residents believe that because they do not have a high level of wealth, they do not need to conduct any form of estate planning. This is a misconception, as estate planning encompasses a wide range of needs, not just the preservation of a large fortune. Anyone who wants to have the ability to pass their property on to those they will leave behind is in need of an estate plan, as well as asset protection planning.
Learning from the estate planning mistakes of Philip Seymour Hoff
Many in New Jersey are aware of the body of work of the late Philip Seymour Hoffman. The award-winning actor died earlier this year at the early age of just 46. Unfortunately, he seems to have made several serious estate planning errors, leaving his three children at risk of failing to receive anything from the actors estimated $35 million estate. Regardless of one’s level of wealth or lack of fame, there are important lessons to be learned by his example.
Mickey Rooney's will contested, going through probate process
Many individuals in new Jersey take the necessary steps before they die to create a comprehensive estate plan, which can include a will. A will simply dictates how one's assets are distributed among family members, friends and others. A will is created by most people in the hopes of eliminating future fighting over sentimental and financial assets. Unfortunately, even when a will is in place, fighting can still occur and loved ones will have to go through the complex probate process.
Do women have different estate planning needs than men?
When it comes to creating a solid estate plan, both women and men share the need to have their final wishes documented in writing, and to ensure that those documents fall within the letter of the law. However, it can be argued that women have a somewhat unique set of needs in regard to estate planning, and failure to address those needs could result in negative repercussions later in life. In many ways, the estate planning needs of New Jersey women are often tied to the documents that pertain to the men in their lives.
Beloved pets can be taken care of through proper estate planning
With May being National Pet Month, New Jersey pet lovers may want to consider what will happen to their beloved four-legged companions when they are no longer capable of care for it. While many people are aware that proper estate planning is a way to protect their assets and care for their loved ones, not everybody realizes that a pet can also be part of that planning. By crafting a customized trust, a pet can be just as well taken care of as one's children who are left behind.
An interstate move creates new estate planning needs
There are a number of life events that necessitate a change in one's existing estate plan. The birth of a child, the death of a spouse and even marriage and divorce create the need to review these documents. One life event that is often overlooked in relation to New Jersey estate planning, however, is a move from one state to another.
