For many New Jersey residents, the process of putting together a set of estate documents is a source of stress. This is largely due to the sheer volume of available choices. When confronted by the range of options, many feel overwhelmed and unsure where to begin. However, everyone should rest assured that there is a combination of estate planning documents that can meet any need.
Understanding various estate planning tools
Common estate planning errors to avoid
When considering their estate planning needs, many New Jersey residents make a number of common errors. Perhaps the most central of these is a reluctance to turn one's attention to matters that center on an individual's demise. By failing to address estate planning issues, however, individuals are by default making matters far more complicated for those they love. The best way to ensure that one's wishes are carried out upon his or her death is to clearly outline those wishes within the proper legal documents.
Including pets within estate planning
Many in New Jersey were saddened at the recent death of comedian Joan Rivers, whose entertainment career lasted more than 50 years and touched a great many Americans. The 81-year-old was also a dedicated mother and grandmother, and took the proper estate planning steps to ensure that her estate would pass to those she loved. Rivers also make provisions within her estate for the care of her pets, and many readers may be surprised to learn that doing so is not a practice reserved only for the rich and famous.
Taking time now for estate planning can reduce stress later
Many in New Jersey may not want to think about end-of-life matters, but this is a subject area that deserves some attention. Estate planning, whether done as a young adult or later in life, can help ensure final wishes are made known and even reduce stress and frustrations for loved ones. While the estate planning process can seem overwhelming at first, taking the time complete it now will only prove worthwhile in the long-run.
Estate planning decisions: Will or trust?
When faced with a set of choices, many in New Jersey look for a clear path toward making the best possible decision. In terms of estate planning, selecting a course of action may seem like a challenge. In reality, however, there is almost always clear indicators that support one path over another. Once those decisions have been made, individuals are free to move forward with structuring the estate plan that best suits their unique needs.
Special topics in estate planning: Military honors
When many New Jersey residents consider the need to create a solid estate plan, the topic revolves around the manner in which assets are to be distributed among the loved ones left behind. While this is an important focus within estate planning, there are many other issues that can be made easier by having a solid plan in place. Outlining one's wishes is only part of the process; individuals must also give their loved ones the tools they need to follow through on those instructions.
When parents and children are estranged: Estate planning tips
It is an unfortunate reality that many New Jersey family members have bonds that are threatened or damaged over the course of time. Often, the relationship between parent and child becomes strained over decisions made by the child that are unacceptable to the parent. An example would be drug or alcohol abuse with no real effort to end the destructive behavior. Others grow apart based on a child's choice to pursue an illegal or immoral lifestyle. Regardless of the reasons for an estrangement, serious rifts between parents and children create a unique estate planning need.
Estate tax and inheritance tax subject of New Jersey law proposal
When it comes to estate planning, one of the most important aspects which most people pay attention to is avoiding unnecessary tax liabilities. This has been an especially important concern for many people in New Jersey, since it is one of only two states in which people are required to pay the estate tax as well as the inheritance tax. However, some state lawmakers are now looking to change this situation.
