Many New Jersey residents have worked hard to build a strong base of wealth. Retaining as much of that wealth as possible becomes a priority for many families. Understanding the proper steps required to do so can be a challenge, as there are a wide range of rules in place that must be carefully adhered to in order to achieve a favorable result. By working with an attorney, individuals and families can create an estate tax planning strategy that meets their needs.
Get an early start on estate tax planning
Divorce prompts the need for estate planning adjustments
Many New Jersey residents who have created a solid estate plan feel a significant sense of relief in the knowledge that their wishes are documented in a legal format. However, there are certain life events that necessitate a re evaluation of existing estate planning measures. The end of a marriage is one of the most significant changes that can prompt the need to take a second look at one's plan, and to make changes where needed.
Compiling documents within estate planning
The creation of a comprehensive estate plan leaves many in New Jersey with a sense of relief. Knowing that these matters have been settled brings peace of mind to both individuals and families. Once the process is complete, the final step is to compile estate planning paperwork such as trusts or wills, and to check that there are no additional documents that should be added to the mix.
Even a simple estate plan must cover incapacity issues
The primary issues that come to mind when many consider estate planning are the creation of wills and trusts. While settling a plan for the division of assets upon one's death is an essential component of the estate planning process, it is not the only focus. There are many other benefits that a simple estate plan can bring New Jersey residents. Chief among these are provisions for incapacity.
Retirement and Medicaid planning are linked
As many New Jersey residents approach retirement, their financial goals shift from those held in previous stages of their lives. Instead of considering how to budget for raising a family and purchasing a home, older Americans have to think about how they will fund the final stages of their lives, when working is often no longer possible. To that end, older people should take the time to think about how Medicaid planning factors into their overall retirement plan.
Lessons learned from Robin Williams' estate planning
Many New Jersey residents have fond memories of comedian and actor Robin Williams and the many roles he played in movies and television over the years. When Williams died last year, he did so having left provisions in place to provide for his family. While Williams appears to have covered the major financial matters in his estate planning package, it appears that his heirs are at odds over some of the belongings that he left behind.
Nursing home planning an issue baby boomers must face
As baby boomers continue to age, they face a number of issues that are far different from the concerns faced by their parents. Advances in medicine and technology have increased the average American life span, and many baby boomers in New Jersey and elsewhere can expect to live into their 80s and even into their 90s. With advanced age, however, comes the increased likelihood that many will require some sort of residential nursing care in their later years. This means that nursing home planning is an important topic for older Americans.
Living trust a good estate planning option for combined families
A great many families in New Jersey are comprised of a blend of biological and stepchildren, in which one or both spouses have been married previously. This combination can lead to a rich and fulfilling mix of family connections, and often simply expands the number of people with whom a spouse is able to share their love. When considering estate planning options, however, a combined family has needs that differ from a more traditional family in which all of the children are shared by the husband and wife.
