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Phone: 201-345-3018

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Estate Planning Archives

Broaching estate planning during the Thanksgiving holiday

Thanksgiving is a time to reflect on all of the aspects of our lives for which we are thankful. It is also a time when families gather under the same roof, which can be a rarity for New Jersey families with loved ones who live far away. Having the family together and in a frame of mind to focus on gratitude is a perfect opportunity to broach the subject of estate planning.

Is it possible to write your own simple estate plan?

New Jersey residents work hard for their money, and many of us look for ways to save a dollar or two whenever possible. The Internet has been invaluable for penny-pinchers, and information is now readily available for a wide range of tasks. Many people are more likely to try their hand at changing their own oil, addressing a leaking faucet or making their own bread, all because there are informational videos and websites that can outline the proper steps. When it comes to creating a simple estate plan, many do-it-yourselfers wonder if this is another area in which they can cut costs.

Not everyone in New Jersey has considered estate planning

New Jersey residents are not unlike others in that many prefer to secure financial plans for their futures. However, some fail to include estate planning as part of those considerations. For those who have questions about the key elements of developing an adequate estate plan, there is legal help available in the area that may be of benefit to them.

How to handle an IRA with estate planning

Many New Jersey residents wish to pass down their retirement savings to their surviving spouse. In order to make the best possible estate planning choice, it is important to understand how investment vehicles such as IRAs are handled with estate plans. Making the right choice can give a surviving spouse a great deal of financial peace of mind, which is truly a gift of love that one spouse can provide to the other.

Lamar Odom's situation teaches estate planning lessons

Many New Jersey readers are familiar with former NBA star Lamar Odom. The 35-year-old athlete has made recent headlines not for his role on the court but, instead, over a series of questionable decisions that have left him in dire medical straits. While Odom has a good chance of recovering, his current situation can provide an important estate planning lesson.

Estate planning after sending the kids off to school

When New Jersey parents have sent their last child off to college, there is plenty of cause for celebration. This event is also cause for a review of one's estate planning package. Many people fail to recognize this achievement as a significant life event, one that should prompt a review of the family's estate plan.

Estate planning around an art collection

For those in New Jersey who love and collect art, consideration must be given to how those assets will be handled in the event of the owner's death. Many people spend a great deal of time and money building their collection, which often increases in value over the course of time. Determining how to pass that wealth down to loved ones is a serious estate planning matter.

Creating an organized estate planning system

The primary motivation behind creating a comprehensive estate plan is to leave loved ones in New Jersey with a solid level of financial stability. This is accomplished through careful estate planning methods such as the use of trusts and life insurance. However, it is important to note that even the most well-constructed estate plan can leave loved ones in the lurch if the proper level of organization is not achieved.  

A second marriage calls for a second look at estate planning

Gone are the days when the American family took on a standard form, and there is no longer a "norm" when it comes to how families are shaped. Many New Jersey residents will marry more than once and may have children from two or more unions. While there is no longer social stigma associated with divorce and remarriage, those who enter into second or subsequent unions should review their estate planning package to ensure that their wishes are properly outlined within.

Needs of young children within estate planning

When most people think about planning their estate, they focus on the ultimate distribution of their accumulated assets. This is a worthy goal within the estate planning process, but it is certainly not the only reason to undertake this important planning step. For New Jersey parents with small children, a primary estate planning focus should be on ensuring that the well being of those children are supported in the event of the death of the parents.