When creating an estate plan, many New Jersey residents are looking for a degree of flexibility. This is an important consideration, especially when the needs of various heirs are not the same. Having the ability to customize an estate plan to provide both asset protection and address the varying needs of one's heirs is possible through the use of trusts.
When considering how to structure their end-of-life needs, many in New Jersey hold the misconception that they do not have enough wealth to require estate planning services. They feel that asset protection is a concern only for those who sit amongst the wealthiest; the fabled one percent. In reality, however, virtually everyone can benefit from having a solid estate plan in place.
As Americans, we tend to idolize celebrities, placing them upon pedestals that are sometimes deserved, and are often not. When it comes to estate planning and asset protection, it is easy to assume that the fame and wealth that many of these individuals enjoy will translate into a higher level of preparation than the rest of us enjoy. Not to mention the fact that many celebrities have far more wealth to manage than most New Jersey residents. In reality, however, the rich and famous often leave behind estates that are rife with poor planning and errors in judgment, just like many “regular” Americans.
For most New Jersey residents, the digital world is a part of their daily life. We use the Internet for shopping, communication, storage of files and photos and more. An increasing portion of our lives is stored online, and that trend seems destined to continue. When considering estate planning needs, many people fail to recognize the importance of including their digital holdings within their asset protection strategy.
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.
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.
Virtually all New Jersey residents understand that they need some basic form of estate plan in order to provide guidance for those that they will eventually leave behind. In terms of asset protection and advance planning, a foundational estate plan is the best tool for most individuals. A foundational estate plan is comprised of four key elements, all of which play important roles in outlining one's wishes.
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.
New Jersey residents with aging parents may want to help them out financially if the parents find themselves going through some hard times. There are some precautions to take to make sure that in the process of helping out their parents, adult children do not put themselves in financial binds.
New Jersey residents might be curious to learn what the wealthiest families are doing to protect their assets. Trusts can be used for a variety of purposes, one of which is protecting assets while the parents are still living. Asset protection trusts are trust funds that specifically allow people to protect their assets while they are alive.