Some level of sibling rivalry exists in most families. New Jersey readers may identify with one sibling believing that the brother or sister always received more attention, more money and nicer clothes. Such feelings can resurface upon a parent's death, and it is not uncommon for one sibling to contest a will that leaves more to the other sibling. In many cases, the "favored" child is appointed as the administrator or executor of the estate. Sometimes, parents fail to keep sibling rivalry in mind during their estate planning.
Most New Jersey residents are aware that their accumulated wealth will not be subject to estate taxes unless a very high volume of assets has been reached. The exact figure beyond which an estate is subject to taxation currently sits at $5,340,000. For married couples, that number can be extended to $10,680,000 with the proper level of planning. However, even individuals and families with a far lower net worth should consider creating an estate planning package that serves to protect their wealth from other forms of loss.
When discussing estate-planning needs, a great deal of focus is placed on preserving assets and dictating the manner in which one's accumulated wealth will pass on to intended heirs. Often, we discuss these matters in terms of family connections, spouses and children shared within the same family unit. Single New Jersey residents may feel as if their own circumstances do not merit even a simple estate plan. This, however, is a misconception.
Thinking about death is one thing most people likely prefer not to do, especially during the holidays. However, failing to plan for one's death may mean that one's wishes aren't upheld in the event of one's death in New Jersey. Estate planning is critical, no matter the size of one's estate.
In virtually any significant social matter, the mistakes of others can present an opportunity to those who are willing to learn from those errors. Such is the case with celebrity estate planning missteps, which are often widely reported in the media. New Jersey residents who follow these matters can learn a great deal about how not to construct their own estate plans, and can use that knowledge to avoid a similar outcome.
When New Jersey residents go through the process of planning their eventual estate, it is important to remember that these directives can only be put into place if the guiding documentation is available to those who need to take action in the matter. Simply creating these estate planning documents and then stuffing them into a file box is not the best course of action. Individuals must take the proper steps to ensure that their wishes can be carried out in the manner of their choosing.
For the majority of New Jersey residents, the primary focus of their estate planning involves how to pass on their assets to children and grandchildren. However, there are many couples who do not have children, and their estate planning needs are somewhat different. It is easy to assume that a childless couple has less need for a comprehensive estate plan, but this is simply not true. Even when there are no direct descendents in place, individuals still need to create a roadmap for how their assets will be handled in the event of their death.
Many New Jersey residents have amassed impressive collections. Some focus on more traditional items, such as stamps or coins, while others favor collections of a more esoteric nature. In fact, some collections are so unique as to lead others to wonder why anyone would choose to hunt for such unusual items. When considering how to pass these collections on to loved ones, individuals have a number of estate planning options.
When many New Jersey residents consider estate planning, it is a topic that they believe is geared toward those who are nearing their retirement years. Younger people often fail to recognize the need to create a solid plan that can be used in the event of their passing. This, however, is an error in judgment, one that could cost a family a great deal of time, money and stress in the event that an untimely death should occur. Estate planning is not only relevant for individuals in their 30s and 40s, it is imperative.
Many New Jersey residents find it advantageous to make use of one or more trusts when setting up their estate plans. There are many different types of trusts, all of which have various benefits. In the case of a living trust, individuals are able to place chosen assets into the trust while they are still alive, and can also participate in the management of that trust. For many, the ability to see their trust in action is a big advantage, and makes the estate planning process much easier to accomplish.