Why You Should Consider a Spousal Trust
Spousal Trusts Can Benefit Your Family Nearly half of marriages in this country end up in a divorce, and this presents challenges in the area of estate planning. Equally as difficult are situations where the spouse remarries later in life with significant assets and a blended family. One estate planning tool that...
Wills and Trusts: Which Option Is Right for You?
Do You Need a Will or a Living Trust? According to a 2019 survey, 57% of adults in the United States do not currently have a will or living trust. Many of these people delay creating estate planning documents because they feel like the process is confusing and worry about picking between a will and a trust. However,...
Avoiding Estate Litigation After a Second Marriage
Changing Your Estate Plan After a Second Marriage For many, a second marriage is a blessing because it offers a new chance to find happiness. For estates, however, second marriages are a common cause of litigation as two sets of children and a second spouse may all attempt to vie for the available assets. While your...
Four Ways to Help Lower Your Estate Tax Burden
4 Methods of Cutting Your Estate Tax One of the main functions of an estate planning lawyer is to help minimize your tax obligations in the event that you pass away. If your estate is bigger than the federal exemption, you may be obligated to pay an estate tax to the federal government, and that tax can reach 40%....
What You Need to Know About Living Wills
What Is a Living Will? How can you be sure your medical care will be what you want it to be if and when you’re so incapacitated that you’re no longer able to give informed consent to specific procedures? Nearly 37% of all Americans have stated their wishes for end-of-life care in a legal document called an advance...
The SECURE Act: Impact on IRAs, Retirement Plans and Your Estate Planning
On December 20, 2019 President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act of 2019, now commonly referred to as the “SECURE Act.” Among other things, the SECURE Act makes significant changes to how IRAs and certain qualified retirement benefits including 401(k) plans must...
Considerations When Selecting a Trustee
What to Think About When Selecting a Trustee When you're working on your estate plan, you may decide that establishing a trust is the best course of action. This will require that you select a trustee — someone who administers property or assets for the benefit of the trust creator (you). Since the trustee will be...
Using Trusts to Aid the Estate Planning Process
Understanding How Trusts Work With an Estate Plan You may have clear ideas about how your assets should be managed and distributed as part of an estate plan. While a will can be an important part of your plan, it can be more easily challenged in a New Jersey probate court. Trusts can provide a greater amount of...
Common Types of Trust Litigation
Reasons Why a Trustee May Be Sued Trustees are responsible for administering assets for a third party. In some instances, it is necessary to file a lawsuit against a trustee for various reasons, so trust litigation may be required to make sure that the trustee lives up to the terms of the trust; at the same time, if...
Overview of Comprehensive Estate Planning
The Importance of Comprehensive Estate Planning Although something of a cliché, there is a great deal of truth to the adage that it's never too early to start estate planning. By that, it is meant that if you are an employed adult with income coming in and you've started to accumulate some assets, you need to give...