When To Consider a Spendthrift Trust
When it comes to planning your estate, providing for your loved ones is a top priority. However, concerns about their financial responsibility and potential external threats like creditors or a disgruntled spouse may arise. Fortunately, there is a solution: a spendthrift trust. What is a Spendthrift Trust? A...
When You Are the Executor of Your Parent’s Will
What To Do As Your Parent's Executor When drafting a will, many people will name one of their children to be their executor. If you have been named the executor of your parent's will, that is a big responsibility. Here are a few points to consider. Get a Copy of the Will As the executor of your parent's will,...
Why Unequal Inheritances Might Be Advisable
An Unequal Inheritance Could Be an Option for Your Children For most families who have more than one child, the division of assets in estate planning is usually relatively simple. All of the assets would be divided as equally as possible among your children. However, equal might not always be fair, and more parents...
What is a QTIP Trust?
Is a QTIP Trust Right for Your Situation? A QTIP trust is a legal vehicle through which a deceased spouse can ensure the lifetime income of a surviving spouse. An estate planning lawyer may recommend a QTIP trust when the estate of at least one of the spouses is likely to exceed the exclusion amount and therefore be...
Beneficiary Mistakes You Don’t Want to Make
Any assets held in your estate at the time of your death will likely be subject to probate. New Jersey probate is a simple process that should be completed in one month’s time, assuming that no one launches a preemptive challenge to the Will, called filing a Caveat, or there if...
Discussing Estate Planning With a Developmentally Disabled Family Member
Talking about death can be difficult for anyone, but if you have a family member with an intellectual disability, that conversation may be even more difficult. However, estate planning is even more critical for family members with developmental disabilities. Unfortunately, discussions regarding estate planning for...
Estate Planning and Mental Health
Why You Need to Consider Mental Health in Estate Planning An estimated 19.9% of Americans hold a diagnosis of a behavioral or mental health issue at any time. Mental illness affects people of all ages and from all walks of life. If one of your heirs has a mental or behavioral health diagnosis that impacts their...
Estate Planning for Physicians
Why Physicians Need to Create an Estate Plan Over the average career of a physician in the United States, a practicing doctor can expect to earn at least $6.5 million. Many physicians earn much more, and they may also accumulate assets that heirs may disagree about after the doctor's death. Establishing an estate...
The Importance of Powers of Attorney
Summary: Powers of attorney are important estate planning documents that give individuals the legal authority to make decisions on behalf of somebody else. Power of attorneys often go into effect when the principal becomes incapacitated, but they may also be used when a principal is capable of acting on their own...
Why You Might Want To Have a Trust as Part of Your Estate Plan
Reasons to Consider Adding a Trust to Your Estate Plan It's estimated that those born between 1944 and 1964 will transfer nearly $30 trillion in wealth to their children and grandchildren. While there are many ways to transfer assets to beneficiaries, it may be a good idea to consider using a trust to facilitate your...