Any parent who has a good relationship with his or her children wants to believe that the children will have his or her best interests in mind when age or illness sets in and decisions need to be made regarding medical care and asset control. Unfortunately, this is not always the case. Without taking the rights steps to protect oneself and one's assets, it is possible to lose everything. New Jersey residents can avoid a lot of pain, heartache and financial stress by speaking to an elder law attorney about how to properly protect themselves and their property.
Estate planning can be overwhelming due to all the choices you have to make. A common decision you may focus on is choosing your beneficiaries, those who will receive your money and property upon your passing.
Creating an estate plan takes time. There are so many ways to approach the estate planning process, and what one person finds necessary, someone else may not. Take trusts for example. There are different types, and not everyone may see their benefit. This week, this column will go over the basic benefits of having a trust and what New Jersey residents need to do to set one up.
Getting an estate plan together that has everything one needs can be a bit of a challenge. It may be easy to overlook certain legal documents that would be good for New Jersey residents to have. A power of attorney is a good example here. Not everyone thinks that a POA is a necessity and skip over it when going through the estate planning process, but it really can have its benefits.
When going through the estate planning process, it is normal to want to protect beneficiaries from experiencing a significant tax burden when they inherit the estate. Tax planning for both estate and inheritance taxes can go a long way in ensuring one's assets go to whom they are intended and not to Uncle Sam. This week, this column will give a basic overview of how estate and inheritance taxes work in the state of New Jersey.