Creating a will is an important part of managing your estate, but sometimes another party may decide to contest the will. There are steps you can take to help ensure your will stands firm against challenges in New Jersey. Ensure the will is properly executed Execute...
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Estate Planning
Why is it important to diversify assets for estate planning?
One goal of estate planning for many people is to help their beneficiaries and heirs. A major way this happens is the distribution of assets after one's passing. However, the failure to diversify assets in estate planning can have significant repercussions for...
What are some common myths about probate?
Probate is the legal process through which the estate of a deceased person gets administered and distributed according to their will. It involves validating the deceased person's will (if one exists), identifying and inventorying their assets, settling their debts and...
What tax issues does a family need to resolve during probate?
Probate can be a challenging process for families who are dealing with the loss of a loved one. Amidst the emotional strain, however, it is necessary to address the various tax issues that may arise after the death of a family member. Knowing what to expect when it...
How can you prevent family disputes while estate planning?
Estate planning is an important aspect of managing your assets and allowing for a smooth transition of wealth to future generations. To prevent disputes among family members, you should approach estate planning with foresight and open communication. Preventing...
When should you update your will?
Your will is likely one of the first documents you created during the estate planning process. This document allows you to designate beneficiaries for your assets and if you have minor children, name a guardian for them. Ensuring your will reflects your current wishes...
The consequences of poor estate planning
According to CNBC, 67% of people in the U.S. do not have an estate plan. Estate planning is an important step in securing your financial legacy and ensuring those left behind carry out your wishes after your passing. Failing to engage in proper estate planning can...
Can I minimize my assets’ potential taxes during estate planning?
When your estate planning goal is to protect your assets and secure your loved ones’ futures, you would want to have as much of your estate to pass down to your heirs. Unfortunately, impending deductions, such as inheritance taxes, may reduce a significant portion of...
How do charitable trusts work and why should I consider one?
Managing your assets after you pass away is integral to estate planning. If you are charitable, you may want to consider giving back to your community after you pass. One way to do this is by establishing a charitable trust. This type of trust can reduce some taxes...
What are some qualities of a good executor?
One of the most important parts of getting your estate in order is choosing who you want as your executor. Thinking about your family and friends can give you important clues about whether or not they would fulfill this role well or not. By learning more about the...