Many New Jersey residents enjoy the companionship of animals. These loyal friends are there during some of the roughest times in life offering love, support and comfort. It is normal to want to make sure that one's pet is taken care of in the event of one's incapacitation or death. It is possible to do just that when going through the estate planning process by setting up a pet trust.
Many New Jersey residents need to take the time to do some planning for the future. Future planning is more than thinking five or 10 years out; it extends to planning for one's incapacitation or death. While estate planning is not a fun topic, failing to get it done, get it done right and get it done with the help of the right people can have significant consequences for oneself and one's beneficiaries.
Numerous marriages end in divorce every year. When going through the dissolution process, there is a lot on one's plate. Thinking about estate planning is probably the last thing on anyone's mind at such a time. While it may not seem high on the priority list, there are some estate planning modifications New Jersey residents may want to consider making during the divorce process or shortly after their divorces are finalized.
When making preparations for what should happen to one's assets in the event of death, one may easily get overwhelmed. Most New Jersey residents know that they need a will. Does estate planning have to involve trusts, too?
When thinking about the future, one doesn't really want to think about his or her ultimate demise. Yet, it is something that should be done. This is where estate planning enters the picture. Many New Jersey residents may think that this process is only for covering one's bases for when they die -- but it can do a lot more than that.
Undue influence is a real phenomenon in New Jersey and nationwide. It involves the exertion of pressure -- subtle or direct -- over an elderly person, which is intended to take advantage of the person's weakness, infirmity or other vulnerabilities, to improperly usurp the person's free will and make him or her give part or all the estate to the one exerting the undue influence. This may include attempted manipulation of the estate planning process for improper financial gain.
Quite a few Americans have invested in the cryptocurrency Bitcoin. The rise of Bitcoin value has been quite extreme, making owners of the currency rather wealthy on paper. What happens to this digital currency when its owner passes away, though? Do loved ones get to automatically claim it? The answer is no, which is why including Bitcoin when going through the estate planning process is important for anyone in New Jersey who has it in their portfolio.
For New Jersey residents who are planning their estates, figuring out how assets should be passed on to heirs can be a difficult thing, especially if one's heir is an opioid addict. Will this person use his or her inheritance responsibly? Is passing assets on to an opioid addict even the best decision? The opioid crisis in America is at an all time high and those going through the estate planning process may want to know what options they have to ensure that their assets are fully protected, even from their heirs' shortcomings.
When drawing up an estate plan, many people think about their loved ones and where they want their assets to go. They concern themselves with making sure everything is clear and concise, so as to help prevent any conflicts among family members. They are so concerned about making sure everyone else is okay and taken care of that they sometimes forget about themselves. When estate planning, New Jersey residents should not forget that they deserve legal protections too. This is not something that is just meant for one's loved ones.
Estate and inheritance taxes can be a killer. They can leave beneficiaries with far less than what is intended for them. However, New Jersey residents can reduce the tax burdens of their heirs with proper estate planning.