Monthly Archives: July 2025
What is the Difference Between a Resident and Nonresident Estate?
In the estate planning context in New Jersey, you will come across references to a “resident estate” and “nonresident estate,.” You may also see these terms applied to trusts, referencing a “resident trust” or “nonresident trust” in New Jersey. What is the difference between a resident and nonresident trust, and why does it matter… Read More »
How Does a Qualified Income Trust Work?
There are many different types of trusts that a person can create in New Jersey, and different trusts serve varying purposes. Some people create trusts in order to allow their beneficiaries to avoid probate, while others create trusts in order to provide for disabled adult children or grandchildren, for example. Trusts can also be… Read More »
Does New Jersey Have More Than One Type of Special Needs Trust?
Do you have a child with a severe disability and for whom you want to be able to provide financial assistance without impacting their eligibility for public benefits? Or do you have a disability and want to find out about asset protection without affecting your own ability to be eligible for certain kinds of… Read More »
Do My Beneficiaries Have to Be Family Members?
Are you starting to think about estate planning, including making a will and naming beneficiaries on your insurance policy and bank accounts? If so, you are likely starting to think carefully about who (or what) you want to inherit your assets when you are no longer here. For many New Jersey residents, their children,… Read More »
Way to Potentially Minimize Estate Taxes in New Jersey
New Jersey does not have state-based estate taxes, but residents of New Jersey (and all other US states) will need to consider the federal estate tax. It is also important for New Jersey residents to understand the inheritance tax — which is paid by the party inheriting assets — but estate tax is something… Read More »