Monthly Archives: August 2025
Will I Have to Pay Any Penalties for Gifting Assets Before My Death?
Many people in New Jersey who start thinking about estate planning want to consider the assets they will leave to loved ones after their death. Whether they decide to name beneficiaries through bank account payable-on-death designations, through a will, through a trust, or via other means, the general idea is that the beneficiaries will… Read More »
Should I Consider a Living Trust?
Some types of estate planning tools are used by nearly everyone in New Jersey who is creating an estate plan, including a will, advance directives, and powers of attorney. While many people assume that creating a trust is only for wealthy New Jersey residents, certain types of trusts can be beneficial to individuals of… Read More »
Can I Include Out-of-State Assets in My New Jersey Estate Plan?
Estate planning in Summit, New Jersey has many different components, and a person’s particular needs will depend on their specific assets and individual circumstances. For many residents of the Summit area, their assets include a vacation home outside the state of New Jersey. Whether you have a winter home in Florida, a ski cabin… Read More »
How Can I Fund a Special Needs Trust?
Anyone in Summit or elsewhere in New Jersey who has a disabled child or grandchild, it is important to think about establishing a special needs trust (SNT) for that individual. Special needs trusts allow parents, grandparents, or guardians of disabled adults to provide for their disabled loved one financially without impacting the disabled person’s… Read More »
What is a site plan?
“Site plan” means a development plan of one or more lots on which is shown (1) the existing and proposed conditions of the lot, including but not necessarily limited to topography, vegetation, drainage, flood plains, marshes and waterways, (2) the location of all existing and proposed buildings, drives, parking spaces, walkways, means of ingress… Read More »
What is a Master Plan?
The Master Plan is comprised of a report or statement of land use and development proposals with maps, diagrams, and text which must contain, at a minimum, two elements: (1) a statement of objectives, principles, assumptions, policies and standards upon which the constituent proposals for the physical, economic and social development of the municipality… Read More »
What is the Difference Between a Guardianship and Power of Attorney?
In most estate plans, Summit residents will have documents that name another trustworthy person who can make decisions on their behalf under particular circumstances. For example, you might create a power of attorney in which you name an agent to be able to make financial decisions on your behalf in order to help you… Read More »
Emotional Considerations in Making a Will
When you are getting ready to make a will, it is important to think about a wide range of issues: from important practicalities about who you want to inherit your assets and to administer your estate, as well as personal issues such as deciding how to let your family know that you are leaving… Read More »
What Are Mirror Wills?
Are you and your spouse starting to think about estate planning? For most married couples, there are a number of important estate planning documents to consider, including a will, advance directives, and beneficiary designations. In addition, some couples may want to find out about establishing one or more types of trusts for reasons such… Read More »
Pet Trusts in New Jersey
Do you have a beloved pet or pets? If so, part of your estate planning process in Summit should include consideration of a pet trust. New Jersey law recognizes trust funds for pets, which can ensure that your pets receive the care they need after your death, even if you are not physically present… Read More »