Category Archives: Estate Planning
Do I Need a Living Trust in New Jersey If I Already Have a Will?
If you already have a will in place, you might be wondering, do I really need anything more? It is a fair question. For many New Jersey residents, a will feels like the cornerstone of estate planning. It outlines who receives your assets and who will handle your estate. But here is the catch…. Read More »
What Debts Must Be Paid Before Assets Are Distributed in a New Jersey Estate?
When a loved one passes away, many people assume assets are quickly passed down to heirs. In reality, the estate must first go through a process where debts and obligations are handled. In New Jersey, this process is guided by state probate law, and it follows a very specific order. So what does that… Read More »
Should I Make Beneficiary Designations If I Have a Will?
Many people in New Jersey assume that making a will is the only thing they need to do as far as estate planning is concerned, especially if they have a relatively simple estate. However, we want to emphasize that this is a common misconception. In fact, there are various other estate planning documents that… Read More »
What is End-of-Life Estate Planning?
Most of us are not thinking about the possibility of becoming disabled in the future, or being diagnosed with a terminal condition. As such, many New Jersey residents fail to engage in end-of-life estate planning, which means that they do not have important documents in place that concern their health care wishes, who will… Read More »
Are Electronic Wills Permitted in New Jersey?
If you want to make a will in New Jersey through which you name beneficiaries to inherit your assets, or to identify a guardian for your minor children or an executor of your estate, can you do this electronically? Many tasks are completed entirely online these days, without the need to handle hard-copy materials… Read More »
How Can I Transfer Assets to a Family Member without Incurring Tax?
Are you thinking about giving some of your assets to an adult child or grandchild, or considering ways of leaving these assets to them when you pass away? This might seem like a relatively straightforward thing to do, but depending on the value of your assets, there could be significant tax implications. For many… Read More »
Protecting Your Home from Medicaid through Estate Planning
Protecting a home from Medicaid is crucial for nearly any older adult who requires long-term care in a nursing home, does not want to spend down their assets, and wants to return home eventually. If you have not considered the possibility that you or an elderly parent might need Medicaid, it is important to… Read More »
What Is a Transfer on Death Account in New Jersey?
Many people assume that all of their assets must go through probate after they pass away. However, certain financial accounts allow owners to designate beneficiaries who will automatically receive the assets upon the owner’s death. One example is a Transfer on Death account. Understanding how these accounts work can be an important part of… Read More »
Estate Planning with No Children or Partner
If you are currently a single adult with no children and no partner, you might be under the mistaken assumption that you do not need to consider estate planning. Much too often, Summit residents assume if they are single and childless that there is no need to create a will or a trust, and… Read More »
Can Probate Be Avoided in New Jersey Through Joint Ownership?
Probate is the legal process through which a deceased person’s assets are distributed. While probate serves an important function, many individuals seek to avoid it due to the time and administrative burden involved. In New Jersey, one commonly used strategy for avoiding probate is joint ownership. Joint ownership allows property to pass directly to… Read More »