Middlesex County Estate Planning and BankruptcyLegal Blog | Law Office of Robert C. Nisenson, L.L.C.

What tools could help you create a comprehensive estate plan?

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Wednesday, January 22, 2020.

Having an estate plan can mean different things to different people. Some New Jersey residents may think that having a will is enough to get their wishes across and that they do not need to bother themselves with doing anything else. Others, like you, want to create a comprehensive plan to make sure that your wishes are as clear as possible.

While there is nothing wrong with just having a will if a person believes it covers his or her wishes, an estate plan can go far beyond just considering after-life affairs. As a result, you may want to consider certain planning tools that you may not have before.

Have you planned how to spend your tax refund?

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Friday, December 20, 2019.

In New Jersey and across the country, many people are gearing up for tax season. Are you expecting a substantial refund? Have you already begun thinking about how you will spend it? The average person can likely expect to receive several thousand dollars in tax refunds this year. There are numerous ways to use such monies, and some will simply tuck their refunds into savings accounts and forget about them.

Perhaps, you're not one of them, however. It's common for people to want to splurge when they receive large tax refunds. Maybe you'll take a short vacation or make a down-payment on a new car. Then again, with consumer debt at an all-time high in the U.S., you might be leaning more toward the idea of using refunded tax monies to pay off debts.

Are you experiencing the negative emotional effects of debt?

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Friday, November 22, 2019.

Many people face struggles in life. They may have family issues, relationship problems, health concerns or financial hardships that make their lives more difficult. For you, your debt problems have gotten to a point where you feel constantly overwhelmed. If so, you are not alone in that feeling.

Money problems can cause a number of emotional issues for those affected by serious debt. At first, you may have thought that you had your financial matters under control, only to look up one day and find that you have a tremendous amount of debt. Maybe creditors are calling, trying to collect, or maybe you simply do not have enough money to meet even your basic needs.

Misconceptions could keep you from taking important legal steps

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Tuesday, October 22, 2019.

Estate planning can be a complex process, and there are many reasons why New Jersey readers avoid it. Whether you are not sure if you even need an estate plan or you don't know where to start, it is in your interests to know what steps you should take in order to fully protect your long-term interests. What you don't know or don't understand can hold you back from important steps you need to take.

Misconceptions about estate planning can ultimately result in exposure to certain risks and problems in the future. If you don't understand certain things or have assumptions about what types of protection you may need, it is beneficial to seek appropriate guidance. An assessment of your case can help you see what estate planning steps can be useful for your situation.

Consumers with steady income may qualify for Chapter 13

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Wednesday, September 25, 2019.

Searching for information on how to handle overwhelming debt can often be overwhelming itself. You may have come across various debt relief options like debt settlement, debt consolidation and bankruptcy. You may even have seen ads for companies claiming that they can get your debt wiped out in no time.

Unfortunately, numerous scams involving debt relief are out there. You may want to trust that someone could help you get out from under your debt burden in the blink of an eye, but in most cases, finding debt relief takes work. Plus, not all options are as helpful as some may lead you to believe.

A fireproof safe may be worth using to store your estate plans

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Friday, August 23, 2019.

When creating a comprehensive estate plan, you will need to make many decisions about various life- and estate-related details. You will likely need to determine who will receive your assets after your passing, who could be in charge of making important medical and financial decisions on your behalf should the need arise, and who would care for your children if needed.

Because estate planning can be an emotional and challenging process to complete, you certainly do not want anything to happen to your documents now that you have signed your papers and called your plan complete for now. Keeping your original records out of harm's way is another important aspect of planning.

Certain mistakes could derail your estate planning efforts

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Friday, July 26, 2019.

Estate planning is a smart step for just about everyone, regardless of the size of the estate and one's income level. Making plans for the future is not easy, and it can be difficult to make choices regarding important legal, financial and medical issues that may not affect you for years to come. Despite these things, it's a good idea to have a plan in place.

It may surprise you to learn that there are mistakes that could derail your entire estate planning efforts. It's in your interests to ensure that you have a strong estate plan and that you avoid issues that could cause problems down the road. Even a small, common misstep during the planning process could cause issues for you, your beneficiaries and your loved ones in the future.

Is fear of credit repercussions holding you back from bankruptcy?

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Thursday, June 27, 2019.

You may have been toying with the idea of filing for bankruptcy for some time. You may think that you can no longer go on living with the burden of debt you currently face, but for some reason, you still have not been able to move forward with filing a bankruptcy petition. You, like many other New Jersey residents, may hesitate due to the effects the process can have on your credit.

Certainly, filing for bankruptcy can have impacts that last a considerable amount of time, but it is also important to remember that the effects will not last permanently and that you can take steps to rebuild your credit soon after you successfully complete your case.

Job loss can quickly cause financial problems

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Thursday, May 30, 2019.

You lost your job. No matter if the dismissal was sudden or slightly expected due to issues with the company, you undoubtedly still felt a great deal of disappointment when your employer let you go. Even if the layoff had nothing to do with your job performance, you may still feel as if you somehow failed.

These feelings are certainly understandable, as losing a job can be a major shakeup in anyone's life. Now, you may begin to feel worried about your financial affairs and how you will meet your daily needs without the income you once earned. Possibly, taking somewhat small steps to address your financial affairs may help, but it is also important to remember that more significant options are available.

When was the last time you took a look at your estate plan?

On behalf of Law Office of Robert C. Nisenson, L.L.C. on Thursday, April 25, 2019.

If you have to think too hard to answer this question, it's probably time for a review. It's a good idea to take out your estate plan once in a while to make sure it still reflects your current goals and wishes.

Outside of a general review, your estate-planning documents need to keep up with the changes in your life. Certain events should automatically trigger you to take a look at your plan.

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Middlesex County Estate Planning and Bankruptcy Legal Blog