Estate planning is essential in preparing for the future. It helps ensure that your loved ones are cared for, and your final wishes are implemented. However, without the proper knowledge, you may find yourself making mistakes that can have significant consequences....
Year: 2023
When might filing for bankruptcy be a good idea?
Filing for personal bankruptcy is a significant decision that can result in long-lasting financial and emotional impacts. It's often viewed as a last resort, but in certain circumstances, it can offer a much-needed fresh start. Understanding when it might be a good...
Why do people add durable powers of attorney to estate plans?
Many adults in New Jersey understand how important an estate plan can be. The documents that they create can help to determine what legacy they leave behind when they die. Testamentary documents like wills also play an important role in providing for dependent family...
Boosting your credit score post-bankruptcy
Millions of people in the U.S. are currently struggling to make ends meet. For some, there is just no feasible way of paying back the debts they owe. In such instances, bankruptcy may be the best option. Bankruptcy allows individuals to write off some debts or at...
Why don’t some people make an estate plan?
People don’t always make an estate plan, even though they know that it can be helpful. When they pass away, an estate plan can be used to divide their assets between their beneficiaries. Additionally, estate plans can help with things like making future medical...
The link between illness and bankruptcy
Did you know approximately 41% of Americans have some medical debt? If you are facing medical debt and the amount, along with your other obligations, is suffocating you, it may be time to consider bankruptcy. However, before moving forward and filing for bankruptcy...
The distinction between Chapter 7 and Chapter 13 bankruptcy?
In financial management, bankruptcy can be a daunting but necessary option for individuals and businesses facing overwhelming debt. If you’re considering bankruptcy, it’s crucial to understand the key distinctions between Chapter 7 and 13 bankruptcy. Breaking down...
Does bankruptcy mean that a filer will lose their credit cards?
A successful bankruptcy filing can significantly improve someone's financial circumstances. Bankruptcy can reduce how much someone has to pay toward debt every month and protect their current assets and future income from collection efforts. Those who have acquired a...
What is a Totten trust?
A Totten trust, which is a type of bank account, can be part of estate planning. You can set this up at your financial institution and name a beneficiary for that account. You can choose virtually whomever you want as the beneficiary. Some people choose family...
Do you need a Letter of Intent for your estate plan?
When it comes to estate planning, many individuals focus on wills, trusts and other legal documents. However, one often overlooked but valuable addition to your estate plan is a "Letter of Intent." However, you may wonder if this Letter of Intent is necessary. Does...