Planning what to do with your assets once you die is a major decision. At times, the estate planning process can be viewed negatively, which may discourage people from making it a priority. However, negative standpoints on estate planning are often based on...
Estate Planning
What to do with valuable collections during estate planning
When a will is executed, the thimble or shot glass collection is usually only given a cursory amount of consideration. Not all collections are equal. Serious collectors have dedicated a lifetime to the building of their prized collection. Art, antique cars,...
The pros and cons of unequal bequests to your heirs
The money and assets that you leave your heirs in your estate plan are known as bequests. Many parents make these equal so that all their heirs get the exact same amount of money. There may be some difference in heirlooms and other unique assets, but things are...
Your estate plan is a protection against bankruptcy
Although it may seem like estate planning and bankruptcy are two completely different topics, estate planning can help you effectively manage your assets and protect them against bankruptcy if you ever need to file. In your estate plan, you have several options that...
3 reasons to keep your New Jersey estate plan updated
Most people create an estate plan at some point in life to prepare for what will happen to their assets when they are incapacitated or no longer around to make crucial decisions. However, an estate plan needs to be revised from time to time to reflect the changes in...
How do you pick the right trustee?
Whether you want to start a trust so that you can qualify for Medicaid if you need it later or provide financial support for a family member with special needs, the trustee you choose is of the utmost importance. The trustee will have authority over the assets in the...
An advance directive can give your family peace
Have you created any type of advance directive for your medical future? This is an important part of estate planning that goes beyond simply making a will for your assets. The advance directive tells the doctors and nurses about your preferred types of medical care,...
How to prevent family arguments about your estate after you are deceased
Family squabbles about who gets the assets and valuables owned by a deceased loved one happen all the time in New Jersey and elsewhere. A sibling thinks he or she should get the heirloom silverware you own. Your son always yearned for your priceless baseball card...
Estate planning at every age: What to consider as time goes on
Most people think about estate planning as a “one and done” kind of deal: They figure they’ll write up a will and get whatever other paperwork they need in place and then forget about it. That’s not actually how things should be done. Just like you, your estate...
Which is more important, your will or your life insurance beneficiary designation?
Those who are interested in drafting or updating their wills often have life insurance policies. They see this insurance as just another way to plan for the future, just like the estate plan, and they want to do what they can for their families. Now, there is one...