Life is busy, and you may not have made estate planning a priority quite yet. If you do not have a will, there are several reasons why you should create one of these documents as soon as possible. According to the New Jersey State Bar, the will is the foundation of...
New Jersey does not have a formal estate tax, but it does have something called inheritance tax. First established in 1892, the state’s inheritance tax comes into play when you die and leave assets to a predetermined beneficiary. Per the New Jersey Department of the...
Business owners in New Jersey may include a succession strategy as part of their estate planning documents. As noted by SmartAsset.com, dying without a will in the Garden State generally means a surviving spouse receives an individual's property, which may include...
Upon your death, the probate process begins to handle your estate. Part of the process will include paying debts. While you may leave your estate without any debt, your heirs may get a surprise when it comes to taxes. The New Jersey State Bar Association explains some...
In your estate plan, you will have several people filling different roles. Some of these roles serve an active purpose, such as your healthcare proxy who handles medical matters on your behalf when you no longer can. Others serve a more passive role, such as...
Concerned individuals can contest a will when they suspect the deceased person was under someone else's unwanted influence. The person challenging the estate must prove undue influence by the defendant. Review the factors that influence cases involving allegations of...
Regardless of your age or the number of assets in your possession, you must have a solid estate plan in place. As explained by U.S. News & World Report, a reliable estate plan can protect your family after you are gone, but it can also offer protections while you...
Those in New Jersey working through the estate planning process quickly discover that there are a number of opportunities to preserve assets for their beneficiaries (whether those be by structuring one's estate to avoid probate or making a plan to settle debts prior...
As part of their estate plans, many people include advance care directives to help guide their medical providers and families in the event they cannot speak or make choices for themselves. In addition to creating living wills to specify their health care preferences,...
When creating your estate plan, you will likely have several people included in it. This includes everyone who benefits from your estate, along with people who will play a more active role in it. Why is it important to pay extra attention to these figures? What sort...