When New Jersey residents pass away, the items that they owned must be properly distributed to their loved ones, creditors and other relevant parties. The things and assets that they leave behind constitute their estate and depending upon the type of estate plan that...
New Jersey Estate Planning and Probate Law Blog
The benefits of a credit shelter trust
A credit shelter trust is a special type of living trust that may be established between two married people. It is set up during the partners' lifetimes and generally benefits their children when they are both gone. At its most basic level, a credit shelter trust...
Are irrevocable trusts permanently set in stone?
There are many types of trusts, but the main categories are testamentary trusts, which go into effect upon the grantor's death, and living trusts, which go into effect while the grantor is still alive. Among living trusts, there are another two main subcategories:...
Estate planning when you have a chronic illness
It is not unusual for a person in New Jersey to have a chronic illness. Some chronic illnesses, such as Parkinson's or Alzheimer's will become progressively worse over time and will eventually make it difficult for a person to communicate their wishes or care for...
What situations could cause a person to challenge a will?
When a person in New Jersey writes a will, they generally believe they are making clear their intentions for how they want their estate dispersed between their heirs after their death. And, for the most part, a properly executed will does just that. However, there...
The basics of estate taxes versus inheritance taxes
As the saying goes, the only two guarantees in life are death and taxes. And, for some people, receiving an inheritance after a loved one dies means that either Uncle Sam will take his share before the estate is distributed, or the state may ask the heirs to pay up,...
Avoid making these common estate planning mistakes
Most people in New Jersey execute an estate plan with the intention that it will meet their wishes and benefit their heirs. However, a poorly drafted estate plan or an outdated estate plan can lead to undesirable complications when it comes to enforcing your wishes....
What are some advantages to special needs trusts?
Parents of special needs children in New Jersey may have concerns about how their child will be cared, especially after the child is an adult and the parents pass away. While parents may want to ensure that their adult special needs child receives the government...
Why is it prudent to review your estate plan from time-to-time?
Some people in Parsippany have executed a comprehensive estate plan, including a will, trust, living will, and power of attorney. However, it is a mistake to simply file that estate plan away allowing it to collect dust as the years pass on. In fact, there are several...
Why is estate planning important for blended families?
Families in New Jersey come in all shapes and sizes these days, and it is not unusual for a person to marry a second time either due to divorce or the death of their first spouse. Oftentimes there are children from a first marriage, resulting in a blended family with...