Estate Planning

Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, an estate planning attorney or probate attorney can help mitigate unwanted risks. They will be able to [...]

There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan [...]

The period following the death of a loved one can be an emotional time. Dealing with death and receiving an inheritance brings mixed emotions. The loss of a loved one is distressing, and while added [...]

Success in business requires planning, commitment, and a strategic approach. Many new businesses take at least two or three years to turn a profit and twice as long to truly hit their stride. If you’ve [...]

A guardianship or conservatorship protects the interests of an adult who can no longer make decisions for themselves. A guardian or conservator is someone (or several people) with the legal authority to make decisions and [...]

Some assets pass outside of probate and allow you to designate who will receive them after your death. It is important that these designations are kept up to date and are consistent with the rest [...]

At first glance, life insurance may not seem related to the distribution of money and property in your estate plan. However, it can be an integral and important part of a well-drafted estate plan. In [...]

Many people think estate plans are only for the very wealthy seeking tax benefits, or they delay creating one because they feel too young. Others don't see the importance of an estate plan or find [...]

Estate planning involves creating a plan for where – and to whom – your assets will go upon your death. The process can include making a will, designating which of your loved ones should receive [...]

Transitioning to life in France as a U.S. citizen is an adventurous and rewarding experience. However, the complexities of estate planning in a foreign country can be daunting. This article aims to demystify estate planning [...]

Today, 16 percent of children in the United States live in blended families, according to U.S. Census data. This can include those living in households that have a stepparent, stepsibling, or half-sibling. In many cases, stepchildren receive [...]

A financial power of attorney is one of the most important estate planning documents you can have. A successful power of attorney is created BEFORE an emergency occurs. Waiting “until” you need it often leads [...]

Creating an estate plan involves selecting people to receive your money, property, or other items if you pass away. When making a will, you’ll work with an estate planner to designate those who will inherit from [...]

Confusing many people with its name, a living will does not pass assets and property to your heirs like a standard will and testament. Instead, it advises your doctors and family about the type of [...]

Probate is the legal process of formally recognizing a will after a person dies, naming or validating an executor to administer the estate, and distributing assets to intended beneficiaries. It also requires paying the decedent’s outstanding debts [...]

Inheriting an IRA may seem like a good thing, but there can be tax consequences if you aren't careful. If you inherit an IRA, you should check with an attorney or financial advisor as soon [...]

Unlike money, personal belongings usually can't be divided equally after their owner passes away.  For this reason, distributing possessions like furniture, jewelry, dishes, silverware, artwork, photographs, or clothing is often the most difficult challenge in [...]

Proper execution of a legal instrument requires that the person signing have sufficient mental "capacity" to understand the implications of the document. While most people speak of legal "capacity" or "competence" as a rigid black [...]

Often an aging parent will lose their ability to think clearly or make informed decisions about their life. This may occur because of dementia, mental illness, stroke, brain injury, or other severe health or disability [...]

Among your key estate planning documents are your will, living wills, powers of attorney, and medical directives. Securing these somewhere your survivors can easily access them is crucial. Consider storing other information, like birth certificates, [...]

Deciding to end a marriage as an older adult is increasingly common. If your marriage ended later in life, you could be part of the “gray” divorce trend. AARP reports that Baby Boomers, those born between [...]

The great wealth transfer is underway in America. Through 2045, Baby Boomers will pass down assets worth roughly $84 trillion to Gen Z, Millennials, and Gen X. What constitutes a high-net-worth (HNW) inheritance? In the [...]

In estate planning, the executor, or personal representative, is responsible for managing the administration of the estate after an individual passes away. An executor may be a person or an institution. Their duties include applying for probate [...]

When someone passes away, the probate process ensures that the deceased’s estate fulfills its debts and that the heirs receive their assets. The deceased’s will dictates how to settle and distribute their assets and debts. (If [...]

While it is important to have an updated estate plan, there is a great deal of information that your heirs should know that does not necessarily fit into a will, trust, or other documents. The [...]

Many people seek to avoid situations in which life is unnecessarily prolonged. Subsisting on expensive life-support long beyond when treatment might improve one's quality of life can be cruel. With advance directives, including living wills [...]

A power of attorney designates a trusted individual to make decisions or conduct transactions on your behalf. They could be related to personal finances, business operations, or medical needs and used for a single immediate [...]

Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will, and even fewer have designated powers of attorney, a living will, or health [...]

Your heirs may not see eye to eye on family circumstances, particularly regarding inheriting your estate. Relationships can change and intensify when you die. Underlying issues can bubble to the surface, creating tensions over your [...]

With a power of attorney, you can appoint another person to act on your behalf. However, in some cases, a particular arrangement might no longer serve your interests. As long as you have the mental [...]

Visiting an attorney to get your estate plan done is one New Year's resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick. But [...]

Over the next two decades, experts foresee Baby Boomer households transferring more than $84 trillion in generational wealth. Amid challenging economic times, it is more important than ever to protect your assets for yourself and your loved [...]

When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell, there could be huge capital gains [...]

As a trust beneficiary, you may feel you're at the mercy of the trustee. However, depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed. Trustee vs. Beneficiary [...]

Thanksgiving is a time when many families come together. About 45 percent of adults surveyed said they planned to travel for the holiday, per The Vacationer. With multiple generations gathering around the table, the annual meal [...]

Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can [...]

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS). Gift Tax Exemption for 2024 Every [...]

A power of attorney allows you to appoint an attorney-in-fact or agent, which can be an individual or an institution. Your agent acts in your place for financial or medical purposes if you ever become incapacitated or can't act [...]

Death doulas are available for people who are approaching the end of their lives, whether it is because of advanced age or illness. The service these professionals provide can help families and individuals who need [...]

Knowing the cost basis of your property is important for tax purposes, but proving cost basis can be difficult. Cost basis adjusts at death, so it is always a good idea to appraise your property [...]

Estate planning is crucial when managing valuable assets and ensuring the smooth transfer of wealth to future generations. There are various types of estate planning tools available, some of which may be more useful depending [...]

Creating a living will ensures your future health care decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate [...]

The American Hospital Association estimates that half of Americans suffer from chronic conditions like heart disease, diabetes, and cancer. Following a diagnosis, many experience concerns about the kind of care they will receive. They may worry about [...]

Housing options and the associated costs are among the top priorities for many seniors. Today, the housing market is unpredictable, while many seniors currently living independently may also have concerns about continuing their lifestyles. Moving [...]

Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although “generation” is part of the phrase, it doesn’t refer to people born at a specific time. [...]

An Alzheimer’s or dementia diagnosis can be a challenging journey for the person and family alike. When the diagnosis occurs, a ticking clock begins on the timeline for getting proper and sound notarizations done for [...]

Preparing and organizing your financial information for when you are no longer capable will bring peace of mind to you today. At the same time, it may relieve your loved ones’ burden in the future. [...]

Every parent knows that momentous feeling when their child turns 18. It's a major milestone, symbolizing the transition from adolescence to adulthood. While it's a moment of pride and reflection, it also comes with certain [...]

While new knowledge becomes available each year about promising potential treatments for Alzheimer’s disease, recent research is also focusing on the prevention of the disease or mitigation of its symptoms. Newly developing treatment techniques and [...]

Trusts have long been a cornerstone of estate planning, wealth management, and charitable giving. Traditionally, the trustee held a singular role, overseeing and managing the trust's assets, distribution, and general administration. However, as trusts have [...]

Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics. Also, a non-standard [...]

After losing a spouse or longtime partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate plan. Estate [...]

Estate planning is an essential aspect of managing one's assets and ensuring that loved ones are taken care of after your passing. It's also essential for maintaining your well-being and financial security during your lifetime, [...]

A Power of Attorney (POA) is a crucial legal document that allows one person, known as the "principal," to grant authority to another individual, referred to as the "agent," to act on their behalf in [...]

Estate planning might conjure images of sprawling mansions, exotic cars, and extensive bank accounts. This misconception leads many to believe that only the wealthy need to concern themselves with it. However, regardless of your financial [...]

Most estate planning attorneys can help you craft an estate plan that minimizes or avoids probate altogether. Probate proceedings are part of the public record and can be very time-consuming and expensive. However, in nearly [...]

The decision to move a loved one into an assisted living facility or a nursing home can be emotional and difficult, and the financial aspects only add to the stress. Many families deplete their savings, [...]

Probate is the legal process through which the assets of a deceased person are distributed to their heirs or beneficiaries. In New Jersey, the probate process is overseen by the county surrogate's court. While probate [...]

Every individual deserves to be treated with respect, dignity, and proper care, especially those residing in long-term care settings like nursing homes or assisted living facilities. However, neglect and abuse sadly occur in such settings, [...]

For savvy real estate investors looking for innovative ways to protect their investments, forming a Wyoming Limited Liability Company (LLC) to hold real estate in New Jersey can be an effective strategy. This article provides [...]

Estate planning is an essential process for preserving your wealth, preparing for the unexpected, and ensuring a smooth transition of assets to your loved ones. Today, we explore two powerful tools at the disposal of [...]

Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. Legislation known as the SECURE 2.0 Act, passed in late 2022, has changed prior rules related to RMDs. Effective [...]

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s passage made it more difficult for [...]

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is [...]

Some Medicare Advantage beneficiaries receive Medicare flex cards, pre-paid debit cards for qualifying expenses, as part of their benefits. The U.S. government does not issue Medicare flex cards. This benefit is only available on select [...]

Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or specific bequests (such [...]

Life estates are ways for you to transfer property to another party while retaining the right to live there until you pass away, or some other event occurs. As the grantor of the life estate [...]

During the COVID-19 pandemic, states could not take away Medicaid coverage from any residents enrolled in this program. In recent months, however, this has been changing. If you are on Medicaid, be sure to take [...]

The aging population is expected to transfer $30 trillion in the coming years, per Forbes. According to the Survey of Consumer Finances, the median inheritance is $69,000; the median for trust fund wealth transfers is $285,000. Many individuals [...]

When signing up for Medicare, some people have other insurance, such as coverage from a current employer, or retiree’s or military insurance. Beneficiaries of Original Medicare or Medicare Advantage may keep their additional coverage, as [...]

A trust is a legal document that you can set up to give assets to someone else. Trusts can be revocable or irrevocable. If you (the grantor) choose to create a revocable trust, you can [...]

When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known [...]

If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, [...]

Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about [...]

Totten trusts, or payable-on-death (POD) bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a [...]

According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more [...]

According to WealthCounsel, over a third of Americans have experienced or witnessed familial conflict when someone dies without an estate plan. While most people believe having an estate plan is important, only a third have a [...]

Safe housing that meets older adults’ needs is essential to healthy aging in communities. Many seniors with low, fixed incomes struggle to balance housing expenses with the costs of health care, transportation, and groceries. Finding [...]

Using reverse mortgages, adults 62 and older may draw upon home equity to support their needs and remain in their homes. Many older adults with reverse mortgages have a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration [...]

Estate planning is an important consideration for all couples. However, for LGBTQ+ couples (or former couples), it may be more important than they realize to review their circumstances and see whether they have an estate [...]

When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money. Depending on the jurisdiction, financial guardianship may also be called guardianship of the estate or [...]

In late 2022, the federal government passed legislation known as the SECURE 2.0 Act. Provisions in this bill have made it easier for people to fund certain annuities that can delay taxes on their retirement [...]

Medical research helps professionals understand and improve disease treatment, diagnosis, and prevention. According to the U.S. National Library of Medicine, there are more than 139,000 registered clinical studies in the United States as of 2023. Thinking [...]

In creating an estate plan, you are proactively taking steps to ensure that your assets will be distributed according to your wishes in the wake of your death. One tool available to you in estate [...]

In the wake of the pandemic, rising inflation, mass shooting tragedies, and other events, more people recognize that they need to plan for the future. Yet while financial planning has been at the top of [...]

Elder law attorneys may specialize in estate planning, incapacity planning, and end-of-life care for seniors. These practitioners are essential because they work to protect a vulnerable population. To plan for their future and their care, [...]

Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record? Once your will goes through probate, it becomes a [...]

When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved one becomes incapacitated and cannot communicate with health care providers, [...]

Estate planning, or legacy planning, entails preparing your affairs for the future, including death and other life events. While older adults might give more thought to estate planning, it is an essential tool at any [...]

One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an [...]

A qualified personal residence trust (QPRT) is an irrevocable trust used to achieve estate and gift tax savings. The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a [...]

A power of attorney (POA) is a document that authorizes one or more parties (known as the “agent” or “attorney-in-fact”) to act on behalf of a person (referred to as the “principal”). Most powers of [...]

Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute those items that you do [...]

“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations. At the end of their life, a decedent has some legal duties that must be fulfilled through a [...]

A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period. After this [...]

People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific [...]

A power of attorney is among one of the most important incapacity planning documents you can have. It designates someone you trust with taking care of your affairs if you become unable to do so. [...]

An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you [...]

A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can [...]

November marks National Family Caregivers Month. You may have a caregiver in your life to whom you wish to bestow your gratitude by designating them as an heir in your estate plan. Whether your caregiver [...]

A power of attorney is a powerful planning document that enables you (the principal) to give another person (the agent or attorney-in-fact) the power to act for you while you are alive. Because it is often [...]

The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and [...]

Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these [...]

If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you. What Is the Step-Up [...]

If we have learned anything these past few years, it’s that life is fleeting. Amid such uncertain times, many of us have realized what – and who – truly means the most to us. Estate [...]

If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all solution for estate planning. Below are five estate [...]

Estrangement refers to a breakdown in a relationship, such as a relationship with a spouse or family member, where there is no longer any communication, or communication has become hostile, and the individuals lead separate [...]

You spend a large portion of your life and your hard-earned money on the concept of the American dream, buying and living in your forever home. Your home is a special place, filled with memories, [...]

About 19 million individuals requested an extension – until October 17, 2022 – for filing their 2021 taxes with the Internal Revenue Service (IRS). If you’re among them, there is no need to hold off [...]

High-net-worth individuals and couples can use GRATs to freeze the value of their estates and transfer any increase in the value of their assets to their heirs, with minimal tax consequences. What is a GRAT? [...]

Collecting art or other valuable items can be a passion for many people. Often such a pastime is more about enjoying the art or the medium itself than about ensuring financial gain. However, once you [...]

Over the course of the pandemic, the Federal Emergency Management Agency (FEMA) has stepped up to assist in covering funeral expenses for people in the United States who have died from COVID-19 and whose families [...]

If you’re like most people, you have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning, your best [...]

Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion?  If you don’t have a health care [...]

Many people like the idea of leaving bequests to favorite charities in their wills. But instead of leaving money to a charity in your will, you can put that money into a charitable remainder trust [...]

It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In [...]

When interest rates are low, intrafamily loans can be a good way to assist a relative (typically a child) with purchasing a house or a family business, and in certain circumstances they can be used [...]

All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being [...]

Summer is winding down and if you are one of the lucky ones, you got to spend some time at a family vacation home. How do you make sure your children and grandchildren can enjoy [...]

As we have written previously, number of tax proposals being considered in Congress that could significantly affect gifting and estate plans. There are planning strategies to help protect your estate from future tax changes, so now [...]

Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of [...]

Marriage is supposed to be “until death do us part,” but after one spouse dies, is it possible for a court to declare a marriage invalid (annulled)? It can be happen, as a Nebraska widower recently [...]

Medicaid-compliant annuities (MCAs) are financial products that convert an individual's assets into income streams, thereby helping individuals qualify for Medicaid benefits by reducing their countable resources. But what exactly is a Medicaid-compliant annuity and how [...]

Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets [...]

Do you have a will? A durable power of attorney? A health care proxy? If so, no reason to read on. If not, why not? Failure to create an estate plan risks causing discord in [...]

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful [...]

Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for [...]

Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain [...]

A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs.   [...]

A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will [...]

Inheriting a vacation home with your siblings can be a great thing or it can cause huge problems within the family. Planning ahead can help prevent sibling disagreements.  When siblings co-own property and one sibling [...]

With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows [...]

All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Following is a checklist of trust features you can review yourself. But [...]

New legislation introduced in the Senate would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently [...]

Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it [...]

The latest COVID-19 relief bill, in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways.  The $1.9 trillion American Rescue Plan Act [...]

The Centers for Medicare and Medicaid Services (CMS) has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident has not been vaccinated.  [...]

Netflix’s popular new movie, I Care a Lot, may be far-fetched in a lot of ways, but it does highlight some real weaknesses in the guardianship system that make it possible for an unscrupulous guardian to [...]

For better or for worse, Medicaid is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics.  Medicaid (sometimes [...]

Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax.  [...]

Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, 64 million Americans, or 20 percent of the population, live in households containing two adult [...]

Once you've created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or [...]

While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover. A will is just one part of a comprehensive estate plan. A will is [...]

When two or more individuals own property -- whether it's a condominium, a home, or a piece of land -- the relationship between the owners is very important. The form of ownership of the property [...]

Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is [...]

Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. If you die [...]

Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons for those of [...]

While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. The Constitution of the [...]

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the [...]

Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would for the human family members. While we may think of [...]

Being the executor of an estate is not a task to take lightly. An executor is a person responsible for managing the administration of a deceased individual's estate. Although the time and effort involved will [...]

While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, [...]

Allocating your personal possessions can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your [...]

Many websites offer customized, do-it-yourself wills and other estate planning documents, but although these products are convenient, using them could cause serious and expensive legal problems for heirs. These digital services appear to offer a [...]

If you own property -- whether houses, bank accounts, or vehicles -- in more than one state, do you need estate planning documents for each state? The answer is probably no, but you need to [...]

More and more transactions are done digitally, but estate planning has lagged behind technology. That may be changing, though. Even before the coronavirus pandemic made social distancing necessary, electronic wills were gaining legitimacy. An electronic [...]

We all know we are supposed to do estate planning, but not all of us get around to it. So what happens if you don't have a will when you die? Your estate will be [...]

I have recently been bombarded by newspaper, magazine and radio ads extolling the virtues of a living trust. According to these ads, a living trust is the solution to everyone's estate planning needs. Although it [...]

While the internet makes our lives more convenient, it also adds new complications.  For example, what happens to all our online data and assets if we become disabled or die? Whether or not we spend [...]

If you are single, you may not think you need to plan your estate, but single people are in as much need of a plan as anyone else. Estate planning not only involves determining where [...]

Ideally, when a second marriage joins two families together, it should be a joyous occasion that creates one bigger family unit. Unfortunately, it too often also creates inheritance fights between stepparents and children. A good [...]

Talking about estate planning is a difficult, emotional topic but it’s essential for every family. Unless you’re certain your parents have an up-to-date will and a wider plan for what should happen in the event [...]

There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan [...]

Litigation over James Brown’s estate has been dragging on for 14 years, but the case took a big step towards resolution when the South Carolina Supreme Court ruled that the woman claiming a spousal share [...]

You may need to reevaluate some elements of your estate plan in light of the coronavirus pandemic. There are unique aspects of this crisis that your current estate planning documents may not be suited to [...]

Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them. All estate plans should include, at minimum, two important [...]

If your parents are getting on in years, you may be helping them with their finances and other matters, such as medical visits and shopping. You may live close by and be able to visit [...]

The coronavirus health emergency is a reminder that life is unpredictable, and it makes sense to be prepared. It may sound self-serving, but the threats to life and finances posed by the pandemic offer ample [...]

Although your life insurance policy may pass to your heirs income tax-free, it can affect your estate tax. If you are the owner of the insurance policy, it will become a part of your taxable [...]

The growing popularity of cryptocurrency means it is increasingly something that must be considered when planning an estate. If you own cryptocurrency, providing instructions in your will is a must. Cryptocurrency is virtual money that [...]

No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others. However, a few [...]

A durable power of attorney (POA) allows the person creating the POA, called the "principal," to name a trusted agent who can act on his behalf in almost any situation. But because of the risk [...]

While estate planning is important for married couples, it is arguably even more necessary for couples that live together without getting married. Without an estate plan, unmarried couples won’t be able to make end-of-life decisions [...]

Both workers and retirees may need to rethink some of their estate planning in light of the newest spending bill. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the massive bill, [...]

Many people periodically update their wills or other estate plans, but don't update who will receive distributions from their retirement plans (such as IRAs and 401(k)s) upon their deaths. Every year you should review your [...]

Trusts can be useful tools to protect your assets, save on estate taxes, or set aside money for a family member. But before you commit to adding a trust to your estate plan, make sure [...]

A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the [...]

For most people, the durable power of attorney is the most important estate planning instrument available -- even more useful than a will. A power of attorney allows a person you appoint -- your "attorney-in-fact" [...]

Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity. In addition, revocable trusts--sometimes called “living” trusts--are incredibly flexible and can achieve many other goals, including tax, [...]

President Trump has signed a spending bill that makes major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their [...]

Making sure you have the right estate planning documents is one of the simplest ways to have a positive impact on your family's future. Proper planning ensures that your wishes will be followed and that [...]

Married couples have a special way to jointly own property in some states that has advantages over regular joint ownership. If you are married and own property jointly, you should make sure you have the [...]

Many people, especially seniors, see joint ownership as an easy way to avoid probate and plan for incapacity, but there are major drawbacks to joint accounts. When people own property as joint tenants each person [...]

Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a [...]

You have planned your life carefully. With your spouse you have drawn up a will and established trusts to organize your estate after your deaths. You have made decisions about the guardianship of your children [...]

A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on more than $100,000 per household in the process. The average Social [...]

The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his [...]

Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned [...]

In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) [...]

Movies, television, and books like to present wills in dramatic ways--handwritten notes, videos, deathbed utterances--but what actually makes a will valid? The law varies depending on what state you live in, but there are some [...]

Hospice care is supposed to help terminally ill patients maintain their quality of life at the end of their life, but two new government reports find that serious problems in some hospices may be actually [...]

Older Americans with a life insurance policy that they no longer need have the option to sell the policy to investors. These transactions, called "life settlements," can bring in needed cash, but are they a [...]

No one wants to face the fact that our loved ones will not be with us forever. Facing our own mortality is frightening as well. Although none of us wants to contemplate a time when [...]

It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can [...]

Social Security survivor's benefits provide a safety net to widows and widowers. But to get the most out of the benefit, you need to know the right time to claim. While you can claim survivor's [...]

If you are lucky enough to own a vacation home, then you need to figure out what will happen to it after you are gone. Many parents hope to keep vacation homes in the family, [...]

Irrevocable. Permanent. Forever. When it comes to decision-making, these words are anything but comforting. So, when you sit down with your estate planning attorney and they suggest creating an irrevocable trust, it’s natural to be [...]

In one of the ancient world’s most revered literary works, Sophocles’ Oedipus Rex, a tragic hero, Oedipus, returns to the city of his birth for the first time. When he arrives, he finds the city [...]

For many people, the holidays are a particularly lonely period. But the fact is, loneliness is an all too common issue for a large number of our friends and neighbors, particularly seniors: one-third of Americans [...]

College is an exciting time for young adults, offering them an amazing opportunity to learn, grow, and gradually experience a new level of independence in a safe environment. Legally speaking, however, they’ve already transitioned into [...]

If you’re of a certain age, you probably remember the Terri Schiavo case: in 1990, Mrs. Schiavo suddenly lost consciousness and slipped into a persistent vegetative state. She was only 26 years old and, like [...]

Advanced healthcare directives, or living wills, are a critical component of a comprehensive estate plan, providing guidance to family and caregivers regarding end-of-life medical decisions. But what happens if someone is suffering from a long-term, [...]

If you are getting remarried, you obviously want to celebrate, but it is also important to focus on less exciting matters like redoing your estate plan. You may have created an estate plan during your [...]

A surprising number of people go to the trouble of hiring an attorney, explaining their wishes, designating beneficiaries and a successor trustee, and paying to have a trust created, only to drop the ball on [...]

If you’re a bit uncertain about exactly what estate planning entails or how important it is for you, you’re in good company. 74% of respondents to a 2016 WealthCounsel survey said they found estate planning [...]

In New Jersey, as in most states, the traditional way to pass property after death is through a will. If the deceased did not have a will or make other arrangements, then most property passes [...]

When a loved one dies, administrative details are usually the furthest thing from your mind. But, there is a lot to be done, from planning a funeral to making important notifications. Some of these tasks [...]

Just as we create estate plans for our eventual demise, we also need to plan ahead for the possibility that we will become sick and unable to make our own medical decisions. Medical science has [...]

The idea of implementing an estate plan might be one of the scariest things you have to confront as an adult. But estate planning does not have to make chills run down your spine. On [...]

Even the best prepared parents don’t always recognize the need to reassess estate plans and property ownership when a child turns 18. In some ways, of course, your legal concerns are simplified when your child [...]

Many New Jersey residents invest the time, research, and resources necessary to create a detailed and integrated estate plan, but overlook one critical piece: disposition of retirement accounts. When retirement accounts aren’t included in the [...]

Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can [...]

Congratulations! You were one of the wise individuals who took the time from your busy schedule to create an estate plan. You carefully devised a strategy for the division of your assets and debts. You [...]

The beginning of a new year is a good time to take a look at your estate plan to make sure it is up to date. Less than half of people actually have any estate [...]