Beneficiary Mistakes You Don’t Want to Make
Any assets held in your estate at the time of your death will likely be subject to probate. New Jersey probate is a simple process that should be completed in one month’s time, assuming that no one launches a preemptive challenge to the Will, called filing a Caveat, or there if...
Discussing Estate Planning With a Developmentally Disabled Family Member
Talking about death can be difficult for anyone, but if you have a family member with an intellectual disability, that conversation may be even more difficult. However, estate planning is even more critical for family members with developmental disabilities. Unfortunately, discussions regarding estate planning for...
Estate Planning and Mental Health
Why You Need to Consider Mental Health in Estate Planning An estimated 19.9% of Americans hold a diagnosis of a behavioral or mental health issue at any time. Mental illness affects people of all ages and from all walks of life. If one of your heirs has a mental or behavioral health diagnosis that impacts their...
Estate Planning for Physicians
Why Physicians Need to Create an Estate Plan Over the average career of a physician in the United States, a practicing doctor can expect to earn at least $6.5 million. Many physicians earn much more, and they may also accumulate assets that heirs may disagree about after the doctor's death. Establishing an estate...
The Importance of Powers of Attorney
Summary: Powers of attorney are important estate planning documents that give individuals the legal authority to make decisions on behalf of somebody else. Power of attorneys often go into effect when the principal becomes incapacitated, but they may also be used when a principal is capable of acting on their own...
Why You Might Want To Have a Trust as Part of Your Estate Plan
Reasons to Consider Adding a Trust to Your Estate Plan It's estimated that those born between 1944 and 1964 will transfer nearly $30 trillion in wealth to their children and grandchildren. While there are many ways to transfer assets to beneficiaries, it may be a good idea to consider using a trust to facilitate your...
How to Avoid Ancillary Probate
Tips for Avoiding Ancillary Probate in Your Estate Bequeaths In the United States, about 7.15 million single-family houses are second or vacation homes. This accounts for just over 5% of the American housing stock, and these houses often complicate the distribution of assets when they are located in a different state...
Millennial Estate Planning Facts and Tips
Millennials typically have a lower net worth than their parents, and they carry substantial student loan debt. Additionally, they aren't saving enough for retirement. What's more, since they are often responsible for children, older adults, and sometimes household pets too, it's never too early to start putting...
The Effect of 529 Plans on Estate and Gift Taxes
For the most part, grantors are required to give up all control of gifted assets. This has many people so afraid of estate tax inclusion that they are completely repelled from this option, but the 529 plan provides the single exception to the rule. Section 529 of the IRC states that no amount can be included in...
Estate Planning with High Interest Rates
Creating an Estate Plan When Interest Rates Are High In 2022, the Federal Reserve hiked the federal funds rate several times, which resulted in interest rates increasing by a considerable amount. Interest rates for a 30-year mortgage are just over 6% at the moment, which is much higher than the low of 2.65% that was...