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estate planning Archives

Estate planning when you have kids from a previous relationship

Getting married is usually a joyous occasion. Getting married for a second time can be just as exciting, although decidedly more complicated. Estate planning for New Jersey residents with children from past marriages or relationships is not always easy or straightforward, so parents who are getting ready to say "I do" for the second time around should take their time with the process. 

Benefits of estate planning

Many people die every day without a written will. Every state, including New Jersey, has some rules in place for those who die without an estate plan. Some pass assets immediately to a surviving spouse or the next living relative, and others divide the assets between certain parties. However, there are many more specific scenarios that are not covered by the default estate planning rules and regulations in each state. 

Overseas adoptions and family law

In New Jersey and across the country, adoption is a way for many people to complete their families. Sometimes these families seek to accomplish this goal by arranging an international adoption. However, adopting outside of the United States can be a long and difficult process, and many families consult with family law attorneys to help them.

Preventing elder abuse through estate planning

As people get older, especially as they reach their 90s and 100s, it may become more difficult for them to take care of their finances or other assets. Some of these people consult with an estate planning attorney and appoint a power of attorney or another individual to take care of financial or business decisions, while others have someone appointed by the courts. Some New Jersey residents may have noticed that not even celebrities like Stan Lee, the co-creator of many people's favorite comic book characters, are able to prevent people from trying to gain control of their considerable finances. Lee's estate is estimated to be valued at more than $50 million, and many people, including his own family, have attempted to gain control of it.

Why bother with estate planning?

It may surprise many New Jersey residents to find that a significant percentage of Americans do not have any kind of will. Many may believe that they first need to acquire a certain level of wealth before creating a will. However, estate planning can benefit people of any financial standing.

Tips to remember in the estate planning process

Planning for the future is more than just planning for major events in a person's life. It is also about planning for what happens after a person's death. Estate planning, for many New Jersey residents, may appear to be a daunting task. Some overwhelmed individuals may try to rush through the process or ignore it entirely. Unfortunately, this can lead to mistakes that, in the long run, may have disastrous results. 

Estate planning for families with special needs children

Parents of special needs children are often accustomed to planning for future events. Some of these might include planning school schedules and events or family vacations and outings, but not all people know how to plan for their children's care after their deaths. Estate planning can be confusing, as many New Jersey residents may already be aware, and even more so when there are special circumstances involved. There are, however, several tips that can help parents to plan for their children's future care. 

Steps in estate planning

For some New Jersey residents, creating a will or estate plan can be difficult. They might be unsure of where to start or what questions to ask. Some might even believe that because they do not have an excess of wealth that estate planning is unnecessary. However, that is not the case. Without a plan, the family of the deceased might spend months or even years in court sorting out their loved one's affairs and assets. 

Estate planning tips

Preparing for one's death can be a daunting task. Many New Jersey residents may not know where or how to start the estate planning process. Beginning the process early can give the benefactor time to ensure that everything is properly planned and that all of the instructions that he or she wishes to leave are conveyed clearly. 

Business owners and estate planning

When discussing the benefits of writing a will, most people will reference personal benefits like how finances or other assets will be divided upon their death. However, business owners across New Jersey may be interested to know how estate planning can benefit their businesses. Creating an estate plan can help business owners outline how they wish their businesses to be handled in the event of their death or incapacitation. 

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