The third-generation curse refers to the phenomenon where family wealth tends to dissipate by the time it reaches the grandchildren of the original wealth creator. This trend often occurs due to inadequate estate planning and the lack of strategies to preserve and...
Asset Protection Planning
How effective are LLPs at protecting your assets?
Some people create a business so they have a place to house assets to protect them from litigation, or to form a buffer between their business funds and personal wealth. A limited liability partnership is a form of business that might assist you in your asset...
Differences between asset protection planning and crisis planning
Safeguarding assets and passing them to future generations are two major aims of many estate plans in New Jersey. However, emergencies could happen at any time. Proper estate planning and asset protection can greatly reduce the impact of crises. Asset protection...
6 ways to safeguard your assets in long-term care planning
According to SeniorLiving.org, assisted living facilities in New Jersey cost residents $2,008 to $9,300 per month. When planning for your future living situation, paying for long-term care while preserving your wealth becomes an important consideration. There are...
4 key elements of asset protection planning
In today's ever-changing financial landscape, safeguarding your assets ranks as a high priority. Asset protection planning is a strategy to shield your hard-earned wealth from potential threats and ensure a secure financial future for yourself and your loved ones. 1....
What is fraudulent conveyance?
While planning your estate in New Jersey, you may encounter confusing legal terms and concepts. Among them is the term 'fraudulent conveyance,' an important concept that carries significant implications for your estate planning process. A thorough understanding of...
Plan to protect your copyrights and trademarks with a trust
Certain types of property may make your estate planning process feel overly complicated. While passing down the house might be as easy as declaring a beneficiary to inherit it, intangible sources of value like intellectual property require more planning and...
Considerations in selecting a trustee
A trust is a common tool used to protect assets or distribute property upon death. While there are multiple types of trusts that can serve many purposes, a common element of all trusts is the naming of a trustee. The trustee is responsible for managing trust assets...
It’s never to late to start protecting your assets
Like many elderly New Jersey residents, you have likely built up assets over the course of your lifetime. As you get older, you may worry about not having a plan set up to protect these assets. Asset protection planning might have been something you thought you would...
Understanding the ins and outs of asset protection
You work and save for your eventual retirement. You also accumulate assets with the desire to pass them on to your loved ones. Not only is accumulating valuable assets important as a legacy to your loved ones but planning exactly what you wish to happen to your assets...