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Estate Planning Archives

Cancer affects what estate planning documents to draft

It's important for everyone to have an estate plan in place no matter how healthy or young that they are. Cancer and other illnesses don't discriminate after all. You can fall ill with a medical condition at any point in your life. If you've been diagnosed with cancer or terminal illness, then it's even more important that you get certain health-related legal documents in place sooner than later just in case.

What are the tax implications of passing down a retirement plan?

One of perhaps the biggest guffaws that individuals make when planning their estates is not thinking of the tax implications that making certain decisions will have on their beneficiaries. Certain types of retirement investment plans require beneficiaries to take regular payouts from them. This can adversely impact a beneficiary's taxable income unless other provisions are put in place to prevent this from occurring.

What estate planning documents should childless couples draft?

One of the steps that couples take when they find out that they're expected a child is to sit down with an attorney to engage in estate planning. They often do this to appoint a guardian to raise their kids and to make financial arrangements if something happens to them. While these aren't some of the hard decisions that childless couples have to make, there are other difficult choices regarding the legacy that they want to leave that they have to decide on though.

Make sure that your digital assets are covered in your will

When people are asked about estate planning, they often mention wills, health care directives and powers of attorney. Most people describe what they'd like to happen with their tangible assets such as a car, house or family heirloom if they were to pass in their will. Few detail what they'd like to happen with their digital ones like email accounts or online photo albums in it. It's something that should be included there, though.

Transfer of your assets to your spouse post-death isn't automatic

Many New Jersey spouses who have assets such as retirement plans, life insurance policies and investment accounts often list their husband or wife as the beneficiary on them. While there's no problem in doing that, it's important that spouses have contingency plans in place for how to handle those same assets if one were to pre-decease the other.

Inheritance tax in New Jersey depends on connection

It is a difficult subject to tackle, but successful people spend some time and effort working out the details of their end of life plans. Many people have assets and properties to share out among living beneficiaries or charitable organizations, and many of them also have families to consider for the future.

Estate planning and family communication

One of the main keys to estate planning, if you want the whole process to go smoothly, is communication. You need to talk to the other members of your family who will be impacted by the plan. Experts advise sitting down and creating a family communication plan to address this process.

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