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March
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New Jersey: A Desirable State for High-Net-Worth Individuals
You’re a planner. You set out goals and you achieve them. You’ve got a comprehensive estate plan that includes a will, named guardians for your children, irrevocable trusts for your dependents, a health care proxy, and an advanced care directive.
But what will happen to your beloved pets if you pass before they do?
No problem. Just have your estates and trusts attorney set up a pet trust.
How Grandparents Can Double the Benefits of Their Estate Planning and Help Their Grandkids or Other Younger Beneficiaries in the Process
Don’t be fooled into thinking you need to have a fat bank account and a mansion house at the Shore to need a sound estate plan – the area of law that covers wills, trusts, and probate. How much money you have is only one factor out of many that you need to consider when planning for the future. If you already have an up-to-date will, that’s a good and necessary start. But in many cases, it will not cover all the bases that should be considered ahead of time to make things easier for your heirs if you die...
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The do-it-yourself approach may work for some jobs, but providing for your family after you’re gone is too important to risk making mistakes -- mistakes that could put your loved ones in the legal weeds just when they need the most support and ease of mind. Here are some top reasons NOT to be an estate plan “do-it-yourselfer”: • While internet sites can provide you with boilerplate documents, they do not reflect specifics of your financial and personal life and may be questioned or disputed later. • The requirements for a validly written document(s) vary from state to state. • A valid estate plan...
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You may think that estate planning is something you can put off until you’re older – maybe a lot older. But if you’re over 18, it’s never too soon to take this important step toward safeguarding the future for yourself and those you love. At Sussan, Greenwald & Wesler, we place great importance on estate planning for all our clients, and we’re ready to help you take this essential step. It’s easier than you think! Here are some estate planning facts you may not know: • It may be surprising to learn that the COVID-19 pandemic has led to greater awareness...
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With tax season upon us, we thought March would be a good time to share a brief overview of some tax benefits that come with the main types of trusts. In general, one of the main tax benefits of trusts is that the beneficiary is not subject to a large amount of inheritance or estate taxes. Family Trust (Revocable Living Trust) You don’t have to be among the super-wealthy to take advantage of a Family Trust, also known as a revocable living trust. Even if you have ordinary assets, such as owning your own home, this type of trust can be a...
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