If you are navigating a divorce or recently lost a loved one, you might find yourself going through several complex estate planning documents. You might discover that you now have interests in one or several trusts. While you might have established a trust with a spouse to take care of…
Many people think that estate planning is a once and done process. In actuality, it is critical to constantly revise the terms of your estate plan. Not only can changes in your own life impact the terms of your trust, but estate planning law also changes frequently. Each year,…
Deciding to get divorced presents several considerations. While things like what will happen to your children as well as where you will live are likely at the front of your mind, estate planning is likely something that you have not yet begun to consider. It is a good idea…
If you’ve had a 401(k) for some time, you’re aware that each year many factors influence the value of contributions. 2020 is shaping up to be a great year to make contributions to a 401(k) plan. The Internal Revenue Service recently announced its 2020 limits for plan contributions. Not…
For many decades, discovering that a relative or loved one had passed away and left you something was only a good thing. Due to taxes and complications with real estate, however, it has become common for people to be hesitant if you find out that you’re someone’s beneficiary. This…
The state of New Jersey recently passed the Medical Aid in Dying for the Terminally Ill (MAID) Act. This law permits physicians to assist in the suicide of terminally ill patients following three requests by the patient to do so. To achieve physician assistance, one of the requests must be…
When a family business owner has the goal of passing on ownership in the business to the following generation, it is important to include details about business succession in your estate plan. The most challenging issue presented in many family business plans relates to identifying who will control the business.…
Deciding which type of IRA works best for your estate plan can be challenging. While Roth and traditional IRAs are the most common types of retirement accounts, there are other options that you should consider as well. These lesser-known accounts can provide numerous tax advantages based on a person’s situation.…
One of the major elements of most estate plans is deciding how to handle your home. For many families, a home is among its most valuable assets. While everyone can benefit from an estate plan, it is particularly that homeowners create a plan. To make matters more complex, there…
Most of us have either seen a commercial or heard someone mention reverse mortgage. While some people have been left with the notion that this is a way that elderly individuals “lose” their homes, other people have heard that reverse mortgages can play a valuable role in estate planning. Even…