Jersey City Estate Planning Lawyer Blog

The concept of the family is not what it used to be in this country. Chances are it's likely to change even more in the years to come, especially as the senior population continues to grow here in New Jersey and the rest of the country.

Where families are solid and relatives abound clear plans to ensure that aging loved ones have appropriate, supportive care for the full course of their lives may be easily laid out through effective estate planning. However, there are many individuals who have no one to turn to. They have neither friends nor relatives.

Statistically speaking, 55 percent of all Americans haven't bothered to make a will. This is a figure that stymies those of us in estate planning law in New Jersey.

Not every will is created equal. Some may be complex. Most will be simple. An attorney can help determine what might work best in a given case. Ultimately, all people should use estate planning to ensure that the things they assign value to get distributed according to their wishes.

A will is one way to do this. Another tool is a trust. But, perhaps you're wondering if a trust is right for you. Or maybe you are put off by fear of the legalese if it all. Here are some straightforward questions that may help make the call about a trust.

The general rule of thumb in the medical world is that everything that can be done to preserve life for a patient must be done. Medical professionals everywhere, including New Jersey, toe that line, especially barring any specific guidance from individual patients. To do otherwise would be a monumental breach of ethics and possibly law.

The issue that may get left out of the equation in such situations is whether it's right to employ extraordinary measures to prolong a life if quality of life isn't going to be improved, too. The problem is, doctors don't really have a choice unless they are provided clear instructions of what a person wants through an advanced directive, also known as a living will.

There was a time when Broadway served as the gold standard of American entertainment. There are those who lament that the shimmer has faded. But there are signs that managers of some of the greatest musical theater estates are trying to breathe new life into the Great White Way. It's a trend that is noted by observant estate planning attorneys in New Jersey and elsewhere.

Perhaps one of the prime examples of this movement is that represented by the executors of the George and Ira Gershwin estates. Heirs of the famous brothers have been working since the 1990s to capitalize on the brand equity that goes with the Gershwin name. They are hoping to see the fruits of their labors this week when "Porgy & Bess," now titled "The Gershwins' Porgy and Bess," opens on Broadway. As an adjunct to the show, they're hoping to reissue the Porgy and Bess story in book form, without music.

One painting. Two lawsuits. How does such a thing happen? The easy answer, as estate lawyers in New Jersey or any other state can tell you, is lack of clear communication. If someone is fortunate enough to have personal property of significant value it is important to spell out specifically how each piece of that property should be handled in the event of death. This is most easily done through a proper will, trust or other document within the portfolio of a complete estate plan.

That apparently didn't happen in the case of 1970s TV icon Farrah Fawcett. She died in 2009 after losing a battle with cancer. At the fulcrum of the disputes in the courts is one of two Andy Warhol silkscreen paintings done of the "Charlie's Angels" beauty.

Many experts agree that one of the issues that's going to be of growing concern in the next ten years or more is financial abuse of our aging population. It doesn't matter if you live in New Jersey or another state, the increasing size of the aging population and the concurrent increase in cases of brain-damaging dementia in that population means an anticipated rise in financial abuse of the elderly.

We see it happening regularly already. In the closing months of last year there was the story of a group of four people who allegedly held some mentally disabled adults in a basement and collected their Social Security checks. That and other stories reinforce the value of guardianship; preferably assigned as part of estate planning.

It is a sad fact that many people believe wills and trusts are only for the rich and famous. So many people find themselves living check to check that they see no point in drawing up an estate plan. The idea that they might even have an estate may be completely unimaginable to them.

But estate planning attorneys in New Jersey and other states appreciate that assets are defined not just by the society we live in, but also by the value individuals assign to what they own. And in that context, anything can be part of an estate, making estate planning for eventual distribution in the event of death something wise for everyone.

Celebrity estates have a way of making money, even after the celebrity has died. The enterprises that carry on after the death of such stars as Michael Jackson can make a great deal of money. That reality is another reason why experienced estate planning attorneys in New Jersey are so attentive to making sure that the wills and trusts set up on clients' names are well crafted.

That doesn't mean that terms can't change. The courts are willing to consider changes to the structure of wills, especially if there's general agreement that it's the fair thing to do. That appears to be what has happened in the case of the Michael Jackson estate.