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February 2011 Archives

Tax laws benefit family business owners in New Jersey, part two

In the last post, we looked at some of the new changes in the tax laws and the impact they will have on family business owners. Because the gift-tax exemption was raised to $5 million for individuals and $10 million for couples, many people can benefit from using estate planning to begin transitioning their business to the future owners.

Tax laws benefit family business owners in New Jersey, part one

People work hard to build strong family businesses. Whether you are concerned with creating enough wealth to comfortably sustain your family, or you want to create a legacy to pass on to the next generation, a family business can be one of the most effective tools for doing so.

Your estate could easily exceed the $5 million tax exemption

One of the biggest questions people have about estate planning - especially tax planning - is whether they need it. Many people in New Jersey think they are not rich enough to warrant estate planning. However, upper middle-class individuals can be slapped with a heavy tax penalty - a 35 percent federal estate tax.

Five wishes to include in living wills in New Jersey

In our last post, we talked about the importance of living wills for same-sex couples in New Jersey. One of the concerns many people have with estate planning is not knowing how to express concerns to loved ones, or not knowing what information is more important to include.

Livings wills important for same-sex couples in New Jersey

Imagine that the person with whom you have spent your life is in the hospital, and you are not being allowed to visit him or her. More than that, family members who have not spoken with your partner in decades are being entrusted with the health care, financial and possibly even funeral decisions that are rightfully yours to make. Even in New Jersey, where same sex marriage is legal, gays potentially run a higher risk of being shut out by unsupportive family-of-origin members. How can you avoid this nightmare scenario?

Estate planning important for divorced families

In our society, the frequency of divorce and remarriage introduces family dynamics that were mostly unheard of a couple decades ago. According to an article by USA Today, more than 40 percent of American adults have at least one step-relative in their families. Fifty years ago, financial planning was as simple as a mother and father putting together a budget that paid for their home, food and other daily expenses.

Celebrities' successes and failures in estate planning

In our last post, we talked about some of the most effective ways to use an estate plan to meet your family's needs. Because many people learn best from examples, we will discuss the opposite estate planning decisions two celebrities made and the impact it had on their families.

Using an estate plan to effectively meet your family's needs

Creating an estate plan is one of the most important things a person can do to help ensure his or her loved ones are protected. A well-written will details exactly what you want to happen with your belongings after you pass away, and a trust can make it possible to leave your beneficiaries with a financial legacy.

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680 Kearny Avenue
Kearny, NJ 07032-3010
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