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March 2011 Archives

Almost every New Jersey family needs an estate plan

In other posts, we have spent a great deal of time talking about complex special needs trusts and using trusts to transfer property or businesses between generations. However, if you do not have a special needs loved one, or if you are not passing your family business to your children, you likely still have a need for an estate plan.

Understanding different types of special needs trusts

Personal injury settlements can provide individuals with the financial resources they need to pay for long-term care. However, without special planning, the money can be subject to tax penalties. In addition, if it is not invested correctly, it can prevent individuals from qualifying for the financial assistance they need from programs such as Medicade and Supplemental Security Income.

Using trusts to transfer New Jersey homes, part two

In the last post we discussed the benefits of using qualified personal residence trusts (QPRTs) as a tool to transfer your home to the next generation. Although the new tax laws in New Jersey make it possible for individuals to transfer $5 million in gifts without tax penalties, it is important to carefully plan how you will do so.

Using trusts to transfer New Jersey homes to the next generation

We've written articles in the past few weeks that discuss some of the changes under the new tax laws. For individuals in New Jersey, one of the biggest benefits comes from the increased gift tax deduction. Under the old laws, individuals who gave gifts of more than $1 million would be penalized with hefty tax consequences.

Talking with parents about long-term healthcare options

Talking with your parents or grandparents about their long-term health care plans can be challenging. Many people do not want to approach the topic because their parents are still relatively young and fairly healthy. Some people worry that asking their parents about long-term care may feel like an infringement on their independence or autonomy.

Part two: Choosing the right executor to handle your estate

In our last post, we discussed some of the responsibilities executors in New Jersey face. It is no secret that the executor has a tough job. A recent article in the New York Times stated the varying expectations well by saying the executor will be responsible for "crawling through attics and placating disgruntled heirs" and he or she "should not only be honest and diplomatic, but also well organized, good with paperwork and vigilant about meeting deadlines."

Part one: Responsibilities of executors; handling portability

When a person dies, everything is his or her estate must be transferred to other people. The directions in the will must be followed, beneficiaries must be identified, and assets need to be distributed. And all of this must be done in the midst of grieving the loss of a loved one. So who is responsible for handling all the affairs of a recently deceased person? Typically, all those responsibilities lie with the executor.

Advantages of using trusts for New Jersey estates, part two

In our last post we began talking about some of the advantages of using trusts instead of wills. Many people in New Jersey use trusts as an effective tool for succession planning. Trusts also offer individuals more control of the ways in which their wealth is used. In this post, we will review some of the additional benefits of using a trust, including asset protection and privacy.

Advantages of using trusts for New Jersey estates, part one

It used to be that when people talked about estate planning, wills were the preferred tool of choice. Now, an increasing number of people choose trusts instead of wills. Many high net worth individuals prefer trusts because they can be a more effective method of succession planning. However, many individuals in New Jersey - even those without excessive wealth - are discovering the advantages of trusts.

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McCurrie McCurrie & McCurrie, L.L.C.
680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
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