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June 2011 Archives

Using guardianship reform to end elder abuse

Guardians are usually chosen to make decisions for people who are unable to make decisions for themselves, typically young children, seniors or incapacitated adults. In New Jersey, guardians can help make decisions regarding medical care, purchases, education and finances. However, when guardians abuse their power, the person in their care is often unable to do anything to protect him or herself.

Using defective trusts for $5 million in tax-free gifts, part 2

In our last post, we introduced the idea of intentionally defective grantor trusts. Intentionally defective grantor trusts (IDGT) earned their name because of the way in which they enable grantors to give tax-free gifts. Property that is given through an IDGT is considered complete for gift and estate tax purposes. However, the grantor still owns the assets and is responsible for any income tax liability.

Using defective trusts to gift $5 million in tax-free gifts

Earlier this year, we wrote numerous posts about the new $5 million gift tax exemption rule. Because the law went into effect at the beginning of 2011 and will stay in place until the last day of 2012, many people believed they had all the time they needed to take advantage of the exemption.

Finding a place for funeral arrangements in your estate plan

Many people think of estate planning as something that is confined solely to a will or trust. In reality, good estate planning is usually more complex than that. Now that New Jersey has legislation regarding funeral arrangements, estate administration can legally require certain arrangements for the funeral of the deceased.

Estate planning for younger New Jersey individuals

All U.S. states, including New Jersey, have adopted measures that govern aspects of estate planning, including the creation of wills and trusts, and the legal validity of these documents. Regardless of your age or health condition, planning and managing your assets and property is necessary to avoid problems in the future. Failing to properly plan your estate can eliminate your say in how assets are transferred to heirs.

Using prenuptial agreements as a New Jersey estate planning tool

Prenuptial agreements are becoming an increasingly important aspect in the estate planning process for many people. It is a common ritual for couples in Hollywood, such as recently engaged Kim Kardashian and Kris Humphries, to sign a prenup in order to protect their individual wealth. Without such agreements, plans might be nullified or significantly altered by a divorce.

Estate planning tips just for New Jersey women, part two

A general theme in our blogs is the fact that everyone can benefit from estate planning tools. However, in a recent post, we focused on a few reasons that it is especially important for women to create an estate plan.

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