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October 2012 Archives

Michael Jackson's estate not as rich as Elizabeth Taylor's diamonds

After the death of Michael Jackson, his estate became the wealthiest estate of any dead celebrity. The King of Pop's estate was valued at $145 million. The wealth of the pop legend's estate seemed hard to reach, until the death of the queen of White Diamonds. When Elizabeth Taylor died last year, much of her jewelry and art were sold off.

Protecting inheritance from your heirs' creditors

People who have a will often think they have their estate plans under control. Many of them fail to think about how to maximize the inheritance they are giving their children. What happens if one of the children falls into deep debt for one reason or another? Most of the money parents give them could be available almost instantly to creditors.

Don't forget about your digital estate plan

Many people fail to properly make an estate plan. Those who do make estate plans usually think their assets are sufficiently covered, and might fail to make adjustments as time goes on. With the advent of online banking, online investing, and the digital age, many people don't think about how their online lives affect their estate plans. Although a family member might have a power of attorney to pay bills, they might have to go through a hassle to do so. It might require them to submit documents to the companies before paying bills on your behalf.

Even the rich and famous have made estate planning errors

Many may look at famous people who have passed away and might think that their loved ones likely inherited all of their possessions and royalties. This might be true in many cases when their estates were properly planned. However, Forbes points out in an article written Wednesday that there are many cases where famous people have not taken time to plan their estates properly. This has left the people that they may have preferred to receive their assets with nothing.

New Jersey families should plan estates, no matter age

Estate planning. It's something that is always in the back of people's minds. There are different stages of our lives when estate planning might come up, and many people might think about their own plan, or lack of plan in many cases. Sometimes people in New Jersey think about estate planning when they turn 18, others think about it when they start their first job and are asked about beneficiaries for certain policies. When people start families or there is a death in the family are other times when estate planning comes to light.

The estate planning bucket list

The bucket list may have been popularized by a Hollywood hit in the last decade, but the idea has been around for ages. Many people make bucket lists for many different reasons. Sometimes people don't know what they would put on their bucket lists if they were to make one. The first thing on every person's bucket list should be to enjoy every day. Although we all wish for a long and healthy life, sometimes unexpected things happen.

Estate planning is an important but difficult conversation

Many people don't do proper estate planning. Those that draft paperwork about how they would like assets to be distributed, or how they would like their family to handle their end-of-life care, might not talk to their family about their decisions. A recent news story highlights the discussion that one family had with their elderly relative.

Estate gifts can go a long way for organizations

Although many people choose to leave their assets to their children after they pass away, some choose to let their children accumulate their own wealth, or give substantial amounts to both family and organizations they feel passionate about. Through proper estate planning, people can preserve their legacy by leaving money behind to certain organizations.

Many myths about Estate Planning could spell trouble

Estate planning is an important part of passing something on to the next generation in a family. Sometimes families get caught up with all the events of life. Every time someone thinks of sitting down to plan their estate, they find an excuse not to. Many times these distractions don't seem like a big deal because people understand myths about estate planning.

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