People in New Jersey who have college-aged children are typically working to get their own estate planning documents in order. Once they’ve reached this stage of life, retirement is right around the corner. Because they’re so busy taking care of their own legal documents, they may neglect their children’s estate planning needs, which can cause serious problems during an emergency.
Although wills are intended to prevent family members from arguing over a loved one’s assets and property, there are exceptions. Because people in New Jersey sometimes change their wills when they’re nearing the end of their life, when they may be elderly and ailing, their decision-making abilities may be diminished. Unfortunately, some family members who don’t have their relative’s best interests in mind may take advantage of this situation to pursue their own self-interest.
Millions of people in New Jersey and other states shop regularly at Wal-Mart. Consequently, the Walton family, descendants of Wal-Mart founder Sam Walton, has more than $100 billion in assets, making it one of the wealthiest families in the world.
People in New Jersey typically leave their financial assets to their children and grandchildren. However, some people who are passionate about a cause or charitable organization may choose to donate all or part of their estate. Fortunately, through estate planning, people remain in control over where their money goes after they die.
When a New Jersey child is terminally ill, his or her parents typically have the legal authority to make critical decisions about their child’s health care. However, in some cases, the court decides that the parents aren’t capable of making these important decisions, and guardianship of the child is given to another person. In order to transfer guardianship from the parents, it must be clear to the judge that the child’s parents do not have the best interests of the child in mind.
Sometimes federal and state governments pass laws that have a tremendous impact on estate planning. For this reason, it’s important for New Jersey residents to pay close attention to these changes and react appropriately. Otherwise, they could be facing an enormous tax liability at the end of their life, which could be disastrous to their children’s financial lives.
When people reach the end of their lives, they typically want their family members and loved ones to receive as many financial benefits as possible. Through effective estate planning, people in New Jersey can work to ensure that beneficiaries’ inheritances aren’t consumed by taxes. In some cases, the total estate tax bill can reach tens of millions of dollars.
Through wills and trusts, New Jersey families are able to support their children and grandchildren even after they have died. In fact, many people take great pride in the fact that they’re taking care of their families. Although the two are seemingly unrelated, the growing availability of fertility treatment now has a significant impact on estate planning.