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.
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 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.
Unfortunately, there are many situations in which family members engage in a will contest or argument over the distribution of assets of a loved one. Sibling rivalries, marriages and divorces, religious differences and more can all be at the root of a battle over an estate. Even people with wills in place before they die cannot ensure that their heirs face no complications after they are gone.
Many people in the Hudson County area are already aware of the importance of planning for the future, including life after death for their loved ones. Estate planning is important and there are many aspects to be aware of. However, there is a relatively new issue arising that many people may have overlooked. What happens to your digital identity when you pass away?
Estate planning is something that many people think of only as making a will. However, it is far more complex—and important—than that. With a large number of people in our society eventually getting dementia, Alzheimers or other such conditions that affect memory and cognitive ability, the early identification of guardianships, power of attorney and other such factors are vital to wealth protection, estate administration and proper care of an aging family member.
When it comes to estate planning in New Jersey, you will probably consider several important factors. Some of these things may include your financial situation, your health, your assets, and your family members and loved ones. Another thing you may need to look at, however, is scientific research.
Many people think that estate planning can be as simple as making a will or itemizing what items or assets should be given to whom. While this may at least address the questions surrounding “who gets what?” it does not protect the assets fully in the least. Laws surrounding wills, inheritance tax, the distribution of assets and personal property are complex. When proper estate planning is not conducted, wealth protection and asset management may be given up to some degree.