Many people in New Jersey are diligent about drafting their estate-planning documents and keep them up-to-date. They make sure that their loved ones are cared for, and they’ve decided who will take care of their home in the event of their death, among other things. Unfortunately, some people fail to include their pets in their estate plans, leaving some beloved animals without a caregiver.
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.
Although many people may be aware of the importance of planning for the future including long-term care and life after death for loved ones, there is another important part of estate planning that may get overlooked. Any person in the Hudson County area who owns a pet should remember to include that pet in his or her long term plans.
Planning for the future is always a good idea for anyone in Hudson County. Whether it’s an estate plan, a trust or a will, it’s always smart to prepare for the future as early as a person can. However, a good estate plan is the key. Making the right choices regarding one’s future can make all the difference in whether or not a person leaves his or her family or other loved ones in a desirable position.
Anytime a person passes away unexpectedly it can be a great burden on his or her loved ones. However, if a person in the Hudson County area has made the proper estate planning decisions, the financial burden on his or her loved ones can be much easier to navigate s they go through that difficult period of time. However, if a person has made estate-planning mistakes or hasn’t done any planning at all, then overcoming a loved one’s death can be even more difficult.
Parents work hard with their kids in mind. They want to provide them with a great childhood and set them up to prosper in their future. A lucky parent will have their children outlive them, and more often than not, a parent will want to provide for their children even after they are gone.
When someone hears the word trust related to estate planning, they might think trusts are used to gain some tax benefits or used for tax purposes. People might also associate trusts with rich people only, and might feel that unless a person is wealthy, they don't serve a purpose. The truth is trusts can be used for many different purposes, and there are many types of trusts.
Trusts are unique documents. They can help people with both legal and financial matters. Depending on the type of trust that a person makes and who the beneficiaries and trustees are these documents might be able to help a family out financially if they run into financial trouble. Trusts can sometimes be protected from bankruptcy and other major financial changes such as divorce.
The Lakers is one of the National Basketball Association's most recognizable team names. The team is owned by a few different people, but the majority of the team had been owned by Jerry Buss, until his death this week. Before the main owner died, he had a trust set up, which gave direction to what should happen to the team after he died. The share of the team that Buss once owned is now part of a trust that is controlled by his children. The trust stipulates that the team cannot be sold unless four of the six adult children vote to sell the team.
The heirs to a major tobacco fortune have complained of not being able to pay their expensive tuition, while they await turning 21 years old. At that age, a trust will give them access to a $500 million fortune each. The two twins say they have been suspended from school because the trustee for the children never paid the tuition.