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Estate planning affects women more profoundly, so they should take charge of this process, or at least be equal participants. Among Americans 65 and older, 42% of women, but just 14% of men, are widowed. Women’s longer life expectancy, combined with their tendency to marry older mates and their lower lifetime earnings means they are far more likely to [...]
With the ever-growing presence of online and electronic documents, records and accounts, it is becoming essential to keep track of your passwords. Consumers have had access to military grade cryptography for decades, and while it offers an amazing level of protection during life, it can have unintended consequences upon your death, possibly preventing your heirs [...]
On December 17, 2010 President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.” The new law: • Extends for two years the current income tax rates and other income tax rates commonly called the “Bush Tax Cuts.” • Provides tax incentives to businesses • Cuts federal estate [...]
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent – real estate, joint accounts, insurance, IRA’, etc. – anything and everything a decedent had [...]
There are three risk-management tools every probate lawyer needs to know…
1) How do I begin the probate procedure? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. The probate cannot be completed until 10 days after death. 2) Who has the right to be appointed when a person dies without [...]
Estate planning for traditional couples usually consists of having a Will, Financial Power of Attorney, Medical Power of Attorney and Advanced Health Care Directive. There are typically three types of couples that need planning significantly different from that of traditional couples: 1.Same Sex Couples 2.Couples where at least one party has children from a previous [...]
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state death tax planning all the more important. You will pay more if you’re in a [...]
Virtually any bank or brokerage account can provide that it is paid on death (“POD”) or transferred on death (“TOD”) to named beneficiaries. And IRAs, 401Ks, pension plans and insurance policies are typically made payable to designated beneficiaries. Nevertheless, these beneficiaries are often named with relatively little reflection, and without taking into account what might [...]