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August 2017 Archives

Wills, trusts and a valuable home when estate planning

Property can be one of the most contentious issues when a loved one dies and the estate is passed along to heirs. For those in New Jersey and the Metropolitan area, this is growing into a larger problem because of the rising value of property. Frequently, the home is a person's most valuable asset in his or her portfolio. How to navigate this when the property is rising in value and the estate plan is being formulated can be complicated.

Have you done yourself in with do-it-yourself estate planning?

Many New Jersey residents consider having an estate plan an important aspect of their lives. Having end-of-life documents in place could help alleviate some of the burden that surviving family members may face in the wake of your death. However, if you did not create those documents correctly or they do not cover certain aspects of your estate, complications could arise.

Important reminders when dealing with estates and the future

For people in New Jersey who are being conscientious about the future and are concentrating on estate planning, there are certain basics that they will understand including writing wills. This is something that addresses issues after death, but does little if there are needs while the testator is still alive, becomes incapacitated and cannot make his or her own decisions. There are other documents that should be completed to ensure that the necessary preparations are made for any eventuality.

Considering a trust in New Jersey? Make sure to get legal help

Estate planning in New Jersey is not an easy thing to think about, especially since it involves the inevitable future when the testator is no longer here. However, protecting loved ones and making certain that assets and other properties are doled out as desired and shielded is also important. Therefore, it is imperative to understand how to formulate a trust and what kind is ideal for the individual.

What is breach of fiduciary duty?

There are certain business terms that might be confusing even to those who are involved and work in business as their means of making a living. Knowing these various terms is essential for New Jersians who are starting a business or running a business. One is breach of fiduciary duty. Fiduciary duty is when a party is obligated to act in the interests of another party. Breaking that code will be a breach of fiduciary duty. One party trusting another with a certain duty creates a fiduciary on the part of the one who is being trusted. There are several different ways in which fiduciary duty can be breached.

Why is filing a business dissolution important in New Jersey?

Sometimes, New Jersey business owners decide to close. But, they may make the mistake of failing to inform the state of their business dissolution. This is an important clerical maneuver because it will remove the company from the tax and public records.

The importance of estate plans with an inheritance -- Part II

Estate plans are complex instruments that can be confusing to a great number of people. There are multiple subsets to any estate plan and dealing with wills, trusts, inheritance and other matters related to it can leave family members in dispute. A recent post discussed the importance of inheritance estate plans. This post will follow up by discussing other issues that should be accounted for by New Jersey residents as they formulate this crucial document and decide on how it should be done.

Types of business entities: The general partnership

If you are considering starting a new business, then congratulations are in order! Few things satisfy the entrepreneurial spirit like a new venture. As you begin the process of bringing your vision to fruition, you may find yourself contemplating what type of business entity would best serve your purposes.

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