Donnelly LLC
Call for a Free Consultation
Toll Free 866-907-6368 Local 856-324-6147

Estate Planning Archives

How estates could be affected by changes to tax law

Formulating an estate plan in New Jersey does not mean that it must remain static and never change until the time it is needed and the testator has died. Changes to the individual circumstances and to the law will make it necessary to address potential issues and change the estate plan as needed. One issue that is garnering significant attention is the new tax law and how it will affect estate plans. Under the new law, there are changes to multiple aspects of the way taxes are assessed on estates. People should act accordingly.

What are the steps to revoking or changing wills?

With the start of a new year, many New Jersey residents are examining their estate plans and determining if changes need to be made. One factor that must be considered is revoking a will before putting a new will into effect. There are many times when this is a sound idea. Examples include significant life changes such as a marriage, a divorce, the birth of a child, or a major change in a portfolio. Knowing the steps to take to revoke or change a will is important to ensure that the new will supersedes the old one and everything is legal.

Don't underestimate the importance of estate planning

While consider our demise isn't something we normally do on a regular basis, thinking about the end of life can be reframed in a positive way. By considering how important estate planning is and taking the right steps to protect your assets, you can begin to consider the ultimate end while knowing you've done everything to provide for those who mean most - your family.

Changes to the estate tax will affect New Jersey's wealthy

For New Jersey residents who have significant assets, the United States government's plans regarding the estate tax will never be far from their minds. When crafting an estate plan, this is one of the most important issues they must confront. The amount that is shielded from the federal estate tax is constantly up for debate, and it is imperative to keep track of certain changes and proposals to ensure that the estate plan addresses this.

Taking care of your health care with a health care proxy

It is impossible to know and control the future, but there are certain steps you can take to ensure that you have protected your interests for the months and years ahead. You may know that you could benefit from a will and other estate planning tools, but you would be prudent to consider a health care proxy as part of your plan.

Many fail to protect their estates with an estate plan

A frequently forgotten document for even the most conscientious people in New Jersey is an estate plan. Most people will organize everything including insurance, health coverage and more, the estate plan is left in the background. Perhaps it is something they think can wait. It might be a pure lack of willingness to admit that the inevitable will occur and the inheritance for loved ones through an estate plan must be accounted for after death. Regardless, it is imperative to think about wills, trusts and other alternatives with an estate plan as soon as possible.

Wealthy people should update their estate plans regularly

The importance of an estate plan should be clear to everyone regardless of their assets and financial situation. However, people in New Jersey who have substantial assets have more to think about because there is more at stake. An estate plan governs who will receive the inheritance, how much they will get and other factors. It is a mistake to think that an estate plan is final when it is first completed. Changes will inevitably be necessary.

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.

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.

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.

Mount Laurel Office
Mount Laurel Office
403 Birchfield Drive
Suite 403A
Mount Laurel, NJ 08054

Map & Directions

Linwood Office
Linwood Office
327 Central Avenue
Linwood, NJ 08221

Map & Directions

Cape May Court House Office
Cape May Court House Office
618 Route 9 South
Cape May Court House, NJ 08210

Map & Directions

Gloucester, Cumberland and Salem County Offices
Gloucester, Cumberland and Salem County Offices
57 Euclid St.
Woodbury, NJ 08096

Map & Directions

Back To Top