Many New Jersey residents own real estate together with other people. It is therefore important for people to understand how real estate gets passed down when an owner of the property dies.
A previous post on this blog talked about Medicaid planning. This subset of estate planning can be an important part of a New Jersey couple's overall financial strategy for affording the medical care they will likely need in their old age.
The concept of Medicaid planning has grown in popularity over the last decade or so. Many New Jersey residents may have heard about Medicaid planning but may not be fully aware of what it entails.
As many music fans in New Jersey may know, it has been about three years since the rock-and-roll legend Prince died at his residence in another state. He was 57 years old when he died.
Many residents of New Jersey have relatives and loved ones who face physical or mental challenges. The special needs of these loved ones can make it very hard for them to support themselves or even to live without constant assistance.
A previous post talked about a type of trust called a living trust. A living trust is a convenient vehicle for New Jersey residents who have wealth to hand that money down to the next generation. Oftentimes, the living trust in the long term can save a family the costs of probate and may have tax benefits as well.
As this blog has mentioned, it is very important for New Jersey residents to implement a legal plan so that their assets get passed down to the next generation as they wished following their deaths. However, creating a will or trust is not the only critical step in the estate planning process.
To spend or to save? This is a question that can come up throughout a person’s life. This includes during retirement. For retirees, this question can take on a slightly different form: Should I plan to spend most or all of my nest egg or should I plan to leave some behind to give as an inheritance to my loved ones?