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?