Many people, understandably, don’t want to think about writing a will. Not only does it require confronting uncomfortable subject matter (which is to say, one’s own mortality), but it can be a tedious and lengthy process as well. Going over all your property and figuring out who it should go to when you die is unpleasant in every sense of the word… but it’s not nearly as unpleasant as the alternative.
Continue reading “Writing a Will is a Little Headache Now, to Stop a Big Headache Later”
While college education has been seen as not only a rite of passage but also necessary in order to enter into many areas of workforce, the costs associated with it can be overwhelming. In recent years, the costs associated with higher education have come with a hefty price tag and are projected to continue to rise over the next few decades. According to The College Board, in 2017, the average cost for tuition, fees, and room and board for a four-year private college is a whopping $118,000. If the college-cost inflation rate is 3 percent, today’s 8-year-old can expect to pay $265,000 for four years of higher education at a private college in 2028. With the costs of college looming for current and future generations, more grandparents are looking to support their grandchild’s higher education expenses in their estate plans. Continue reading “Including a Grandchild’s College Tuition in Your Estate Plan”
Alzheimer’s Disease is a neurodegenerative disorder that affects cognitive functions, including memory, thinking, and behavior. According to the Alzheimer’s Association, there are currently 5.7 million Americans living with Alzheimer’s Disease and, by 2050, that number will increase to nearly fourteen million. The association claims that Alzheimer’s disease is the sixth leading cause of death in the United States. Continue reading “Early Warning Signs of Alzheimer’s and the Need for Advanced Directives to be in Place”
In accordance with the law, an estate is responsible for paying the following with the assets from an estate:
Continue reading “Estate Closure Should be Completed by an Experienced Lawyer”
While it may be emotional and difficult to think about, pre-planning and pre-paying for a funeral will ensure that your wishes are carried out properly. In addition, establishing an irrevocable pre-paid funeral trust can also assist with spending down assets in order to become eligible for Chronic Care Medicaid. An irrevocable pre-paid funeral trust cannot be canceled, changed, or revoked prior to death. It is worth noting that the money in the trust cannot be refunded even if the funeral costs less than the funds available. Continue reading “Pre-Plan and Pre-Pay Today!”
For many elderly people, discussing and planning for end-of-life situations may be very difficult. However, if you are a child of a parent that has not yet discussed his or her wishes for end-of-life care, you may be able to ease them into the process. Here are some tips to remember: Continue reading “End-of-Life Conversations Can Be Difficult but Necessary”
On November 7, 2018, the Appellate Division of New Jersey’s Superior Court ruled in favor of a descendant’s only child and against the descendant’s siblings in an inheritance matter. The descendant’s siblings sought to disinherit the child using an “equitable adoption theory.” The court’s decision affirmed the primacy of statutory law over judicial fiat in property succession law. The matter also brought to light the importance of making a Last Will and Testament in order to avoid distribution of assets to undesired beneficiaries. Continue reading “New Jersey Court Rejects “Equitable Adoption” Argument in Inheritance Case”
Many individuals believe that adding a family member or loved one on a bank account will assist in protecting assets from Medicaid. However, unfortunately, this is untrue. However, adding a person as co-owner of a bank account will assist in avoiding probate. Continue reading “A Joint Bank Account Does Not Protect Your Assets When Applying for New Jersey Medicaid”
A trust identification number (TIN) is a tax identifier that is either:
On December 21, 2011, the state of New Jersey, under the authority of then-governor Chris Christie, created the standardized Practitioner Orders for Life-Sustaining Treatment (POLST) form. The state of New Jersey recognized the importance of advanced directives (living wills, in particular) and decided to create a statewide form for individuals to set limitations on life-sustaining treatment in case of incapacitation. Continue reading “What is POLST?”
