Preparing your estate when you own a business in New Jersey creates a unique dynamic that requires logic, precision and planning. Finding the right people to take over the responsibilities of managing your company will greatly impact the future of your organization....
Estate Planning
Intestate succession in New Jersey
For many people in New Jersey, the estate planning process presents the potential for stress and anxiety due to concerns about offending potential beneficiaries. Many may use the potential for this fear as a reason for avoiding the process altogether (going instead to...
What is a simple will?
Many Americans think that estate planning should wait until after retirement, but this is not true. No matter where you are in life in terms of age or assets, an estate plan is beneficial in case the unexpected happens. However, many younger individuals do not need as...
What are options for transferring your business?
New Jersey business owners often deal with more complex matters of estate planning. You not only have your personal finances and assets to manage, but those of the business as well. This means part of your estate plan must handle matters of business after your death....
Should I put my child’s name on my deed?
For the most part, people involved with estate planning want to avoid probate. There are many reasons for this: probate can be time-consuming, expensive and the records are public. However, not all strategies to avoid probate are good ones. Many seniors think that...
Guardianship considerations for your children
For many people, the thought of estate planning raises questions about how their assets may be distributed among their beneficiaries after they die. This, however, is only one element of an estate plan for people with minor children. Determining who will raise a...
The benefits of an estate plan vs a will
Having a will can help you rest easier, knowing that your assets will go to loved ones and charities per your wishes upon your death. It can also help avoid the expense of probate. However, a will can only take care of some aspects of your wishes. We often help...
You are the executor, and they have just passed. Now what?
Being an executor is a big responsibility. Arranging and following the estate through probate, taxes and proper division of assets involves a lot of paperwork and waiting. New Jersey's Division of Taxation provides a pamphlet with guidance to your first few steps....
Accepting the role of personal representative
You may become the personal representative of an estate in two ways: the decedent named you executor in the will, or the court named you administrator. Either way, your duties are the same. The role of personal representative includes a number of responsibilities...
Protecting estate assets from taxes
One of the main purposes of estate planning is to ensure that as many as possible of the assets that you have spent a lifetime accumulating are available to be passed on to your beneficiaries in Florham Park. That said, you are likely already planning for some of...