Estate Planning

Reasons to Create a Will

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Reasons for a Will

There are many reasons to create a Will.  Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]

Special Needs Planning

New Law Could Require Changes To Your Special Needs Trust Plan

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Special Needs Trust as Beneficiary of an IRA

The new law specifically allows retirement money that is paid to a Special Needs Trust for a disabled person to be paid out over the lifetime of the disabled person. Whereas, retirement money paid to most adults that is not disabled must be withdrawn over ten years. Accordingly, it may actually be MORE tax efficient now to name a Special Needs Trust as beneficiary of an IRA.

Estate Planning

A Guide to Trusts for Children

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Trusts for children

When clients meet with an estate planning attorney, one of the biggest concerns that people have is that they do not want their children to receive too much money too early. Accordingly, they want to set up a trust for their children.  This is true even if the children do not have special needs or […]

Estate Planning

Nice Article on the Basics of ILITs

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The Basics of ILITs

A colleague of mine, David Saltzman, has written a nice article on the Basics of Irrevocable Life Insurance Trusts.  As he points out, setting up a life insurance trust is a great way to minimize your estate tax liability and it can be especially important in New Jersey. Dave is a great resource and knows […]

Business Succession Planning

Estate Planning with Illiquid Assets

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Estate Planning with Illiquid Assets

One of the trickiest items that we must deal with as estate planners is to help clients transfer illiquid assets. Illiquid assets can include:   retirement plans ownership in a family business real estate collectibles (such as artwork, baseball cards and comic books) expensive vehicles and even animals (such as thoroughbreds and show pets)   Illiquid assets […]