Why should I create a Special Needs Trust for my disabled child?
While many of us plan to have our inheritable assets divided equally among our children, sometimes parents of a special needs child elect to split the estate differently. To this end, a share for their disabled child can be placed in a Special Needs Trust to provide supplemental support beyond what public and private agencies may provide.
In case you are not familiar with a “holographic will,” this is not a document inspired by the movie Star Wars or another scientific source that appears and reappears when summoned.
In simplest terms, a holographic will is one that has been written and signed in the testator’s handwriting. For this type of will to be considered legal and valid, New Jersey law requires that certain elements must be present.
While elder care attorneys can assist in organizing the affairs that will occur after your death, they can also help you prepare for your declining years without becoming a burden on your family. The same lawyer who helped create your will is in the best position to help plan for long-term care needs should the situation become necessary.
What You Should Do After a Loved One Passes Away
Throughout our lives, we accumulate bank and investment accounts, income sources and debt, memberships, insurance policies, utilities, and various personal services. When we die, sometimes unexpectedly, family members or executors must deal with advising all who may be affected by our passing.
Properly closing out an estate demands more than just making sure all beneficiaries receive their shares according to the expressed desires of the deceased. If you are the Executor or administrator of a will in New Jersey, you should become aware of all responsibilities involved in closing out the estate.
Without proper estate planning, your assets can easily end up in the pockets of unintended recipients.
For example, you may be planning to leave your entire estate to a daughter who happens to be married to someone whom you may not care for or trust. Simply naming your offspring as the sole beneficiary does not keep the money out of the hands of that spouse. Once assets pass to your daughter, she may deposit the assets into accounts held jointly with her spouse, which is, of course, her prerogative.
When life is operating normally, we usually find ourselves with too little time to handle some of the less urgent matters that we face. Many of us tend to procrastinate, believing there will be plenty of time in the future to address those issues.
In January 2020, the U.S. Congress passed the SECURE Act. The legislation is intended to give Americans more flexibility with their retirement and estate planning.
Also known as the “Setting Every Community Up for Retirement Enhancement” Act, the SECURE Act provides several measures designed to help taxpayers, retirees, and others.
While some legislators and their staff obviously spent an excessive amount of time creating the acronym “SECURE,” the law does offer several valuable benefits.
While the State of New Jersey does not levy an Estate and Gift Tax, lifetime gifts of significant value do have IRS reporting requirements that givers should note. Note that the tax treatment of gifts is often confusing and can affect the giver’s tax liability. A donee or recipient of the gift does not pay income tax on the money received.
Executors undertake many duties while assuring the proper division of assets according to the wishes of the deceased. The responsibilities must be performed in accordance with the laws of the state in which the testator resided.
If the person had died without a will, the court would identify an administrator to manage the estate with the same responsibilities as a named executor.
