A qualified terminable interest property (QTIP) trust gives a person in New Jersey the right to control what happens to their assets if a spouse outlives them. The surviving spouse receives support from this trust, and then, the benefits go to the first spouse's...
If you possess significant assets in New Jersey and are planning your estate, one of the most pressing concerns is likely how you'll bequeath your assets to your children and descendants. This is a decision that involves significant thought, as family relationships...
Inheriting an individual retirement account can be confusing. Those who find themselves new owners of these retirement assets often find themselves simultaneously considering planning for their own New Jersey estates, current finances and taxes. Making the right...
Gift tax is a tax the government imposes on gifts of money or property made from one person to another. The federal government and many states impose it, but New Jersey is one of the few states that does not impose a gift tax. Federal gift taxes Federal gift taxes are...
Being the beneficiary of a will in New Jersey means you may have to pay inheritance tax. The amount of tax owed depends on the relationship between you and the deceased and the estate's value. It is essential to understand the different types of inheritance taxes,...
Planning your estate in New Jersey will require a great concentration of focus and energy. The goal will be to mitigate the probate process as much as possible. The goal will be to keep as much control as possible over the estate. You will then need to know how to...
A living trust can be beneficial if you are planning your estate and want to avoid a lengthy probate process in New Jersey. When done correctly, a living trust can create a clear plan for protecting and distributing your assets. Forming a living trust If you choose to...
In New Jersey, estate planning provides a safe, legal way to transfer your assets to your intended beneficiaries. However, the process involves more than simply writing and executing a will. The following five tips can help you have peace of mind that you have...
Planning your estate in New Jersey has become both easier and more complex with the rise of the internet. How well you can adapt to new conditions will depend on your knowledge of the digital realm and how it works. What is included in a digital estate? In broad...
Taking care of your loved ones after you're gone is possible with a plan for your New Jersey estate. You can leave behind money, property and other assets to your spouse, children or other family members through estate planning. But you'll need to fill out a few...