Plenty of people in New Jersey get married after previously getting divorced or having experienced the death of a spouse. While a new marriage and future can and should be something to celebrate, these situations do often raise unique issues that should be addressed by both parties up front. These issues pertain to plans for each partner's assets and debts after they die.
Recently, an incredible amount of attention has focused on a massive lottery jackpot that was distributed to two lucky winners. Winning the lottery is a life-changing experience and it can be overwhelming. If you have recently won the lottery or acquired a massive amount of unexpected wealth due to some other type of gambling, it is extremely important to handle your finances properly and prepare for the future. For example, you may want to set up an estate plan to ensure that your assets will be protected. Unfortunately, some people disregard these considerations, which can be a costly mistake.
People create estate plans for a number of reasons and often want to make sure that their loved ones receive a portion of their estate after they pass. Unfortunately, there are times when this may be difficult or impossible altogether, such as someone who wants to pass down assets to a loved one, but they are addicted to drugs or gambling, for example. If you have a beneficiary who is an addict, there are a number of considerations that you should be aware of. You may want to set up a trust and take steps to ensure that your assets will not be used to acquire drugs or wasted at the casino.
People go over their estate plan for many reasons, such as splitting up with their marital partner or the birth of a child. There are many other circumstances in which you may need to rethink your estate plan, however. If you are hurt while working, for example, you may need to make changes to your estate plan for various reasons. Workplace accidents can be incredibly difficult and you may be dealing with a lot of physical pain, financial problems, uncertainty about your future and other challenges. However, you should not overlook necessary revisions to your estate plan.
When it comes to estate plans, each person is in a unique position and this is also true for those going through a divorce. Some people, such as those who have a high net worth, may face an especially difficult time when dealing with these legal matters. Whether you are approaching a high-asset divorce for the first time or you have already split up with your spouse, it is crucial to make sure that you are prepared and able to make the best financial decisions. Our law firm understands how challenging this can be for those living in Ocean County and across New Jersey, but reviewing your options could prove tremendously helpful.
If you have been named the executor of a loved one's estate, you could have many different questions. Moreover, there are a number of responsibilities you should be aware of and it is important to make sure that you take care of these obligations. Sometimes, unforeseen hurdles can also arise, such as a dispute which involves your family members and beneficiaries. For example, you may be accused of the breach of your fiduciary duties and this could have a significant impact on your life. Preventing these problems is vital and it is also crucial to handle them properly in the event that they surface.
When it comes to trusts, there are various options on the table for many people, from special needs trusts (which we have discussed on this blog) to spendthrift trusts and many more. It is important for you to pinpoint the type of trust that will match your needs the most and this can be tricky since there are many factors that may need to be reviewed. Moreover, the ins and outs of each type of trust can vary quite a bit and some offer unique advantages. In this post, we will look into charitable trusts.
Motor vehicle collisions can bring various consequences into a victim’s life. From physical pain and injuries that derail their daily life to death and financial hardships over hospital bills, car accidents can be devastating. Moreover, a crash may have repercussions that upend lives in other ways or prompt victims to reevaluate other aspects of their life, such as affecting one’s estate plan. If you have been involved in a car crash, you may need to take a second look at your estate plan for various reasons.
We have discussed some of the differences between wills and trusts on this blog and it is important for you to pinpoint the type of estate plan that will suit your needs most efficiently. Each type of estate plan offers a number of benefits for people in certain situations, whether they have a loved one with special needs or some other unique consideration. In this blog, we will take a closer look at living trusts and some of the advantages that come with avoiding the probate process.
When it comes to your estate plan, many questions may arise, such as how to distribute what you own between those you love and which type of trust makes the most sense. However, selecting an executor can be particularly tough and it is important to consider your options and find the right person. There are a number of tips you may want to keep in mind as you move forward and it is vital to thoroughly think things through before settling on a decision. That said, our law office fully understands how complex this choice can be.