Estate planning lawyers help people facilitate postmortem asset transfers, but there is another element that can be overlooked. You should do everything possible to preserve your legacy for the benefit of your loved ones, and asset protection is part of this equation if you are a business owner. Potential Legal Actions If you are doing business as a sole proprietor, there is no legal separation between your business and your personal property. A litigant who files an action against your business could potentially reach your personal property. This is a risk that you do not have to take because ..read more

For a loved one with disabilities who relies on Medicaid and Supplemental Security Income (SSI), inheritance planning presents both opportunities and challenges. One critical question often arises: “Can a special needs trust preserve my inheritance?” The answer is nuanced, involving both affirmative and cautionary aspects. This article will explore the role of a first-party special needs trust in preserving an inheritance while considering the implications for Medicaid’s estate recovery. The Role of a Special Needs Trust A special needs trust (SNT) is designed for people with disabilities to h ..read more

When it comes to estate planning, understanding the nuances of asset protection within different trusts is key. A common query is whether a revocable living trust offers asset protection. This blog delves into the specifics of revocable living trusts, their transformation upon the grantor’s death, and the role of irrevocable trusts in safeguarding assets. Revocable Living Trusts Explained Revocable living trusts are flexible estate planning tools that allow you to maintain control over your assets during your lifetime. These trusts can be altered or completely revoked as your circumstances cha ..read more

One of the first questions that people ask about the process of estate planning revolves around taxation. Do you have to pay taxes on an inheritance that you receive? In this post, we will address this question from every direction and provide you with the appropriate answers. Income Taxes The Internal Revenue Service wants to know about income from every imaginable source, so it is natural to assume that an inheritance would be taxable. In fact, this is not the case at all. You do not have to report an inheritance when you file your income tax returns. Capital Gains [Read more...] The post Wi ..read more

Wartime veterans, you have dedicated your lives to serving your country. Now, it’s crucial to understand the benefits available to you, particularly the Veterans Pension program. This program provides monthly payments to eligible veterans, ensuring financial stability during their later years or in times of disability. Eligibility Criteria: Key Requirements To be eligible for Veterans Pension benefits, you must meet specific criteria. Firstly, you need a non-dishonorable discharge from service. Additionally, your yearly family income and net worth should be within limits set by Congress, exclu ..read more

When it comes to estate planning, understanding the nuances of trusts is crucial. In a broad sense, they are broken up into two distinct categories: revocable and irrevocable trusts. Each type serves a distinct purpose and offers different advantages and limitations. This guide will help you navigate the complexities of trusts and decide which type aligns with your estate planning goals. Revocable Living Trusts: Flexibility and Control A revocable living trust stands out for its flexibility. As the grantor, you maintain control over the assets within the trust and can alter or dissolve the tru ..read more

Intestacy – the state of dying without a valid will or estate plan – is a scenario that many individuals prefer to avoid discussing. Yet, understanding the risks associated with intestacy is crucial for every self-supporting adult. In this blog post, we’ll explore the potential pitfalls of intestacy and why seeking the guidance of an estate planning lawyer can alleviate the burden of procrastination and ensure peace of mind for the future. The Consequences of Intestacy When a person passes away without a will or estate plan, their assets are distributed according to the laws of intestacy in th ..read more

When diving into the world of inheritance planning, the array of terminology can seem like a maze. Yet, grasping these fundamental terms is paramount to crafting a comprehensive plan that safeguards your assets. In this initial segment of our two-part series, we’ll unravel essential estate planning terms to empower you in navigating this critical process. Simple Will A will stands as the cornerstone of estate planning. It serves as a legal document detailing your wishes regarding the distribution of assets upon your passing. Within a will, you specify beneficiaries and outline guardianship for ..read more

Many people assume that a simple will is the right asset transfer document to use unless you are extremely wealthy. In reality, this is a widely embraced misconception. In this post, we will look at three reasons why you should consider using a trust instead of a will. Medicaid Eligibility Medicaid can be quite relevant even if you will qualify for Medicare because Medicare does not pay for long-term care. Over half of seniors will need paid assistance at some point in time, so this is something that everyone should take seriously. The Medicaid program will cover a stay in [Read more...] The p ..read more

When you achieve your financial goals, you can breathe a sigh of relief and enjoy your good fortune. However, there is one negative that goes along with a high level of financial success. Estate taxes can significantly impact your legacy. There is a federal estate tax that people all around the country have to contend with, and some states have state-level estate taxes. Fortunately for us, New Jersey is not among them. In this post, we will look at the qualified domestic trust (QDOT), which is a legal device that can be used to provide estate tax efficiency for non-citizen [Read more...] The p ..read more