Imagine the hypothetical situation where your husband died before his mother. When his mother dies, what happens to your deceased husband’s inheritance? Where does it go? Do your kids get it? Do you get it? Do your kids get completely cut out?
A Last Will and Testament is a person’s last chance to have a say in what happens on this planet earth. Some people take those desires and intentions to extremes, whether that’s by weaponizing their will and causing irreparable harm or even death; it’s further discrimination that the testator practiced in life, or just having a lark at other’s expense. Your last
Like in most things, necessity is the mother of invention. “Living wills” were first proposed by individuals who were unable to enforce medical directives through a Power of Attorney. In the 1960s and 70s, legislation was being introduced in Florida and California to give legal enforcement to living wills that It wasn’t until 1976 that California became the first state
What is a Last Will and TestamentA Last Will and Testament is a written expression of your wishes, intentions, and plans for everything you’ve earned and acquired during your life. This means what happens to your body, your kids, your money — pretty much all of your “stuff”. Over the years, we’ve learned how to make a Last Will and Testament
A few times a year we get a phone call from someone telling us that they need a trust. After talking with this person, we often learn that they heard from a talking head that they need to avoid probate and they need a trust to do that. When we start asking questions, we find out that a trust is
What is a living trust? A living trust is a legal way of holding, managing, and distributing property. That’s a lot of fancy legal jargon for saying it’s a way of owning things. You can hold anything in a trust – bank account, your house, your car, your coin collection. The list is endless. The cool thing about a trust
In 2016, the Christie administration announced that there would be a tax trade-off: New Jersey would repeal the estate tax, increase the gross income tax exclusion on retirees, reduce the state sales tax from 7% to 6.875, and then to 6.625%, and oh yeah… Increase the gasoline tax by 23 cents per gallon. So, with the repeal of the New Jersey estate tax, do
Special Needs Fairness Act On December 13, 2017, President Obama signed the 21st Century Cures Act. It already passed in the House and the Senate. This law wants to expand medical research, invest in mental health resources, and combat prescription and opioid drug addiction problems. The 21st Century Cures Act also contains the Special Needs Trust Fairness Act. This Act