Many people want to know does it make sense to put my house in a trust. Often, this question comes up with a vacation home, or a home that has been in the family for some years and the family wishes to keep the home in the family. A trust can give you better control than a will or a deed over how your assets are transferred from one generation to the other. And, a trust may offer other advantages such as asset Read More
When Should I Make A Will
When should I make a will? Obviously, no one wants to think about his or her own death, let alone prepare for it. However, it’s important to understand that writing a will doesn’t mean you’re planning to die any time soon. In fact, it could take months or even years before you actually pass away. So, when should I make a will? Well, it’s not just because you might get hit by a bus tomorrow. Writing a will and other Read More
10 Things To Know About Writing A Will in New Jersey
Below are 10 things you should know about writing a will. Did you know that according to an AARP survey, 2 out of 5 people in New Jersey over the age of 45 don't have a will? What is a Will? A will is simply a legal document in which you, the testator, declare who will manage your estate and who will get your "stuff" when you die. What Happens If I Don't Have a Will? Putting your wishes on paper helps your heirs Read More
How to Choose a Trustee For Your Family Trust
If you're in the process of setting up a trust or if you're reviewing a trust set up some years ago an important part of the process and worthy of careful consideration is who to choose to act as trustee of your trust. Typically you will be the first trustee but your chosen successor trustee will take over management of the trust when you are gone. This person will be making all the decisions once you're gone and Read More
How to Choose a Financial Adviser
Financial advisers help people manage their money and reach their financial goals. They can provide a range of financial planning services, from investment management to budgeting guidance to retirement planning. Picking the right financial adviser for your situation is key — doing so means you won't end up paying for services you don't need or working with an adviser who isn't a good fit for your financial goals. Read More
10 Questions to Ask Before You Hire a Financial Adviser
Most people don't know how to hire a financial adviser. Often we will get a referral from a friend or a professional such as a lawyer or account. Often these are good methods of finding a good investment adviser. But, if you are creating a family trust and want to hire a financial adviser to manage the money in the trust, you probably want a traditional personal financial adviser or financial consultant. You Read More
What is the difference between a living will and an advanced healthcare directive?
What is the difference between a living will and an advance healthcare directive? Well, these terms can be confusing but the short answer is that a living will is a type of advance directive, while “advance directive” is a broad term used to describe any legal document, or set of documents, that addresses your future medical care. Living wills are advance directives, but not all advance directives are living Read More
When To Update Our Wills: Newly married with a new baby.
Mom and Baby Q: I was recently married and we just had a baby. My husband has a Will that he had prepared before we were married leaving everything to his sister. Is that will still effective or should he make a new one? If he doesn't update it, will everything actually go to his sister? A: It is very important to update Wills and account beneficiaries upon the occurrence of a significant life event such as a Read More
Qualify for Medicaid With a Miller Trust
Many seniors find themselves in need of Medicaid to pay for their long-term care but are surprised to learn that their modest monthly income may disqualify them. The reason for this is that Medicaid is a “means-tested” benefit. In other words, you must not have income exceeding certain thresholds in order to qualify and receive Medicaid benefits. For example, in New Jersey, the monthly income limit for nursing home Read More
Do I Need an Estate Plan in my 20s or 30s?
Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You — and the people you love — will be glad you did. If you think you’re too young — think again. Incapacity can occur at any age. Most people prefer to have control over what happens to their belongings when the unthinkable happens. But when there’s no plan in place, the state Read More