Your New Jersey Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for New Jersey Residents

Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your New Jersey Wills, Trusts, &...

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Overview

Few people want to think about what would happen to their family if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your New Jersey Wills, Trusts, & Estates Explained Simply will help you glide through this complicated process. This new book has been adapted to offer New Jersey residents state-specific advice for estate planning. Author Linda C. Ashar, attorney at law, has crafted an estate planning primer, allowing New Jersey residents to become more informed and more involved during the process.

Your New Jersey Wills, Trusts, & Estates Explained Simply will provide all the information you need to choose, set up, and execute a will, trust, or estate. You will learn the legal terminology, including beneficiary, probate, trustor, trustee, assets, guardianship, and executor. You will also learn about trust agreements, trust property, settlement costs, life insurance, durable powers of attorney, marital deductions, gift splitting, survivorship deeds, gift tax issues, generation skipping transfer tax, tax deferred accounts, and advance directives.

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Product Details

  • ISBN-13: 9781601384201
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 12/30/2012
  • Pages: 288
  • Sales rank: 1,384,406
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.90 (d)

Table of Contents

Introduction: Estate Planning: What is It? 9

Chapter 1 Getting Started 11

Estate Planning Simplified 12

Everyone Dies: A Simple Statement with Complicated Implications 13

Money Talk 15

I Do What with All This? 16

Here and Now 20

What This Work Can Do 25

What Exactly is Involved 26

Chapter 2 Estate-Planning Basics 31

Debunking Myths 33

Your Estate 36

People 38

Who Will Carry Out Your Wishes in Your Place? 47

People of Influence 55

Chapter 3 s Components of an Effective Estate Plan 59

Legally Speaking 60

Defining Your Estate 64

Pass the Parchment 64

Chapter 4 s Taxes 79

Federal First 80

Now for the State 85

When, Not If, You Pay 87

Chapter 5 Wills 99

Will Basics 100

Wills Defined 101

The "Other" Will 109

People Speaking for You 111

Change and Your Will 113

Chapter 6 Trusts 115

What is a Trust? 116

Types of Trusts 121

Pros and Cons of Forming a Trust 126

Chapter 7 Insurance 129

Insurance for Here and Now 131

Insurance for After You Are Gone 140

Varying Beneficiaries 142

Chapter 8 s Retirement Accounts 145

Your Nest Egg 146

IRAs and Then Some 150

Your Government Nest Egg 152

Protecting Your Eggs 155

Retirement/Estate-Planning Strategy 156

Chapter 9 Setting Priorities 161

Your Own Who's Who 162

Memory Lane 167

Your "People" 170

Must-Do List 172

Chapter 10s Choosing Who, What, How, When, and Why 175

Who and When: The Matching Game 176

When: Today, Tomorrow, or Later? 179

How: The Professionals 181

Chapter 11 Planning Your Estates: Last Will and Testament in New Jersey 189

Elements of a Valid New Jersey Will 190

Changing Your Will - Codicils 194

Will Revocation 196

Beneficiaries, Debts, and Entitlements 197

Bequests to Minors 198

Spousal and Family Allowance 199

Intestate in New Jersey 199

Death Taxes 200

How Your Will Might be Challenged 200

A Different Type of Will - Your Living Will in New Jersey 201

Chapter 12 Keeping it Current 203

What Changes? 204

What Does "Maintenance" Look Like? 206

What to Go Over 210

Your Desk 211

One Last Motivator: Probate and You 213

Conclusion 221

Appendix A Estate-Planning Worksheets 223

Your Estate in Black and White 223

Prioritization 226

Who, What, How, and When 227

Essential Documents and Accounts Inventory 228

Party Planning with an Unusual Twist 247

Estate-Plan Summary Sheet 249

Annual To-Do List 251

Appendix B Glossary of Terms 253

Appendix C New Jersey Advance Directive Forms 275

Bibliography 283

Index 285

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