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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments

The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial

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Will Inflation Hurt Stock Returns? Not Necessarily

Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on

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Maximize Your Charitable Impact with These Four Strategies

As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There

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What to Know About Telling Your Kids After You Have Done Your Estate Planning

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Category: Estate Planning

Estate planning is a very personal process but because of that, many people choose to put it off until it is too late. Thereby, leaving their family members to try to pick up the pieces after a financial disaster caused by someone’s mental or physical incapacitation or sudden death. For these reasons, it’s important to at least have a conversation about the benefits of estate planning and how you’ll break the news about what you decided to your kids. 

Many people are confused about just how much information they should give to their children about estate planning and whether or not these documents should have copies made and given to the kids. There is no one-size-fits-all answer about how much information should be shared with children since every person’s circumstances are different. Many people share a lot of information with their clients.

Most people who meet with a probate lawyer after a person has passed away within their family already know what’s in the estate plan but might not have copies of the critical documents. Usual recommendations from estate planning attorneys are to keep the estate planning documents in a secure, accessible and safe place.

These documents are extremely important and they may be needed someday and in the heat of the moment, you want to ensure that everyone has access to them.

Giving copies of these estate planning documents to an experienced estate planning attorney and advising key family members who may be stepping in in the event of an incapacitation or sudden death, about how to find this information, can be instrumental in minimizing the challenges typically associated with estate planning.

If you have a plan developed well in advance and things are organized in a clear and easy to locate manner, you are that much more likely to be effective with communicating these goals to family members and enabling them to find this critical information when the time comes about. Bear in mind that your decision about how much to share with your family members regarding your estate plan is ultimately up to you and that many people choose customized decisions based on how comfortable they feel with the relevant family members.

You can ask questions of your estate planning attorney to help figure out what may be in your best interests.

 

What Are the Four Most Common Mistakes that Celebrities Make?

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Category: Estate Planning

Each time a celebrity passes away, we typically get the opportunity to learn from his or her mistakes. Read on to learn more about the four most common mistakes made by celebrities. It’s currently being reported that pop star Prince may have died without a will and this is one of the biggest estate planning problems. estate planning attorney NJ

No Will

Most individuals want to have some say over how their assets are distributed after they pass away. So, it can even be more shocking realize that as many as 2/3rds of the adults do not have a simple will. Singer Amy Winehouse passed away without a will and left behind a $6.7 million estate.

Failing To Update Their Estate Plans

Having a trust or a will is an important first step as long as it reflects your current wishes. Learn from the estate of Michael Crichton for whom the 2007 will was never updated.

When he passed away, his  sixth wife was pregnant at the time but his will had language disinheriting future children.

Failing to Set Up a Trust

Without a private trust, the details of how you chose to pass things on can be visible to anyone. Whitney Houston’s estate was largely visible to the public as a result of this problem.

Forgetting to Plan

Some people are under the impression that  estate planning is only for handling your affairs after you pass away. There are also plenty of estate planning documents like a power of attorney to help you in the event that you become incapacitate while you are still alive.

Busting Common Trust Myths

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Category: Estate Planning

Used properly, a trust can be the right tool for managing or transferring your assets. Here are three common myths about trusts to help you get the truth.

Busting Common Trust Myths

(Photo Credit: mythbustersreviewusa.blogspot.com)

Trusts Are Too Complicated

Some believe that trusts take too much work in order to get the most out of them. Assets have to be moved into the trust, usually using a formal designation of ownership from one or more people into the trust. If assets are not precisely retitled, surviving family members might have to go through probate anyways. Avoiding probate is one common reason to use a trust. The bottom line is that trusts don’t have to be that complicated if you structure them properly under the guidance of an experienced attorney.

Only Rich People Need Them

Even if you’re of limited means, there could be benefits to using a trust. Avoiding probate by paying the upfront costs to hire an estate planning attorney to draft your trust could be well worth the payoff in the long run. Trusts can make it much easier for your beneficiaries to receive the assets you’d like them to have.

You Don’t Need a Trust Until Death

A trust developed during your life can outline your plans for handling your affairs if you were to become incapacitated. There are big long term advantages to setting up a trust that works for you while you are still alive.

Interesting in putting together a trust? Call us at 732-521-9455 or through email at info@lawesq.net to begin.

Summer Wrap Up: Estate Planning For Your Vacation Homes

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Category: Asset Protection

The close of another summer is a great time to think about your future plans for any family-owned vacation homes. It can be really hard to sell a property where it requires approval from all children, and it’s often difficult to make these “equally split” arrangements work.

Summer Wrap Up Estate Planning For Your Vacation Homes

(Photo Credit: gsacpas.com)

Start by thinking about your goal for the home: do you want it sustained for future generations, do you want it to become the property of just one or two children, or do you not have anyone to establish as the asset recipient at all? These are important questions that will help guide the future of your vacation home.

Trusts can be a great way to manage the future of vacation homes. They can be used to help pay for expenses or create a usage schedule, which is especially helpful when there could be multiple owners. To figure out the proper amount to put aside for expenses, you can create a list of what’s needed on an annual basis, including property taxes, insurance, routine maintenance, and repairs. This can help to eliminate arguments later on.

In the trust, it’s also important to outline the rules under which the house can be sold. This should be done even if there are no immediate plans to sell the house. Talk with an estate planning attorney to determine the best way to structure your vacation home future plans and possible trust. Reach out to us at info@lawesq.net or over the phone at 732-521-9455.

Newlywed Estate Planning

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Category: Beneficiaries Blended Families Divorce Estate Planning

While there is a great deal to celebrate getting ready for your wedding, don’t neglect this excellent opportunity to delve into your estate planning as well. Unfortunately, as you may already know, accidents can happen at any time. Of course we all hope that nothing impacts your new family and celebrations, but it is critical that you discuss your plans with your new spouse and outline your plans early. Remember that it will be much easier to update them later on once you have decided on the proper documents, but that you should never neglect putting your plan together entirely.

Newlywed Estate Planning

Photo Credit: gogirlfinance.com

You can begin with small steps, like changing your account beneficiaries. This is one of the easiest things to do in your overall estate plan, but there are big ramifications if you’re adding on your new spouse. Do it early. Make sure you update your life insurance, IRA, and 401k accounts, including any others that may have beneficiaries listed in the event that something happens to you.

Your next step should be to look over any wills that both of you have and to ensure that each individual has a solid will reflecting his or her current wishes. Powers of attorney and medical directives are also crucial for new spouses who may be updating their information from the past to reflect their new marriage. For more ideas about transitioning your estate planning to married life, contact us through email at info@lawesq.net or contact us via phone at 732-521-9455 to get started.