A legislative change made the use of trusts less necessary for most Americans, but there are still many situations where this planning tool is the best option. When the American Taxpayer Relief Act became law, the $5 million exemption and the new rules on portability of the exemption for married…
We often hear about families who squander fortune; we hear less about families that preserve their wealth and values over generations. Successful entrepreneurs often struggle with estate planning when it comes to their children. Will knowledge of large inheritances to come create spoiled and unmotivated adults? How can wealth be…
Planning to leave an inheritance for your children requires a careful examination of all of your assets, and insurance could be part of that plan. Most couples use term insurance to help protect their loved ones pay the bills after they pass. A question answered in the NJ 101.5 article “Do…
Choosing an executor is not easy, but it is very important. A person who is not capable of managing the tasks can drive even the best estate plan off the path. Part of creating an estate plan is naming an executor who will be responsible for carrying out the wishes…
Family members are fighting to lift a shroud of secrecy following the death of a successful bishop who built a real estate empire and a megachurch. As reported in The Detroit News in "Family battles over megachurch founder's estate," the estate of a Pentecostal bishop from Detroit could be valued…
The same generation that redefined American culture is making changes to the concept of inheritance as well. A recent article in Forbes, "How Boomer Parents Feel About Leaving Inheritances," looked at two studies concerning inheritances to find that Baby Boomers are of two minds when it comes to leaving inheritances…
Should you cut the pie in equal portions? If you are preparing an estate plan and want to make sure that every one of your children receives the exact same amount of your assets because that's fair, you may want to reconsider. A post from New Jersey 101.5, "Being fair…
Most people prefer to maintain possession all of their assets, letting them go to the next generation only after they have passed away. But if a family member feels that they have more than enough money and property and others in the family are in need or would benefit from…
It’s not exactly what most parents would want their children to use their inheritance for, but we suspect that this mother would have been very proud of her son. John Bickman Walls told his son Pelle Walls, who was then 17, that his mother, Walls’ ex-wife, had committed suicide. Walls…