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Benefits of Revocable Living Trusts

As a newbie estate planner, many moons ago, I heard the “gurus” of estate planning tout the benefits of New Jersey being a “probate friendly” state. This meant that New Jersey’s court systems were easy on a family’s representative to adhere to the rules and formalities to admit the Will to probate and was also relatively inexpensive In fact, I remember an incident at a Continuing Legal Education seminar once when an older, more experienced estate planning attorney berated a young managing attorney of a boutique Trusts & Estates firm for what he called “churning out” Revocable Living Trusts (or “Rev Trusts”, as we often call them) just to make […]

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We launched a new program!

How this program may help ensure your estate plan will never let you & your family down at the critical moment   We hear it all the time when talking about estate plans—“I already have an estate plan in place, so I don’t have to worry.” But there are a few major things people don’t realize about estate planning that can put them at risk of not being prepared when the time comes. Plans need to be constantly updated, monitored and maintained on an ongoing basis. What was set up many years ago may not necessarily be current today. Asset changes, law updates and family changes can cause a well […]

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What Are ABLE Accounts and When Are They Used?

The ABLE account (or Achieving a Better Life Experience) program is likened to an Educational IRA with some differences.  An ABLE account can be set up for a Special Needs Individual who has had a disability diagnosis established before the age of 26.[1]   Special Needs Individuals who apply for disability benefits have to show that they have resources under $2k and any income that comes to them which puts them over that limit even by a dollar, could potentially trigger an ineligibility the following month.  Up to now, such individuals and their families could only set up First or Third Party Special Needs Trusts to hold any excess funds.  […]

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