On behalf of Turteltaub & Turteltaub, P.A. posted in Estate Administration on Saturday, May 19, 2012
Estate administration is the process of supervising someone's estate after they pass away, but in the case of celebrities, it could also mean keeping someone's image relevant and commercially viable with the public.
New Jersey residents may not have heard the news about the newest partnership between Michael Jackson and Pepsi. A strange pairing indeed, especially after their last tumultuous partnership, but they are again partners in a venture to promote Pepsi's one billion cans and the anniversary of Michael Jackson's 'Bad' album. The estate administration executors for this move appear to be savvy because it could bring additional funds for the benefit of the estate's heirs.
On behalf of Turteltaub & Turteltaub, P.A. posted in Guardianships on Thursday, May 10, 2012
No one expects to pass away young or die suddenly, but it can and does happen. Things like this make having a will and determining guardianships of minor children so important. Taking care of one's financial affairs and ensuring that a will is in order early can avoid throwing a family into emotional and financial chaos. For someone who has children, failing to ensure proper guardianships for them could allow the state of New Jersey to step in to manage affairs according to the law and not by one's final wishes.
For many people, the process of filing a will is something that causes them to have to consider their own mortality, so it is often never completed. However, with young children, not having a designated guardian could affect the children detrimentally and cause them to come into the care of someone the parent never would have wished for them to be with.
On behalf of Turteltaub & Turteltaub, P.A. posted in Estate Planning on Friday, May 4, 2012
It is never too early for estate planning in New Jersey because as life changes, so can any estate plans. Making sure updates occur every few years and also notifying the family of existing estate plans or any changes that occur can ensure that when the time comes, no one is taken by surprise. Life can be complicated and estate planning can cause some difficult conversations to occur. While every family has issues within it, taking the time to have an honest conversation with family members may short-circuit problems before they even start.
Typical family issues include multiple marriages, children from previous relationships, those who are unable to properly manage money or just all around immature and irresponsible family members. Addressing these issues early can allow families to come to a decision before it is too late. Having a will provides for the specific distribution of property and spells out who receives what and how. A trust may also be required to ensure that the will is properly carried out, depending on family circumstances.
On behalf of Turteltaub & Turteltaub, P.A. posted in Inheritances on Friday, April 27, 2012
Some residents of New Jersey may be surprised when they receive an inheritance. Younger people, whose parents or other relatives who pass away suddenly but previously took the necessary time to plan their estate, may find themselves the recipient of an inheritance they had no idea existed. During the next 50 years, over $41 trillion is expected to be transferred to heirs. This number is said to represent the largest transfer of inheritance wealth in the history of the United States.
For many people who have been educated in the management of inheritance, receiving one may not be overwhelming. However, for those who have become accustomed to living paycheck to paycheck, receiving an unexpected windfall can be daunting and risky if it is not managed correctly. Several steps can help ensure an unexpected inheritance is well-managed and allows it to be used in the spirit in which it was intended.
On behalf of Turteltaub & Turteltaub, P.A. posted in Inheritances on Saturday, April 21, 2012
The Senate Finance Committee considered legislation earlier this year that would have required heirs to fully drain individual retirement accounts that were inherited from family members. This proposed law would have mandated heirs to withdraw all monies in these accounts within five years of the inheritance. While the proposal was subsequently abandoned, its passage could have negatively impacted a significant benefit to families in New Jersey and elsewhere.
Many New Jersey families do cash out these types of accounts, but such decisions may have negative long-term consequences. Once the money is withdrawn from the individual retirement account received by inheritance, it can't go back in. Moreover, some observers say that financial professionals do not always do a good job of handling the paperwork, which sometimes results in losing many of the financial benefits the funds provide. There are some specific issues that can arise during the transferring process.
On behalf of Turteltaub & Turteltaub, P.A. posted in Trust Administration on Tuesday, April 10, 2012
New Jersey residents in the estate planning process likely realize the amount of work and sound judgment required to create a strong plan. While it is important to ensure that your heirs are taken care of through inheritances or the creation of a trust, it is more important to avoid potential problems that can occur while in the estate planning process. Using good judgment and employing sound paperwork can keep an estate plan out of litigation.
When establishing a trustee, it is imperative that the person chosen for the position possesses loyalty, impartiality and prudence. Trustees hold important roles and can wear several job hats, including accounting and compliance. They should possess loyalty to the beneficiaries while also exhibiting impartiality in their jobs. Choosing the right trustee can avoid arguments in the long run and can ensure that your wishes are carried out.
On behalf of Turteltaub & Turteltaub, P.A. posted in Estate Planning on Thursday, April 5, 2012
No matter how wealthy a citizen of New Jersey may be, estate planning is always a good idea. An estate is comprised of everything that one owns, whether it's property, personal items or bank accounts, but it can also refer to responsibilities pertaining to children or even business interests.
Estate planning is a way to divide assets, decide which beneficiaries will receive what properties, money or items and also allows the planner to decide who will take over administrative responsibilities after death or incapacitation.
On behalf of Turteltaub & Turteltaub, P.A. posted in Estate Planning on Tuesday, March 27, 2012
Like other areas of the law, estate planning changes with the times. And times are changing in New Jersey and throughout the country, and they have had a significant impact on how people and families address estate planning needs. There are a couple of circumstances at play that have altered the way in which inheritances are viewed and how to deal with increasingly complicated issues. And baby boomers, once again, are right in the middle of the discussion.
For one thing, people are living longer. That's the good news, although it is tempered somewhat by a statistic that indicates some 50 percent of those living beyond the age of 85 suffer from Alzheimer's disease. And that translates into potentially staggering costs for medical care. Indeed, the segment of the population said to be growing the quickest includes those seniors between 85 and 94, which increased by 30 percent in the last decade alone.
On behalf of Turteltaub & Turteltaub, P.A. posted in Inheritances on Wednesday, March 21, 2012
Baby boomer children in New Jersey and elsewhere may find their inheritance will not come as easily as they expected. With a higher life expectancy in this country, many children are surprised to find they are responsible for taking care of aging parents. In this generation, many are operating under the mistaken assumption that Medicare and other benefits will foot the bill for their parents' medical care. As health care costs rise, their inheritance can dwindle.
With the increase in blended families and a longer life expectancy, dividing an inheritance can become even more difficult for the elderly parents. Some 13 percent of the U.S. population is now elderly and those numbers are expected to rise up to one-fifth of the population by the year 2050. While this is mostly good news, half of the elderly people who live over the age of 85 may have to deal with Alzheimer's disease, a debilitating disease that can destroy one's quality of life while also causing the assets of the parent to diminish rapidly.
On behalf of Turteltaub & Turteltaub, P.A. posted in Estate Planning on Tuesday, March 13, 2012
For New Jersey residents who have already placed estate planning behind them, it may be a good idea to set a schedule for a periodic review. Life circumstances can change at any given time and forgetting to make corresponding changes in your estate can lead to potentially disastrous consequences. Also, state regulations and laws concerning estate planning can also change, making the best laid plans quickly outdated.
Checking the signature on the will is an important part of the review process. Having an old or outdated will could result in an expensive and time-consuming probate litigation battle. People who have been divorced or remarried should make it a priority to change their wills as soon as they have finalized their divorce paperwork. Care should be taken to ensure all documents reflect current intentions, and the review should include beneficiary designations for life insurance and retirement plans.
