Two-time Oscar winner Gene Hackman and his wife of 34 years, Betsy Arakawa, were found dead in their home in February. An investigation revealed that she had died first, and Mr. Hackman about a week later. Their wills, filed in probate court two weeks later, reveal a thoughtful estate plan. Simultaneous deaths. Under the common…
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Choices About What Will Happen To Your Body When You Die
Most estate planning discussions are about the transfer of wealth in order to create a lasting legacy. Although this might be the most important thing to consider for those that remain, a question that doesn’t get quite as much attention may be a bit more personal and even harder to think about – What will…
Inheritance Protection Plans
There are three primary methods for distributing an inheritance: Outright. The simplest approach is to give the heir full control of the inheritance, without restrictions. For heirs with sufficient financial maturity and investment savvy, this may be appropriate. General needs trust. Trust planning comes immediately to mind when planning for a surviving spouse or an…
Who Is the Right Trustee — Family, Friend or Corporate — For You?
Choosing the right trustee for your estate plan is one of the most critical decisions you’ll make. Many individuals initially lean toward appointing a family member due to familiarity or cost-saving assumptions. However, this decision can lead to unintended challenges. Instead, selecting a corporate trustee, such as Garden State Trust Company, can provide long-term benefits…
Take Care of an RMD With a Charitable Gift
Traditional IRAs and 401(k) and similar retirement plans have the wonderful feature of using pre-tax income to maximize the retirement nest egg. Eventually those deferrals—and their earnings—must face the tax man. For those turning 73, or those that are older than 73, Required Minimum Distributions (RMDs) must occur every year. The minimum amount that must…
The Large Community of People Aging Alone
Those who have been caregivers become familiar with the needs of the aged, and they know caregiving can be time intensive. Should one not have family to rely upon, concerns may grow about who is going to fulfill that role of caregiver for them. However, as the number of people aging alone has grown substantially,…
Am I the Inside of a Caregiver Sandwich?
Did you know that the sandwich’s supposed inventor was John Montagu, the fourth earl of sandwich? If John knew the extent to which sandwiches have progressed since he died in 1792, or even how we’ve expanded the use of the term beyond its culinary applications, he might be quite impressed by his legacy. When it…