As you consider how to best provide for your loved ones after your death, you may run into a snag. You own a home that you and your current spouse occupy, but you don't want it to become part of your surviving spouse's estate upon his or her death. Instead, you want to be sure that it passes to your child from a prior relationship upon your spouse's death.
As New Jersey continues to recover from all of its economic hardships, you may consider starting a new business. After weighing all of the pros and cons of each type of legal entity, you settled on a corporation. You more than likely chose this type of entity, at least in part, due to the significant protections for owners and shareholders when it comes to liability.
Running a business in New Jersey has its challenges, so if yours is successful, you may have beaten the odds. While you are willing to work within rigid laws and high taxes, you may not be thrilled about more policies that pressure you to make adjustments for environmental protection.
If you have always wanted to own your own business, you have likely done your homework. Your decision to be a business owner may have taken many turns during your investigation, and you may not be certain you are ready to take on the responsibilities of starting a company from scratch. There is a great deal to consider, not the least of which are the time and expense.
When you are ready to buy a home, you want it to be perfect. Your home will likely be the single biggest purchase you will make, and aside from it being a warm place to welcome friends and raise a family, it is also an investment.
When you walked through the freshly painted and carpeted home that you ultimately rented, you may not have thought to ask whether it had suffered any water damage. After all, it looks beautiful, and you had no reason to suspect that a danger to your health could be lurking in the walls.
It is impossible to plan for the future, but New Jersey residents know that there are certain things that they can do to be better prepared for what happens in the years ahead. One of the ways to do this is to have a thoughtful estate plan in place. However, there is no one-size-fits-all approach to estate planning, and the tools you need depend largely upon your individual situation and legal objectives.
Walking along a sidewalk or through a crosswalk in New Jersey is not supposed to be a life-threatening situation. Sadly, however, according to National Highway Traffic Safety Association reports, you and your loved ones are at great risk for injury any time you take to the roads as pedestrians. In fact, the NHTSA has determined that at least 5,000 fatalities occur each year in incidents where motorists run into pedestrians; this doesn't even take into account the many other ways pedestrians may be injured.
Have you talked to your parents about their plans for the future? Most likely, they have eagerly shared their retirement goals, their vacation agenda and perhaps even their ideas for downsizing. However, do you know if they have made their final arrangements? Do they have a will? Do you know what their wishes are if they should become incapacitated?
Creating an estate plan seems simple. You meet with an attorney, draw up your documents and sign them. Then, when your life is over, your children inherit your property, and everyone is happy. However, it doesn't always work out so neatly, especially when loved ones realize the property they inherited is contaminated.