Category Archives: Estate Planning
Leaving the Family Vacation Home to Your Children Might Be More Complicated Than You Think
Whether it’s a house down the shore, a cabin in the mountains or a warm-weather getaway, many families cherish the memories they make in their vacation homes. Often, parents want to keep properties like this in the family so that their children and grandchildren can enjoy similar experiences in years and decades to come. Unfortunately, […]
Estate Planning Considerations for Blended Families
People in blended families have a lot of practice handling situations that might seem complicated or awkward to an outsider. Scheduling birthdays, holidays and school events are sometimes a challenge when parents remarry, but with some advance preparation, a satisfactory solution can usually be found. Estate planning can also be more complicated for individuals in […]
How to Prepare for the Sunset of the High Federal Estate Tax Exemption
The federal estate and gift tax exemption allows individuals to give away money or assets during their lifetime or at death tax-free up to a threshold amount, which since 2018 has stood at $13.61 million per person or $27.22 million for married couples. Since less than 0.1 percent of estates paid any estate tax in […]
Let the NJ MVC help you with New Programs
NJ Motor Vehicle’s Next-of Kin Registry Did you know you can submit your emergency contact information to the New Jersey Motor Vehicle Commission (NJ MVC)? The Next-of-Kin registry allows NJ residents of at least 14 years or older to submit and maintain emergency contact information to the NJ MVC. The information is not public. It […]
Learn About the Nation’s Oldest Medal of Honor Recipient: Nicholas Oresko
We at the Paton Law Firm, LLC. are grateful to all our veterans because we know that we owe our freedom to all these brave men and women and their families. Kimberly learned about Nicholas Oresko who was a special veteran and wanted to highlight him. Nicholas Oresko was a Bergen County resident, and he […]
Avoiding Probate by Use of Trusts and Beneficiary Designations
A significant mental block in estate planning can be the belief that you need to create an all-in-one document — ominously known as a last will and testament — that directs how all your property will be distributed upon your death. But the truth is that there are simpler arrangements you can make to give […]
Planning for Long-Term Assisted Living and Nursing Care
Seven out of 10 people in the U.S. will require long-term care in their lifetime. This includes help with activities and tasks that a person can no longer perform on their own, such as eating, bathing, dressing and attending to personal health. Whether your eventual need for long-term care results from aging, illness or an […]
Living Trusts Are Powerful Tools To Be Used With Caution
Living trusts are sometimes talked about as though they are the ultimate solution to every estate planning goal. It is certainly true that a living trust — which is simply a trust created and funded while you are alive — can help you accomplish a wide variety of things. But there is no silver bullet […]
Understanding How COVID-19 May Have Affected the Value of Your Estate
The economic and personal upheaval triggered by the COVID-19 outbreak is likely to warrant a review of your estate plan, no matter how thorough you think it is. As Americans cope with health fears and financial volatility, it’s worthwhile to determine whether a will, trust, advance medical directive or other legal instrument needs to be […]
What is “Bitcoin” and how do I include it in my Will or on my Taxes
Bitcoin is legally known as cryptocurrency. It is an Internet Asset. As the world expands and “real” life becomes intertwined with the internet, more and more people are going to have internet assets. One of the most popular forms of internet assets is cryptocurrency, for example, “Bitcoin.” Cryptocurrency actually refers to a code with a unique number […]
