Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comKey Contacts
Back
A number of people make the assumption that they do not need to worry about estate planning, particularly if their estate will be under $5 million, the federal exemption.
However, while an estate below this level will not necessarily incur any federal taxes, there are a number of other benefits to ensuring that your affairs are in order.
Will
Even if you aren’t worried about how your estate will be taxed upon your death, you may still want to put your wishes in writing, detailing to whom your possessions will pass, rather than leave it up to the courts. In particular, a simple will is important if you have multiple children. A death in the family is invariably a stressful time, and a written will can go a long way toward avoiding arguments between family.
Living will
There are a number of adults who write out a will, but fail to write a living will, which contains a set of instructions to your physician in the event that you are alive but unable to give these instructions yourself. A living will specifies whether you want to receive certain life-sustaining procedures if you are in a persistent vegetative state or have been diagnosed with a terminal illness.
Medical power of attorney
Similar to a living will, medical power of attorney specifies who may make medical decisions for you if you are unable to make them yourself. This document may also be used to specify who will serve as your guardian if you are mentally incapacitated.
Financial power of attorney
This document designates a person who will manage the affairs of your estate and make financial decisions on your behalf if you are unable to do so yourself. This person may manage assets titled in your name, including retirement plans
Many of these documents can specify a spouse, but it is important to name a backup as well, in the event that you are both incapacitated or otherwise unable to make important decisions. Through careful decision making with a financial planner, you can help your family to avoid significant difficulties down the road.
- Practices: Sophisticated Estate Planning & Wealth Preservation, Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Author: George McGowan
Fort Monmouth Redevelopment and the Transformation of Monmouth County Real Estate
The Fort Monmouth redevelopment has entered its execution phase, and it is repositioning the broader Monmouth County real estate market. When Netflix and the Fort Monmouth Economic Revitalization Authority closed on the 292-acre Mega Parcel in December 2025, the transaction did more than hand over a deed. It marked the moment Fort Monmouth stopped being […]
Author: Donald M. Pepe
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
Author: Donald M. Pepe
Real Estate Litigation Explained: Top 5 Disputes and How to Avoid Them
The five most common real estate disputes are breach of contract claims, landlord-tenant conflicts, zoning and land use disagreements, construction claims, and boundary disputes. Understanding why each arises, and taking preventive steps early, can help property owners, tenants, developers, and investors avoid costly litigation. Key Takeaways: Real estate transactions are complex endeavors involving numerous parties […]
Author: Paul Grossman
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.