Lastwill.Legal

03/13/2025

Warren Buffett’s advice on estate planning? Don’t wait. No matter your wealth, having a plan ensures your assets go where you intend—avoiding disputes and confusion. A qualified estate planner can help make the process smooth and stress-free.

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Estate planning can be complicated -- and not just for the rich. Though the word "estate" is often associated with the upper class, an estate is anything that will be left to heirs after death. This...

11/11/2024

At The Law Office of Barry E. Janay, P.C., we understand that inheriting wealth can come with unexpected tax burdens. While the federal government imposes estate taxes on large estates, inheritance taxes are paid by the heirs themselves in certain states—specifically Nebraska, Iowa, Kentucky, Pennsylvania, New Jersey, and Maryland.

The amount you may owe often depends on your relationship to the deceased and the size of your inheritance, with closer relatives generally paying less or sometimes even being exempt.

Our firm is here to help you navigate these complexities. We can guide you through state-specific inheritance tax requirements and explore strategies to minimize the financial impact on your legacy. Contact us today to protect your inheritance and secure your financial future. Visit Lastwill.legal

Will that inheritance come with an inheritance tax bill? In most cases, probably not. But your state and tax situation can dramatically change the answer.

06/02/2024

Life changes as you age. Elder law provides you with legal rights and protections as you get older. The field of elder law covers a wide range of issues affecting seniors, including long-term care planning options, end-of-life and estate planning and problems such as nursing home abuse or neglect.

It is important to know the basics of elder care law–and especially details about elder abuse law–so you can understand your rights and make sure you get the protections and support you deserve.

At The Law Office of Barry E. Janay, P.C., our Lastwill.Legal services provide hashtag legal counsel throughout New Jersey & New York. To set up proper legal plans for your future, schedule a consultation today.



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05/19/2024

DIY estate planning tools and less experienced professionals might seem like cost-effective options, however the expertise and peace of mind provided by seasoned estate attorneys are unparalleled. Read on to find out why. https://t.ly/EtMu_

04/19/2024

Survey shows that despite having shared values, couples have conflicts and gaps around retirement savings, expenses, and estate plans. That's a lot of conflicts! Could be a new dating app category...

52 percent of those surveyed lack an estate plan and 41 percent do not have a comprehensive financial plan. This delay in planning could create tension, as shown by the 14 percent of respondents who admitted to having a secret account their partner doesn’t know about. Find out more, today!

Ameriprise survey shows while couples have shared values, they have conflicts and gaps around retirement savings, expenses, and estate plans.

04/01/2024

Of the $84 trillion anticipated to be inherited by Gen X, Millennial and Gen Z heirs through 2045, $16 trillion will be transferred within the next decade, according to Cerulli Associates. However, there may not be much for younger generations to inherit because of the so-called "third-generation curse" — when wealth accumulated by one generation is lost by the third generation as a result of mismanagement and imprudent spending.

Sounds like something out of a Hollywood horror movie. Although it's far from the mummy's curse, it is more real than what's filmed on a backlot.

By addressing underlying issues and implementing proactive estate planning measures, families can break the cycle of the third generational curse. Whether the goal is to pass generational wealth on to your children or not, creating a plan that is rooted in core values and properly communicated at appropriate times will help ensure your wishes are carried out and your legacy lives on for generations to come.

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Thorough communication with heirs about values and various elements of your estate plan could help younger generations better manage their inherited wealth.

03/31/2024

Wishing a joyous and happy Easter filled with hope, renewal, and the warmth of springtime to all our clients and friends who celebrate the day!

03/27/2024

Estate planning is crucial for distributing assets according to one's wishes, providing financial security for loved ones, ensuring business continuity, and preserving the value of art collections. It also plays a vital role in minimizing taxes, preserving legacy, and facilitating philanthropic goals.

The latest statistics are in. Recent studies have revealed a concerning trend: a significant decline in estate planning across various demographics, including older Americans, business owners, and art collectors.

What does this all mean and where do you fit in? Read on to learn more. Then reach out to discuss how you won't be a part of these statistics.

This trend poses a serious risk, as estate planning is essential for ensuring the orderly transfer of assets and minimizing legal and tax complications.

03/15/2024

What can an attorney do for you? From estate planning to long-term care, navigating the complexities of aging requires specialized knowledge and expertise. This is where an elder law attorney becomes an invaluable resource, playing a crucial role in ensuring the well-being and protection of seniors.

Elder Law attorneys can help with a long list of legal matters seniors often face, including:

1. Preservation and transfer of assets - An elder law attorney experienced in Medicaid planning can help you with the Medicaid “look back” period for giving money to your children or others so you can be eligible for Medicaid if you need to apply. Asset protection can also help a surviving spouse live independently and prevent the state from seeking Medicaid reimbursement for long-term care costs.

2. Medicare, Social Security, and disability claims and appeals

3. Supplemental insurance & long-term health insurance claims and appeals

4. Estate & disability planning, including wills, living wills, powers of attorney for financial and health needs, and living trusts

5. Accessing health care in a nursing home or other managed care environment and long-term care placements

6. Probate and administration of your estate, including payment of debts and taxes and distribution of property and assets to your heirs

7. Elder abuse and fraud recovery cases

8. Conservatorships and guardianships. If you become physically or mentally incapacitated, a guardianship can give full or limited control over your finances and/or medical decisions, along with other important decisions, to an appointed conservator

9. Housing discrimination and home equity conversions

10. Health and mental health law.

At Lastwill.Legal, our expertise and advocacy ensure that seniors can navigate the complexities of aging with confidence and dignity, preserving their autonomy and quality of life as they age. Reach out to schedule a consultation today. Visit https://lastwill.legal/

03/03/2024

You may be familiar with the Corporate Transparency Act (CTA), a new federal law that took effect on January 1, 2024. This legislation, enacted as part of the National Defense Authorization Act, requires certain business entities ("Reporting Companies") to disclose identifying information to the Financial Crimes Enforcement Network (FinCEN).

Reporting is required for trustees if they possess at least 25% ownership interest in a reporting company and have the authority to dispose of trust assets.

Clients will be looking at bearing the responsibility of having each and every trust reviewed and analyzed to determine if the trust has ownership or control over a reporting company, the terms of trust will trigger the beneficial owner reporting requirements.

Or Lastwill.Legal services at The Law Office of Barry E. Janay, P.C. is available to review and assist in updating your related . Reach out to schedule a review. https://lastwill.legal/

lastwill.legal

02/24/2024

Both financial planning and estate planning play crucial roles in achieving long-term financial objectives. Although they address distinct aspects of your finances, these two approaches can also complement each other, providing a well-rounded strategy that balances growth and protection. Understanding how each applies to your financial situation is essential for effective implementation.

At Lastwill.Legal, we specialize in guiding individuals and families through the process of estate planning, preparing them for end-of-life decisions, and safeguarding their estates for the future. Through our services, we provide personalized guidance tailored to your unique circumstances, helping you understand the best course of action.

We work with you to establish a comprehensive plan that safeguards your interests and addresses any potential challenges that may arise. Additionally, we review how your financial plan aligns with your estate plan, ensuring that both work seamlessly together to achieve your long-term goals.

Reach out to schedule an estate planning session today.

Both financial planning and estate planning can help you reach long-term financial goals. But while they are very different in which aspects of your finances they can focus on, both financial approaches could also complement each other to offer you a healthy balance between growth and protection. To...

02/17/2024

When was the last time you updated your Estate Plan? Some questions to ask yourself about your will, health care docs, financial power of attorney...

- Are your documents totally updated? Totally.
- Are the people you named still those you want to name?
- Are their new marriages, divorces,or grandchildren?
- Does the plan still work for your current net worth and under current law?

The gift, estate and generation skipping transfer (“GST”) tax exemptions will all be cut in half in 2026. While that might seem like a long time away it is not. There is often lots of preliminary steps to planning to use exemption and the sooner you start the better.

Then, there's inflation. Yes, that plays a role here as well. Even in death, you can't escape inflation. One twist caused by inflation is your retirement planning. Are you really on track? If not, there could be little left when it's all said and done.

Grab some coffee or tea and review this informative article. If you need some guidance, our expert team here at Lastwill.Legal are available to explain, advise & assist in your planning.

Estate planning is vital to your protection and those you love. Plan!