Maybe we shouldn’t be surprised. After all, Lou Reed was the man who famously crooned, “Hey babe, take a walk on the wild side.”  The late lead singer and guitarist of The Velvet Underground — and of course, a musician and songwriter with a successful, decades-long solo career — may have been a bit wild at […]

While the contemplation of your eventual demise is never at the top of anyone’s list, there is satisfaction from the feeling that you have taken care of issues and provided for those you love. But unwitting mistakes can wreck your careful planning and even lead to family fighting and estrangement of the very people you […]

Taking the time to sit down with your spouse and update your estate plans will ensure that, should the worst happen, your new family is prepared to handle the unexpected. A recent Motley Fool article, titled “Estate Planning for Newlyweds,” says newly married couples should start their estate planning out small by changing their account […]

Many older people moving into a nursing home or retirement community are experiencing cognitive decline. In legal terms, they no longer have the capacity to make financial or medical decisions for themselves. So a trusted person—usually an adult child—will sign the entrance contract on their behalf as power of attorney. There tends to be a […]

Identifying a successor is the first step in the planning process. Many owners of family businesses turn to an adult child, a grandchild or other relative to take over the reins. Have you thought about what will happen to your business in the future? Although it’s not an easy decision, the initial step in the […]

“Just because you have an extremely restrictive prenup doesn’t mean you can’t leave money to your wife,” Mr. Bishop says. “The prenup protected the client’s assets from being taken against his will, but he was still free to give them at his discretion.” How do prenuptial agreements and estate plans mix? Will your spouse be […]

Generally, there are four types of powers of attorney, or POA. A power of attorney is a legal document that allows you to appoint someone you know and trust to make decisions on your behalf when you cannot make them yourself. A recent article in The Star-Ledger, titled “Your Money: The truth about ‘power of […]

Your will is an essential tool in making sure that your property goes to the people you want to receive it after your death. By keeping these simple facts in mind, you can use this tool more effectively and avoid the mistakes that can cause huge problems down the road. Think you know everything about […]

Financial planners are not just for rich people. Everyone, no matter where you stand financially, can benefit from the advice and guidance of a qualified financial planner. You have probably received a lot of free financial advice over the years from friends, family and coworkers. But how do you know which advice to follow? It […]

In some cases, outdated or inadequate estate plans have led to highly-publicized disputes between heirs that have squandered fortunes and diminished legacies. These situations are more tragic because they are usually entirely avoidable, especially when advisors are willing to facilitate difficult conversations. An estate plan is no “one and done” project. In fact, it’s very […]