As of January 1, 2018, there is no longer any New Jersey estate tax, as per New Jersey P.L. 2016, c. 57.  Many New Jersey residents have been asking, “Do I still need a will, since there is no need to consider tax-planning?”  The answer is yes, there are many reasons that you still should have a valid will in New Jersey.  Here are five such reasons:

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The rate of divorce for first marriages is approximately 40-50%[i]; that number jumps to an estimated 73% for second marriages[ii].  Now consider that the majority of New Jerseyans divorcing are over the age of 50[iii].  If you are over age 50 and considering a second (or third) marriage, how can you adequately protect yourself and your family?

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A charitable trust exists in three basic forms: a charitable lead trust, a charitable remainder trust, and a trust with a charitable beneficiary. Each trust provides for a different timing of when a gift will be made to a charity, and thus alters what percentage will be included in your estate.

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In its most simplistic form, a Trust is a separate legal entity that owns assets for the benefit of another person or entity. As part of your estate plan, a properly drafted Trust is a very effective asset management tool. A Trust bifurcates title in an asset into two categories: legal title and beneficial title.

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