Estate Planning
Your whole life, you have worked hard, and it is important that you have a plan for what will happen to the things you own after your death; additionally, should something happen where you can no longer manage your affairs and/or your health on your own, you will need a plan to assist you with your needs. Callahan & Fusco, LLC can help you formulate a proper plan to save your family a lot of money, time, and frustration by assisting you in reviewing your needs as well as to draft the proper documents for your situation. Following significant events, such as marriage, divorce, or the death of a spouse or child can necessitate the need to evaluate your Estate Plan. Moreover, you can discuss the various Estate Planning options, including a type of Medicaid Planning for you and your loved ones in the event Nursing Home facilities are needed in the future.
A. Last Will and Testament
A Last Will and Testament is a formal document which distributes your property and belongings at your death. In your Will, you will be able to name who you want to care for your minor children at your death, as well as name the person to manage the Probate of your Will, and the distribution of all of your assets.
It is important that you review your Last Will and Testament every few years to make sure that it accurately reflects your current situation. Changes which take place when you Marry, Divorce, have or adopt children, buy or sell a home, will necessitate a review of your current Will to see if it still makes sense given your current situation. Without a Last Will and Testament, your belongings will follow “intestate succession” which means that only blood relatives (or those legally adopted) will inherit your property pursuant to New Jersey law; if you have a blended family—children from a spouse’s prior marriage—that you have not adopted, they will not inherit anything unless your Last Will and Testament specifically provides for them.
Callahan & Fusco, LLC can advise you on creating an Estate Plan that makes sense for you and your family, by taking into account your assets, the tax consequences of your decisions and your desires. You have worked hard for what you have and upon your death, your things should be distributed in accordance with your wishes in the most cost-effective way possible.
B. Living Will/ Advance Health Care Directive
A Living Will or Advance Health Care Directive is a formal document which explains how you want your health care managed if you are not able to speak for yourself. This document provides clear instructions and directions to your doctors in the event you are unable to speak for yourself. In this document, you explain when you want the document to control, who should make the decisions for you, and when you want all health care treatment to end.
It is important to designate an Agent to make these important end-of-life decisions if you are unable to do so yourself.
C. Durable Power of Attorney
A Durable Power of Attorney is a document which permits another individual to exercise the rights and abilities that you have to manage your day-to-day financial affairs in the event you are unable to manage your financial affairs. In consultation with Callahan & Fusco, LLC, you can determine rights and abilities your Attorney-in-Fact can have over your daily financial affairs and when you want your Attorney-in-Fact to have the ability to manage your financial affairs.
D. Trusts
A Trust is a formal document that can do many different things depending on the type of Trust established. There are Trusts that are established to minimize tax consequences, to take care of minor children or disable persons, and to protect those individuals from having their money taken by Creditors, among other reasons. The most common types of Trusts are Minors’ Trusts, Revocable Trusts, Living Trusts, and Charitable Remainder Trusts. Callahan & Fusco, LLC can discuss your options with you and establish a Trust that works for your needs and requests.
E. Probate
In the State of New Jersey, “Probate” is the process of filing a Last Will and Testament with the New Jersey Surrogate Court and making sure the terms and instructions of a Last Will and Testament are carried out. Ten (10) days after a person dies, his or her Last Will and Testament can be filed with the Surrogate Court in the appropriate County. In order to file a Last Will and Testament with the Surrogate, you will need to provide the Original Las Will and Testament in addition to the following information:
1. The applicant’s residence;
2. The name, domicile, and date of death of the decedent;
3. The names and addresses of the decedent’s spouse, heirs (those entitled to take under the laws of intestate succession), and any person named to serve as Executor within the decedent’s Last Will and Testament;
4. The ages of any minor heirs;
5. The name of the testator’s children when the Last Will and Testament was made and the names of children born and/or adopted after the Last Will and Testament was made, or their children, if any; and
6. An original Death Certificate bearing a raised seal certificate.