After the death of a family member who has a life insurance policy, the insurance proceeds are distributed to the beneficiaries named on that policy. However, when it comes to large amounts of money from a life insurance policy, there is always the danger of dishonesty and theft. In one recent case, for example, an 18-year-old discovered that his stepmother stole the insurance money he was set to receive as inheritance from his father.
When a New Jersey resident receives an inheritance, it can change his or her life in dramatic ways. However, with a large amount of money comes a large amount of responsibility. For this reason, many New Jersey residents who receive an inheritance turn to financial advisors to help them safeguard their assets and grow them in the most balanced way possible.
As we reported on this blog last March 26 ("Probate litigation: Did cop unduly influence elderly woman?"), a policeman was bequeathed an inheritance in the amount of $1.8 million from a 93-year-old woman who died in Dec. 2012. However, the will is being contested by others who say they have legitimate claims to the woman's estate. It is not uncommon for family members in New Jersey and elsewhere to contest a will, especially when a sizable inheritance is designated for a non-family member.
While many people dream of receiving a large inheritance to resolve all of their money problems, others actually look at the prospects with dread. Interestingly, fear, shock and other types of negative reactions to receiving a sizeable inheritance are not uncommon. New Jersey residents who are in line to receive a large fortune, or who already have, may even experience symptoms that are similar to post-partum depression that certain women feel after having a baby.
Aging parents, no matter if they are wealthy or middle class, must face the question of whether they will leave an inheritance to their children. For some parents, it is a question of finances -- they may not have enough money to leave an inheritance for their children. Other New Jersey parents may see it as a philosophical question. Should they leave their legacy to their children or leave it to charity?
Two wealthy families are currently battling over a multi-million dollar inheritance. A 23-year-old woman, who is also the daughter of the billionaire Chairman of Revlon, is fighting her uncle in New Jersey court. She claims that her uncle manipulated her late grandfather, the founder of Hudson news, into lowering her inheritance.
It is never a bad time to begin saving for one's retirement years. Many people in New Jersey have concerns about the future of social security and whether or not there will be enough left to support them through their golden years. Add the impending retirement-savings crisis into the mix and everyone's fears appear well-founded. However, there is some light at the end of the tunnel with regard to the health of Americans' retirement savings. Nearly, 50 percent of Americans who are below the age of 60 say they plan to save any inheritance money they will receive for retirement.
New Jersey residents might say that the only thing certain in life is death and taxes. However, numerous legal strategies can be employed during the estate planning process to limit the tax liabilities to be experienced by your heirs. While it is not the only goal, one of the primary results of a well-planned New Jersey estate is to increase the net cash to be received as inheritance by your relatives while diminishing tax burdens.
More and more parents are considering the idea of giving children their inheritance well before they actually pass away. The question of giving away one's inheritance early is an interesting one. In some cases, New Jersey heirs might be able to make use of the money now, in a way that could benefit them greatly in the long run.
Inheritances can come into our lives seemingly out of nowhere. Some New Jersey residents are left an inheritance by a friend or an acquaintance in the community who they never expected to leave them a dime. In such circumstances, family members of the deceased may come forward to contest the validity of the will that bequeathed the money or property to that person.