Hello i'm neel shah form law firm of shah & associates and welcome at this week's blog summary. warren buffet that had this fantastic quote " I wanna leave my kids enough money so that they feel they can't do anything but not so much that they could do nothing." it's probably something our most clients struggle with when they are coming in whether they have young children whether they have elder children.
Do I leave them enough money so that they don't have to work or do I make sure they don't leave them so much money that they're still motivated to get out there and earn their own keep.
So this week we had an article on a " estate planning parent fears" and how you can pass on assets without spoiling their children.
There are mechanisms that you put in place in your state plan where you regulate, where you govern how assets are distributed and you can have some lasting impact and if this goes beyond the financial conversation this is more about the values and morals or the the family culture values conversation in an estate planning.
When somebody's got a personal creditor whether it is mortgage credit card debt or some loan that you taken out student loans. How do you keep the personal debt but somebody has from impacting a business interest, how do you separate your personal and your business creditors is there a reason for doing so most of the time, yes there is a reason for doing so you don't want your personal trainers going after the business and you don't your business creditors going after personal assets so what other considerations and hopefully you can take a look at our blog this week you'll see something that is that interest you with respect to you keeping your creditors separate.
New jersey is a great state and some of you read my blog posts in the past about about the garden state and how you can be at the beach and in within a couple of hours you could be skiing and you can then travel from manhattan down to philadelphia.
Great state to live in, terrible state to die in. New jersey is one of the few states, one of the only states really that has both a estate tax as well as an inheritance tax and there are ways to plan around it but it still unfortunate for those who haven't planned.
We represent people all over the country and in fact all over the world at this point, it doesn't really impact everybody but for those who are impacted it could be a pretty pretty negative outcome special because the threshold in new jersey is 675,000 there's been talk over the last fifteen years about raising it at some point but to date everything has been proposals nothing's really gone through.
So this is interesting i'm a facebook user I know most of you out there a facebook user's and by the way for those view our facebook users feel free to check out our firm's facebook page and like us if you want see these updates in real time because what can be more exciting than that, right? Facebook has now expanded within last 6-7 months to allow for a legacy planning.
What do they mean by legacy planning? Well some would pass away they could designate who is going to be able to get into the account and actually continue to manage the account when talking about is actually continue posts and continue status updates.
I don't really know what kind of status updates somebody can provide from the neverworld and the next world or the next life so to speak depending on your religious believes they believe. But it's an interesting concept and for those who want to appoint somebody in order to be able to make that decision there's some steps in a blog on how you can actually choose who will actually manage it or whether who you want it round down, I don't really know how many status updates somebody will have their but i'm looking forward to seeing the first couple just to see how it all plays so check out that blog post when you get a chance and of cousre you heard me talk about medicaid planning in the past and one of these strategies that you're often is well you wanna be eligible for medicaid you want some government assistance to pay for your at home care or nursing home care why don't you just give all your assets away wanted to spend more on something strategy often called spending down.
Well doing that the runway can actually have the opposite impact doing it the wrong way could actually disqualified you or result some sort of a penalty period so there's a few tips on this week's blog that talks about the how to safely stand down for medicaid.
So if I need interesting up in new jersey we're really hoping it starts to warm up soon february's closed and here comes march so here's to hoping for some better weather in the meantime stay warm.
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