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THE WARREN-WATCHUNG CONNECTION
JUNE/JULY/AUGUST 2015
Is Your Estate Plan Updated for 2015? Custom Drafted Estate Plans To Fit Your Individual Needs Specializing in: s ,AST 7ILL 4ESTAMENT s )2! )NVESTMENT 3TRATEGIES s 2EVOCABLE ,IVING 4RUSTS s 0OWER OF !TTORNEY FOR (EALTH #ARE ,IVING 7ILLS Gail L. Abrams Attorney at Law 908-753-4155 7 Johns Ì on Drive, Watchung, NJ www.estateattorneynj.com Visit our website for upcoming FREE workshops i lizing in: • Last Will & Testament • Revocable Living rusts • Power of Attorney for Health Care & Living Wills • IRA Investment Strategies ESTATE PLANNING FOR ONE By: Gail L. Abrams, Attorney At Law Reserving a table for one? Make sure your estate plan is updated to reflect your solo tastes and needs! Quite often, estate planning focuses on the dynamics of the traditional family unit and married couple, while the estate planning needs of the single individual are neglected. As single Americans live longer than ever before, their estate planning needs can actually be much greater requir- ing additional forethought and pro- fessional attention. Whether single due to divorce, outliving a spouse, or never having married in the first place, don’t let your life’s work fall to chance and the whims of the state - make sure you reserve your single space at the estate planning table and take charge of your own affairs now. Having a properly executed estate plan in place allows you to determine who your heirs will be. When a mar- ried individual passes without a will, the estate will be eventually distrib- uted their spouse. When an unmar- ried individual leaves no will or trust, their assets will be distributed by the state in which they live to the nearest relatives or, if those are lacking, to the state itself! Having an estate plan in place allows you alone to deter- mine who your personal heirs will be, and may include friends, specific related individuals, charities that are important to you, and even provi- sions for the care of a beloved pet. It is vital for singles to designate a personal decision maker. In the event that you are incapacitated for any reason, you will want a trusted friend or loved one to make choices for you regarding your care and comfort as well as manage your assets and financial affairs during the time of emergency. In the absence of such a designation, a court will appoint an individual to manage your affairs and make health care decisions for you. The court may appoint a distant rela- tive, someone you would not have chosen for yourself, or even appoint a total stranger. By designating a power of attorney, a health care proxy and health care directives, you will be able to appoint the person you choose to place your trust in, dis- cuss your wishes with them ahead of time, and, if desired, set up rules and limitations on their powers. Make sure your designated benefici- aries are up to date. Single individu- als need to reexamine their IRA’s, Inherited IRA’s, life insurance policies, and certain bank accounts, to update the designated beneficiary on each. These accounts could have designat- ed an ex-spouse or spouse that has predeceased as beneficiary. Strategies to minimize state and federal estate taxes are more limited for individuals than they are for married couples. Professional estate planning is essen- tial in order to maximize the opportu- nities for singles to avoid estate taxes. At The Law Offices of Gail L. Abrams we work with you to create an estate plan you can trust and take the time to ensure you are comfort- able with your estate planning choic- es. Provide for your individual future as well as for your family’s future and make informed decisions regarding your estate and financial affairs. The Law Offices of Gail L. Abrams offers Free Seminars on Estate and Financial Planning including Living Trusts, Wills, Powers of Attorney, IRA strategies, Retirement Planning and more. Please view the website of the Law Office of Gail Abrams at www.estateattorneynj.com. For more information and to discuss your estate planning needs please call the office directly at 908-753-4155. Office hours during the summer are from 9:00am to 2:00pm. • Vault on Premises • Cleaning & Repair Done On Premises • Coat Available When You Want It • Fur Remodeling, Repair & Restyling • Layaway For Fall at Year End Prices with 0% Interest Financing SUMMER STORAGE & TRADE-IN www. fursbyguarino .com GREEN BROOK 190 US Highway 22 732-968-8700 Furs by Guarino PREPAY & SAVE STORAGE $ 44.95 PLUS TAX On Any Fur, Leather or Shearling. REG. $49.95 CLOTH COAT STORAGE $ 5.00 $24.50 VALUE 1 cloth or wool coat with each Pre-paid fur or leather Storage. Pre-paid price subject to applicable sales tax. Expires July 31, 2015. PLUS TAX Savings! GUARINO FUR SERVICES WHY STORE YOUR FURWITH GUARINO FUR SERVICES? CELEBRATING OUR 69 TH YEAR! Present this ad for Summer Prices on all Fur Remodeling! Enter to Win one of 25 Gift Cards! See store or website for details! www.theconnectionsnj.com