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Clean Out Your Legal Closet in the New Year
As the year turns over, it is time to take stock of many things; new year resolutions, cleaning out the actual closet, and gathering documents for your 2018 federal and state tax returns. There are also legal issues that everyone should consider to ensure they are properly protected along with their children. Two of the most common is ensuring your will is properly updated and reflects your current living situation, is reflective of any tax changes under the IRS code, and encompasses all parts of your estate (assets and property). Far too many people wait until they are in the midst of a health scare before thinking about what options exist or what kind of care they or their loves ones would want. A recent survey found that 90% of Americans believe end of life discussions are very important to have with their loved ones. However, only 30% actually have had these discussions with family.
Another item that is commonly overlooked is updating your child support payments to ensure you are receiving the full cost of living benefit adjustment. Under New Jersey law, any child support recipient is entitled to a cost of living adjustments (COLA) every two years, which take into account the ever-increasing cost to live and support your children in New Jersey.
Now is the time to take stock of these issues and speak to an experience family attorney and wills and estates attorney who can assist you with these issues.