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Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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How Do I Get Rid of a Timeshare as Part of Estate Planning?

If you are a New Jersey resident and also own property in a timeshare, you need to make sure this is accounted for in your estate planning. Timeshares can be very difficult to get rid of and it is very often the case that heirs of a timeshare owner do not want to take on this responsibility or liability. One of the first questions to ask is, “Do I have a beneficiary who wants this timeshare?”

Beneficiaries who are notified that they now own a portion of a timeshare, can always disclaim or renounce a bequest that is made directly to them in the will. Just because you include something in your will, such as that you wish a certain beneficiary to have your ownership state in a timeshare, does not necessarily mean that this beneficiary has to accept it.

One common example could include a bank account or certificate of deposit that names a beneficiary designation as a sibling. This form would actually override a specific bequest in your will if it is noted differently there: how this bank account or CD will pass on. In this case the beneficiary designation form will determine who receives this asset. The same goes for closely held businesses.

A timeshare is a property that is owned within a contract and for this reason, the terms of a contract will stipulate what happens, not the will. If the will provision does not directly contradict the contract, the documents, however, can coexist. Due to the complexities associated with planning for a timeshare, it’s a good idea to have a relationship with an experienced and established estate planning lawyer to help you.

 

Schedule your free Exploratory phone call

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can be of assistance.

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listings and become a part of an amazing team.

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Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more