This article is sponsored by AFG Wealth Management.
Financial planning can be overwhelming. But lucky for Hudson County locals, Amy Frank Goldman is a finance specialist and local Hoboken resident who is here to help. She’s sharing her insights and background in how to prepare your estate — from wills, to power of attorney, or life insurance — Amy and her team have you covered. We’ll let Amy share more in her own words here, as she delves into the realm of estate planning, as well as how she helps locals prepare for everything and anything.
What is the Value of Your Life?
When we talk about the value of your life, we’re not discussing your societal contributions, the essence of your soul, or the balance of your financial accounts.
In financial planning, we examine your life’s value from a different perspective.
We consider how the loss of your income would impact those you care about. This includes:
- Assessing how your partner’s retirement, personal finances, and business interests would be affected
- How your passing might influence the distribution of your assets and the overall stability of your family
- For example, if you have children, we need to determine whether your partner will be able to continue raising them as you would have.
- It’s also important to determine if there will be sufficient funds for mortgages, childcare, and medical expenses.
Health = Wealth
Health is indeed a key component of wealth. Those facing health crises often wish they could exchange financial assets for better health. Similarly, individuals with terminal diagnoses frequently wish for more time. And with good (or ailing) health, estate planning, regardless, is crucial.
What is Estate Planning, + Why Should I Handle it Now?
This article’s purpose is not to dwell on negativity but to highlight the crucial need for preparation. Estate planning is not solely for your benefit; it’s intended to support those you leave behind. A will is a profound expression of love. It does more than allocate real estate and financial assets; it appoints guardians for your children or pets and outlines their care.
It’s essential to plan today, as tomorrow is never guaranteed. The impact of insufficient planning can echo throughout everyone that is affected by a person’s passing. So, what can one do to avoid an unplanned situation that affects their spouse, partner, next of kin, and the like? Estate planning is the solution to the unknown of life.
Laura Weyant Kearney, estate planning attorney and founder of LWK & Associates located in Hackensack, shared with The Hoboken Girl, “Estate planning is a gift you give your family. With proper planning, administering an estate in New Jersey is straightforward. Without proper planning it is very difficult and very expensive.”
What Goes Into Estate Planning?
Starting with a will is just the beginning. Other critical estate planning documents to consider include a power of attorney and a health care proxy. A power of attorney authorizes someone to manage your financial, legal, and business matters if you become incapacitated.
Health Care Proxy
A healthcare proxy allows someone to make medical decisions on your behalf. Laura Weyant Kearney suggests that the Will, financial power of attorney, and living will/health care documents are “the foundation of a good estate plan.”
Review Non-Probate Assets
She further suggests that clients carefully review their non-probate assets. “Non-probate assets are controlled by beneficiary designation forms. It is critical that clients make sure these forms are properly filled out and name the beneficiaries the client wishes to name.”
Laura explained that non-probate assets can be coordinated with the Will. For example, a life insurance policy that names the Estate as beneficiary “can be used to fund a tax shelter trust for the surviving spouse or customized trusts for children created under the Will.”
Revocable Living Trusts
Laura also states that “older clients or clients with disabilities may also wish to explore the use of a revocable living trust. This type of trust is useful to not only avoid probate, but also allow the adult children to more easily manage a parent’s assets during their lifetime.”
Estate Planning for 18+
Children over the age of 18 are also in need of estate planning. “It is a good idea to make sure your college-bound child has a living will/health care proxy so that the parent (or some other adult) can have access under the HIPPA laws to the child’s medical records in the event of an emergency.”
Risk Management + Life Insurance
Next, consider risk management, which involves life insurance. Life insurance can replace lost income, cover education costs, support charitable goals, and even provide retirement assets that you would have accumulated.
Life insurance comes in various types, and what works for one person may not be ideal for another. One of your greatest assets is your insurability. Insurance becomes more expensive with age and even more so with certain medical conditions.
Term Life Insurance
For many, term insurance is adequate. It provides coverage for a specific period and pays a set benefit. The amount and duration of coverage depend on factors like age, income, savings, liabilities, and family situation.
You might find life insurance more affordable than expected. For instance, a 30-year-old female might pay around $190 annually for $500,000 in coverage, while a male of the same age would pay approximately $220. A 40-year-old female might pay about $280 annually, and a male of the same age around $335.
Get in Touch with Amy
If you’re interested in exploring estate planning or life insurance options and have questions around the process, feel free to contact Amy for a consultation.
AFG Wealth Management is located at 1400 Hudson Street, Suite 504, in Hoboken. You can call 212-673-2147 or email [email protected] with questions. She can also be found on Instagram @the_money_momma, LinkedIn, or Facebook.
Alternatively, you can use her platform to compare quotes from 25 different insurance companies to find the best policy for you using this link.
2024 Wrapped: The Craziest New Jersey News Stories Of the Year
2024 was a lot of things. A year of growth, change, improvement, and transformation for many. Also a year of never-ending meme content for Hoboken + Jersey City residents. From astronomy events to mystery drones to many celebrity sightings, The Hoboken Girl wrapped up several of our craziest headlines from the past year. Read on for a recap of some of the wildest stories we covered in Hoboken + Jersey City in 2024.
The Solar Eclipse
For a brief moment during the early afternoon of April 8th, 2024, it looked like a large cloud loomed over the Tri-State area. It was a Solar Eclipse, when the Moon passes between the Sun and Earth, casting a shadow on Earth that either fully or partially blocks the Sun's light, according to NASA. We all sported some funky protective glasses to look up at the sun and see it turned into a crescent. Along with giving people an excuse to take a long lunch, it also brought us some great memes.
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East Coast Earthquake
Photo Credit: U.S. Geological Survey
Because an astronomy event wasn’t enough, an earthquake shook New Jersey and the Tri-State area in April. A 4.8 magnitude earthquake made every stop what they were doing and wonder, “are they doing construction on my street?” Because of those tremors, the Holland Tunnel closed briefly, NJ Transit had several delays, and Newark Airport limited how many planes could land and depart while officials made sure there wasn’t major infrastructure damage. The best news: no one was injured.
Hoboken? More Like Hollywood
Photo Credit: @jessstish
The streets of Hoboken + Jersey City were transformed into a dozen movie sets in 2024. Timothee Chalamet turned into Bob Dylan while shooting the biopic. Blake Lively turned Hoboken into Boston for the Colleen Hoover book adaptation It Ends With Us. Paul Mescal and Josh O’Conner shot their movie The History of Sound. Jeremy Allen White was spotted around several Hoboken coffee spots while shooting Deliver Me From Nowhere, a biopic about Bruce Springsteen. The full list of projects in Hudson County can be found here.
The Drones
Drone sightings had been reported all over New Jersey in November and December of 2024. It’s like if The War of the Worlds happened on TikTok in the 21st century instead of the radio in 1938. As of December 2024, we still don’t know where or why they are hovering over the Garden State. New Jersey Governor Phil Murphy is among several government officials expressing concerns over what these drones are up to. Governor Murphy did say after briefing with Homeland Security “There is no known threat to the public at this time.” Whatever these drones end up being, they better come in peace.
Sonic Boom
Residents in Hoboken + NYC reported hearing an extremely loud bang in July of 2024. NASA reported it may have been a meteor. The fireball was seen over New York City moving 34,000 miles per hour. It reportedly passed over the Statue of Liberty before it disintegrated 29 miles above Manhattan. Residents from Hoboken to The Shore reported seeing and hearing a loud noise.
2024 Paris Olympics
Over 20 athletes from New Jersey donned the red, white, and blue to compete for Team USA in the Paris Olympics. From the track to several different courts to the pool, these Jersey athletes gave it their all to help bring home some of the 40 Gold Medals.
Contractors Pave Over Hoboken Storm Drains
There seem to be two constants in Hoboken. Construction, and flooding when it rains. So several Hoboken residents who call Park Avenue home on the North end of the City were shocked to see that several storm drains were paved over in August of 2024. It was just before a Tropical Storm was set to pour over New Jersey, stressing out residents for possible flooding issues. The Hoboken Girl broke the story, and a few days later, Hudson County officials confirmed they had crews fixing the paved-over storm drains.
NJ Transit Headaches
Each month seemed to bring a new story about NJ Transit in our slice of New Jersey. There were delays and cancellations all winter and summer. Fare hikes took effect over the summer bumping up bus and train tickets. The clouded windows commuters would try to see out of are being replaced. To cap it off, the CEO of NJ Transit announced his resignation in December of 2024.
The Northern Lights
Photo Credit: Jordan + Joelle Hernandez
For once, people didn’t have to fly all the way to Iceland to witness the magic of an Aurora Borealis. For a brief moment in October 2024, the Northern Lights could be seen over the Tri-State area. Hues of purple and pink and a touch of green danced around the sky, mainly visible through a camera lens. The phenomenon is caused by geomagnetic activity or geomagnetic storms.
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Plenty more headlines are sure to come in 2025. To stay up to date with all things happening in Hoboken + Jersey City, follow @thehobokengirl on Instagram + TikTok, sign up for our weekly newsletter here, and check out our events calendar.
