As longevity has been increasing and advances in medical technology may only continue that trend, it presents an estate planning challenge for anyone, but particularly wealthy families. The major reason for this is that it can be challenging to determine when and how to pass on assets to beneficiaries so that those individuals can begin managing those assets on their own. 
Now more than ever, long-term care is a concern for people approaching retirement age and beyond. With good health, a person may lived ten or twenty years beyond their retirement age. One long-term care event, however, could threaten assets significantly if recovering from that event requires assisted living or a nursing home.
It’s not just about potential physical or mental ailments, either. While those certainly can present obstacles without proper estate planning techniques, there’s also the fact that someone entering retirement or moving on to the next phase of their life might not want to be responsible for asset management anymore. This presents an opportunity for beneficiaries to take over control of the assets while the grantor is still alive.
At face value, this seems ideal, but there may also be side consequences, too. This is why it’s a good idea to sit down with your New Jersey estate planning attorney to discuss whether it makes sense to pass assets on now and to determine the best vehicle for doing so. Planning now helps to minimize the chances of family disputes and can be better for everyone involved when done properly. Set up a consultation with an estate planning attorney today to learn more about how this can help you and your family.