According to a recent compromise with Chris Christie and New Jersey Governments, the New Jersey estate tax will likely soon be repealed by 2017. Many professionals across the state helping individuals with estate and financial planning believe that this is a long overdue change and that New Jersey is actually behind the times by keeping the state estate tax.
Remember that putting together your estate planning is about more than just considering tax implications. You should also consider legacy planning, long term care issues, and critical documents that help protect you while you’re alive as well as provide instructions for passing things on to your beneficiaries after you pass away. To accomplish all of these goals it is necessary to have a strong relationship with an existing New Jersey estate planning attorney. An estate planning attorney will keep you abreast of any changes in the law so that you can adjust your estate planning documents as needed.
As life changes, you will also need to revise these documents and consider how various life events will impact the current plans you have structured. Do not hesitate to reach out to an experienced New Jersey estate planning attorney today.