Most people are under the impression that estate planning is all about distributing your assets after you pass away or believe that it’s only for extremely wealthy families. However, all individuals and families can benefit from creating an estate plan. By ensuring that you have a comprehensive estate plan aligned with your needs, you are able to accomplish multiple goals at once.
Without an estate plan, the issues associated with passing on your assets will be left to the courts and an appointed administrator to handle. Most people want to exercise some layer of control beyond that with their personal planning.
Some of the goals that you can accomplish with your estate planning include:
- Allowing you to enjoy your current lifestyle or your intended retirement lifestyle.
- Keeping your affairs private when you pass away.
- Leaving behind a lasting legacy for your loved ones.
- Dramatically lowering your estate, gift, income and generation skipping taxes.
- Protecting your assets not just today but for many generations to come.
- Ensuring that your wishes are carried out in an end of life situation.
From irrevocable trusts to wills to powers of attorney, life insurance trusts, family limited partnerships and more, the support of an experienced estate planning attorney can prove invaluable when it is time to accomplish your estate plan.
Need more help or have other questions about your personal plan? We’re here to guide you through that process or help you with updating an existing estate plan. Schedule a time to speak with our NJ estate planning lawyer today to get assistance with your needs.