Jan. 12, 2022
Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or incapacitation. One goal is to ensure beneficiaries receive assets in a way that minimizes estate taxes, income tax and other taxes.
Estate planning can help to establish a platform that you can customize as your personal financial situation changes. Giving thought to how you wish to have your assets distributed upon your passing is important.
Your plan should begin with taking inventory of your assets. Assets can include Real Estate, personal collections such as art, bank accounts and stocks, vehicles , ownerships of business and life insurance as well. This financial portfolio needs to be arranged so that a decedent's wishes are carried out.
An Attorney can draw up important documents such a Power of Attorney, a Living Trust, and a Health Care Directive. Additionally, some people may need to nominate a guardian if there are minor children, others may need to consider incapacity and old age situations that will need to be addressed. Maintaining the services of an Attorney for your Estate Planning will allow for your goals and concerns regarding your assets to be structured with a team of professional advisors such as a financial planner, a banker, a broker, an accountant or other advisors.
Should you die Intestate ( meaning without a Will) , the state you reside in has laws of distribution and escent and they will determine who receives your property and assets by way of default. Typically the distribution will pass to your spouse and children.
Having a Will in place assures your wishes of how your assets are to be distributed.
Make an appointment to come to our office and discuss the preparation of your estate. We are here to answer and handle all your questions.
Our new office is located at 669 River Drive Center Suite 303, Elmwood Park, NJ 07407 201-796-6263.