Have You Protected Your Family’s Future With An Estate Plan?
Regardless of the net worth of your estate, creating an estate plan is a critical step in protecting your assets and your family’s future. When people die without a will, their families do not have the legal right to divide and distribute the estate’s assets. In these cases, the assets are divided according to New Jersey law. This may result in a distribution of assets that the deceased would not have wanted.
At the law office of Torzewski & McInerney, LLC in Morristown, we help individuals and families develop estate plans that meet their unique needs. Our Morris County estate planning attorneys have the experience to review existing estate plans and update your plan to satisfy your goals and objectives by drafting original documents, whether you have a modest income, sophisticated assets, a complicated family situation or a high net worth.
The Value Of Comprehensive Estate Planning
Many people mistakenly assume that they do not need an estate plan. However, if you have a house, pension or 401(k), and life insurance, your estate could be taxable in New Jersey. Reviewing your financial assets and property with a lawyer is an easy way to determine the taxable value of your estate and develop a plan that could minimize your taxes and administration expenses.
A thorough estate plan will address issues such as naming guardians for minor children, protecting and distributing assets, and specifying end-of-life wishes. A will, trust, power of attorney and advance directive for health care/living will are typically included in an estate plan. Business owners also need business succession planning to protect the future of their business or to allow their families to share in the value of the business developed through their life’s efforts.
In a will, you can name beneficiaries to receive your assets and name guardians of minor children. Trusts allow you to develop the vehicle or entity to manage an asset for a specific need. There are many types, including special needs trusts, life insurance trusts, grantor trusts and charitable trusts. Speak with us to learn which type of trust may be right for you and your family.
Start Planning For The Future Today
It’s easy to put off estate planning, but by taking a few simple steps today, you can rest assured your future plans are in place. To schedule an appointment with an experienced estate planning lawyer in Morristown, please call 973-532-2868 or contact us online.