Haddon Heights Estate Planning Lawyer
What is estate planning?
An estate plan consists of a variety of documents to prepare you, your
family and your estate for the future. Depending on your circumstances,
some of the items that may be included in your estate plan are:
- A will
- A power of attorney
- A living will or health-care proxy
- A trust
As an experienced Haddon Heights estate planning attorney, I can help you
create a comprehensive estate plan and decide what documents are beneficial for you.
Creating a Plan for Your Family
One of the most important aspects of estate planning is protecting your
loved ones. Through the creation of a
will and one or more
trusts, you can help secure your family's financial future by selecting who
will inherit your property and how much they will inherit. If you are
a parent, an estate plan may be particularly beneficial to you and your
family. You can select a future guardian for your minor children in a
will, so that you are prepared for the care of your children should anything
happen to you. Additionally, an estate plan can help your loved ones avoid
a long and difficult probate by either bypassing the process entirely
or assisting the courts in distributing assets as you wish for them to
Benefits You Could Obtain from an Estate Plan
An estate plan may be beneficial to you in a number of ways while you are
living. Should you become incapacitated and unable to give directions,
you will need a guardian. By creating a power of attorney document you
can select someone to care for you and make your decisions should you
no longer be able to do so for yourself. Additionally, a health care proxy
will outline the kind of medical care you would like to receive. Although
these may be difficult topics to address, making decisions now can help
your family avoid making these decisions later.
Planning for Your Estate
New Jersey has an inheritance tax and an estate tax, but it may be possible
to avoid both through strategic estate planning. If your estate is worth
over $675,000, it will be subject to New Jersey estate tax. Inheritance
taxes are more complex and only apply to property that is left to an individual
who is not a close relative.
Relations are divided into classes, with Class A relatives, such as spouses,
parents, and lineal descendants being exempt from taxes. Class C relations
such as siblings and surviving spouses of deceased person's children
face taxes on inheritance worth over $25,000. Class D relations include
everyone else who receive no special exemption amount. Certain nonprofit
agencies, such as churches and hospitals, may be exempt from inheritance
tax under the law.
I understand that you want to pass as much of your estate to your heirs
as possible. Certain types of property may avoid taxes, such as life insurance
policies with a named beneficiary. Gifting during your lifetime may also
be beneficial for you. There are special rules in New Jersey about gifting,
and gifts made three years prior to death may also be subject to taxes.
With 30 years of experience, I know the federal and state laws in regards
to taxation and can help you leave your heirs with the best possible inheritance.
Choose the Guidance of an Experienced Law Firm in Camden County
An estate plan can benefit to both you and your loved ones. Many people
think of providing for their loved ones after they pass away, but I can
help you create a comprehensive estate plan that plans for your needs
as well as the needs of your family. As the founder of Harris Law Offices,
I pride myself on creating comprehensive estate plans to meet my clients'
needs by carefully listening to their specific needs and providing practical,
timely and cost-effective advice. If you would like to learn more about
how estate planning will benefit you and your family, complete a
free case evaluation form or
contact my firm today.
I would like to learn more about Probate in New Jersey.
What are the benefits of Probate?
What kind of Tax benefits can I receive for Charitable Planning?
Should I set up a will or a trust?
I am ready to speak with Ken Harris!