Creating an estate plan is not a thing to rush. What most people think about estate planning is that all you have to do is name your beneficiaries in a will and that’s all. But this is not so. There are many things to consider such as planning for disability, tax, probate, guardianship, end of life situations, asset protection, Medicaid, insurance, and so many others. Estate planning deals with both after death situations and before death situations. There are also state laws to consider when estate planning. The best estate plan is one that addresses everything that concerns the security of your estate, your physical and financial well-being during your lifetime, and the transfer of your assets after death. But worry not, for these are what the best estate planning attorneys offer.
The best estate planning attorney 07653 is here to serve you
So are you a resident of New Jersey seeking to create an estate plan that best satisfies all your wishes? Are you looking for the best estate planning attorney 07653, Paramus NJ? Then all you have to do is contact us at our estate planning law firm Paramus. We have the best estate planning attorneys in New Jersey, offering you professional assistance in creating an estate plan that is tailored to suit your particular needs. Having years of experience working with New Jersey residents, we know the common issues that affect estate planning in NJ, and so know just what to do to give you peace of mind.
How the best estate planning attorney 07653 assists you
1. Helping you plan for disability
Contrary to what many people think, estate planning also involves disability planning. You have to make plans for situations in which you become disabled, incapable of handling your own affairs. The estate planning lawyer will see to it that while creating your estate plan, this issue is addressed. He’ll create powers of attorney, in which you’re to appoint a person who will stand in your shoes when you become disabled, handling your business, finances, and health care. You’re to also lay down instructions on the kind of health care you want. If such planning is not done before disaster strikes, then your family will be put in confusion, being ignorant of your wishes. Then the court will have to step in for a Guardianship proceeding. These things take time, and your business may be put on hold until a Guardian is appointed. That is why you have to plan now.
2. Asset transfer
In transferring assets in New Jersey, a will is the simplest, cheapest and most basic tool. But a will only goes into effect after you die, and then a time-consuming, complex and costly court process known as probate must be done before your beneficiaries get your assets. If you want your loved ones to receive your assets quickly and without going through probate, then the estate planning attorney will create a living trust instead of a will. Not every asset should be funded into a living trust, and this is another reason why it is important to hire the best estate planning attorney. He will advise you on the assets that are preferable to include in the trust.
3. Tax planning
By New Jersey law, no estate is taxable after the owner dies. But by federal law, if you die in 2020 leaving estate valuing over $11.58 million, then federal estate tax will be imposed on your estate. The tax imposed depends on the total value of your estate, and may get up to thousands of dollars. Of course, it is better if such amount were to go to a loved one instead of the government. Fortunately, you can avoid federal estate tax through proper tax planning which your estate planning lawyer will handle.
4. Updating your estate plan
An estate plan is not something you create once and for all. Things likely would happen during your lifetime which would warrant a change to your estate plan. Estate laws often change. You can get divorced, remarry, and have other kids and assets. Then you would have to update your beneficiary list and what asset that should go to them. The estate planning lawyer knows when it is time to update your estate plan, and would effect all necessary changes with your authorization.
We offer you the best estate planning services in New Jersey. Contact the best estate planning attorney 07653 at our estate planning law firm Paramus, NJ.