Many in New Jersey recognize the need to create a viable estate plan to handle the ultimate disposition of their assets. Often, however, we fail to recognize the full extent of those assets, and leave certain holdings unprotected. The advancement of technology is one area in which this subject becomes very relevant. Many of us hold digital assets, and fail to include these holdings within our traditional estate planning documents.
Estate planning should cover your digital assets
Estate planning can protect one's property after death
When life is busy, people tend to focus on simply making it through each day. Thinking about the future even five or 10 years from now may seem overwhelming, and thinking about what would happen in the event of one's death may seem too morbid. However, if people fail to make the necessary preparations through estate planning while they are alive, their families are the ones who may end up suffering in New Jersey.
Now could be the time for some estate tax planning
Tax time is over for the year, and many New Jersey residents are more than happy to put it behind them for the rest of the year. However, this could be the perfect time to conduct some tax strategizing. Everyone could benefit from estate tax planning as well.
Creating parity between siblings within estate planning
For many New Jersey parents, treating each of their children fairly and equally is something of a balancing act. The same can be true within estate planning, when parents must consider the long-term financial needs of their children when making decisions concerning inheritance. It can be tempting to leave each child a different amount, to reflect their individual financial circumstances and their earning and/or saving abilities. Doing so can lead to problems, however, and is best avoided.
Seemingly simple estate planning guidelines
Perhaps the biggest step in completing one's estate plan is simply making the decision to move forward with the process. Once that step has been made, the rest of the process is simply a matter of details. There are certain aspects of estate planning that seem to be obvious, but many in New Jersey fail to take care of these simple details. The following information is given in the hopes of helping individuals reap the benefits of their estate plan, no matter how simple or complex their finances may be.
New Jersey inheritors need to know inheritance tax realities
It is not unusual for someone in New Jersey to become the inheritor of real estate or other related assets. In fact, it is quite common that, when someone dies, their property is inherited by someone else. In this case, there are inheritance tax realities that should be considered ahead of time by all involved parties. After all, inheritance tax issues will affect the inheritor in a number of ways.
Proper estate planning can provide peace of mind
New Jersey residents, just like others, often think there is a lot of time to get involved in estate planning. However, because the future is a mystery to us all, there is no better time than the present to properly implement estate planning in order to control what will happen to your assets in the event of death or mental incapacity. Just as important, though, is to update your estate at regular intervals once you have it in place.
A foundational estate plan can provide solid asset protection
Virtually all New Jersey residents understand that they need some basic form of estate plan in order to provide guidance for those that they will eventually leave behind. In terms of asset protection and advance planning, a foundational estate plan is the best tool for most individuals. A foundational estate plan is comprised of four key elements, all of which play important roles in outlining one's wishes.
Steps to successful estate planning
When considering how to structure their estate plan, many in New Jersey are simply unsure where to begin. This is especially true for individuals who have no estate planning experience, and for whom the array of choices may feel daunting. In reality, however, the process of outlining your wishes is far easier than many imagine, and can be completed relatively quickly.
