Trenton Estate Planning Lawyers
Experienced Estate Planning Attorneys serve Clients in Mercer County and Throughout New Jersey
Estate Planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Everyone’s estate planning process is unique and calls attention to your specific goals and interests that you have valued throughout your life. If you are interested in planning your estate, and live in Mercer County, Burlington County, Somerset County, Middlesex County, or anywhere else in New Jersey, the legal team at Kalavruzos, Mumola, Hartman, Lento & Duff, LLC is skilled and experienced in all types of estate planning and ready to help. Contact our skilled Trenton Estate Planning Lawyers today to discuss the specifics of your case.
What Does Your Estate Consist Of?
Your estate consists of all of the property you own, including the following:
- Your home and any other real estate you may own
- Tangible personal property, including cars, furniture, jewelry, etc.
- Intangible personal property, including bank accounts, savings, and retirement accounts, insurance, investment (e.g., stocks and bonds), and pension and social security benefits.
What is the Difference Between an Estate Plan and a Will?
A will is a legal document that sets forth your intentions regarding the distribution of your property and the care of any minor children. A will is an integral part of your estate plan, but not the only part. During a legal process called probate, your will is authenticated and the estate is administered, distributing assets to the beneficiaries.
An estate plan is a roadmap for how all of your assets and property are allocated, preserved, managed, and distributed after death or incapacitation.
The most fundamental step in created your estate plan is drafting your will. In addition, there are other important estate planning tasks, which include:
- Limiting estate taxes
- Establishing trusts
- Ensuring your business continues to operate smoothly
- Easing the strain on your family
- Distribute your assets to your beneficiaries quickly
- Making timely gifts to charitable organizations and non-profit organizations, which can help to reduce your estate taxes
- Establishing a guardian for minor children
- Establishing funeral arrangements
- Naming an executor of the estate to oversee the terms of the will
- Naming beneficiaries on various plans, including life insurance, IRAs, and 401(k)s
- Establishing a durable power of attorney (POA) to guide other assets and investments
Limiting Estate Taxes
It is important to formulate the roadmap for your estate plan in order to address several issues regarding taxation both during your life and after death. Federal and New Jersey taxes applied to your estate can significantly decrease its value before the assets are distributed to beneficiaries. A death can leave behind massive liabilities for the family of the deceased, which requires transfers from one generation to another – this requires strategic legal action that can eliminate, reduce, or postpone tax payments.
Careful asset preservation and distribution can result in the elimination or reduction of Federal and New Jersey estate taxes. There are several notable estate planning tools, including revocable and irrevocable trusts, life insurance trusts, and qualified personal residence trusts.
Contact us today to learn more about what estate planning tools are available. The legal team at Kalavruzos, Mumola, Hartman, Lento & Duff, LLC has the expertise in estate planning to serve your interests and needs.
Appointing the Right Executor
An important part of planning your estate is appointing an executor, who is a legal representative approved by the court and responsible for locating and overseeing the distribution of the assets of the deceased. The assets that will be distributed are subject to probate administration and supervision in the probate court of the place where the decedent lived at death.
The executor has to pay taxes and any debt out of the estate owed by the deceased at the time of death. The executor is in charge of filing for the final personal income tax returns of the deceased. Creditors have a limited amount of time to take action and make a claim against the estate for money that may be owed to them. In case of a dispute between the executor and creditor, a probate court makes the final determination on claims regarding assets.
Contact our Experienced Estate Planning Lawyers to Discuss Options Today
If you are interested in planning your estate or the estate of a friend or relative, you need an experienced estate planning attorney. We serve Mercer County, Burlington County, Somerset County, Middlesex County, and the rest of New Jersey. Act quickly to allow yourself enough time to look at options for planning the state. Contact Kalavruzos, Mumola, Hartman, Lento & Duff, LLC today.
Frequently Asked Questions about Estate Planning in New Jersey
We do. The Kalavruzos, Mumola, Hartman, Lento & Duff, LLC legal team has experience in all areas of estate planning. In order to receive the full benefits permitted by law, it is important to have an estate planning attorney with expertise and experience guiding you to your goals. If you are interested in planning your estate or have questions about how the estate planning process works, and live in Mercer County, Burlington County, Somerset County, Middlesex County, and throughout New Jersey, contact us today.
Absolutely not! While it is true that many people go into estate planning mode as they age, it is important to retain an experienced and knowledgeable estate planning attorney to help you understand how you would like your assets to be preserved. It is never too early to formulate a blueprint for the distribution of assets and mitigation of estate taxes. Likewise, you may have children or relatives in mind, and using an experienced estate planning attorney can help you ensure that your family is well taken care of after you pass away.
There is a lot more to estate planning than drafting a will. While a will is the most important document, it does not touch on every piece of your estate. An estate plan is a roadmap for how all of your assets and property are allocated, preserved, managed, and distributed after death or incapacitation. Planning your estate also makes sure that your family is well looked after upon your death. It is important to have an experienced and knowledgeable attorney to handle all aspects of the estate planning process. If you have any questions regarding estate planning, our attorneys are here to help. Contact Kalavruzos, Mumola, Hartman, Lento & Duff, LLC today.