New Jersey Estate Planning Basics
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Transcript of New Jersey Estate Planning Basics
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BASICS
ESTATE PLANNING
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Every adult should have an estate plan in place.
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This presentation
explains the basics.
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ASSETTRANSFER
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You will need to determine how your assets
will be transferred when you pass away.
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Two of the most common options for transferring assets
are a last will and a living trust.
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ADVANCED
HEALTH CARE DIRECTIVES
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INCAPACITY strikes a significant percentage
of adults.
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For this reason it is important to execute
advance health care directives.
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LIVING WILL and
DURABLE POWER OF ATTORNEY
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With a living will you express your choices
about life support measures.
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With a durable power of attorney you name people to
make decisions on your behalf should it become necessary.
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ESTATE TAXPLANNING
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EVERYONE in all 50 states is subject to the federal estate tax.
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In New Jersey we also have an estate tax
and an inheritance tax.
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ESTATE TAXEXEMPTIONS
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In 2013 the federal estate tax exclusion
is $5.25 million.
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However, the New Jersey exemption is just $675,000.
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POST MORTEMPLANNING
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It is important to execute documents expressing your
final wishes.
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However, you must also address the matter of the estate administration.
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OUR FIRM CAN HELP
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It takes experience and expertise
to devise an effective estate plan.
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If you are ready to get started contact our firm to arrange for a
FREE CONSULTATION.contact our firm