Estate Planning Lawyer NJ
It can be extremely difficult planning for your future. You most likely don’t have any idea of what the future will hold and what unexpected situations will arise and be faced with. And unfortunately, one unexpected situation is being faced with a sudden death. If you have a family, it’s extremely important to put together a plan of your finances and assets for your family. So that your family will not have to deal with anything more than their loss.
Oftentimes, people mistake estate planning as something that only the wealthy do, however, that would be false. An estate plan is important for everyone despite a person’s net worth amount or income level. It is a basic concept that everyone should take into action. Establishing an estate plan could limit the amount of confusion and costs that could be involved with your estate after you die and which will ease the stress on your family and they can focus on processing their loss.
When working with an estate planning lawyer you will have access to professional advisors who understand the laws and the skills it takes to help you with estate planning. A lawyer will be familiar with your goals and concerns. They will understand what you own and your family structure. Sometimes this process can involve other professionals like your accountant, financial planner, life insurance advisor, banker, or broker.
Estate planning is designating who will receive your assets and handle the responsibilities after your death or incapacitation. An important aspect of estate planning is to ensure that your beneficiaries receive assets in a way that will minimize estate tax, gift tax, income tax, and other taxes.
One of the first steps of estate planning is taking inventory of your stuff. Some of the tangible assets that are included in your estate can include:
- Homes, land, or other real estate
- Vehicles like cars, motorcycles, or boats
- Collectibles like coins, art, antiques, etc.
Some intangible assets in your estate can include:
- Stocks, bonds, and mutual funds
- Life insurance policies
- Retirement plans
- Health savings accounts
- Ownership in a business
Once you’ve put together the list of your tangible and intangible assets, you’ll want to estimate their value. Recent appraisals of your home or statements from your financial accounts can help determine the value of your assets.
Estate planning can be grueling but it is a necessary step to ensure everything is taken care of when you are no longer to do so.
If you would like to explore more information, reach out to a NJ estate planning lawyer from a law firm like Klenk Law. They will be able to answer any of your questions and concerns about estate planning.