Everyone’s goals for their estate plan is different and couples are no exception. Often, these plans are highly customized and specific to a couple’s circumstances – their earnings, how they prefer to invest certain assets, and how they prefer to provide for their dependents, etc. Here are some common goals that bring all these plans together and might help you with formulating your own estate plan too, from a leading estate planning attorney in New Jersey.
- Provision for loved ones: One of the most important estate planning goals for most couples is to provide for their dependents in the event that one or both of them pass away. Provisions are usually in place for the surviving spouse, children, parents, grandchildren and even pets.
- Protection of assets: These are provisions that are put in place to protect assets that dependents will inherit. Generally, they are protected from creditors and future spouses in the event of a divorce.
- Tax minimization: By minimizing taxes, couples can maximize the amount going to their chosen heirs and loved ones, so this goal goes hand-in-hand with the first goal. Taxes to consider include state and federal estate taxes, as well as state and federal income tax.
- Affordability: A concern for couples is that their estate plan – designed to protect their assets – will cost more than they’ll save. With a minimal level of complexity and by tailoring the structure of an estate plan, your attorney can deliver something that is both effective and affordable.
- Incapacitation provisions: This is the part of your estate plan that deals with the possibility that you and/or your spouse may be rendered incapable of making medical and financial decisions. Legal tools like Healthcare Proxies and Financial Power of Attorney documents let you plan everything out in advance according to your own wishes, from financial decisions and medical treatment to business succession and insurance planning.
Professional Estate Planning in New Jersey – Tailored to Your Needs
You deserve a legal solution that is uniquely tailored to your needs, so speak to New Jersey estate planning attorney Frank R. Campisano today. Whether you want to create a Last Will and Testament or are interested in updating more complex estate planning documents such as trusts, Medical Directive and Power of Attorney documents, he can ensure that the right legal documentation is developed in order to meet your specific wishes.