Estate planning is all about the creation of legal documents and structures that ensure that your assets go to your dependents rather than to the government. While estate planning is important for anyone who has assets of any value or dependents they want to ensure are cared for, it is also true that the higher your income and the larger your assets, the more complex your estate planning needs to be. A settlement in a personal injury case can increase your assets in such a way as to change your estate planning requirements, says Frank R. Campisano, a leading NJ estate planning attorney.
• State and Federal taxes: While the State of New Jersey is eliminating their own estate taxes, the federal government will apply its own estate taxes on those that are valued at over $5.45 million. After this point, estate taxes will apply – but a comprehensive estate plan will help to reduce their impact as far as possible.
• Keeping an official record: The wheels of the legal and government system rely on accurate, official documentation – so it is vital that the official record is kept up to date. This is especially important if the plaintiff is medically unwell or injured to the point of disability and is unable to continue working, or in cases where a minor has lost their parent or parents and a trust is needed too to ensure their care.
• Medical expense planning: Medical expenses in these cases are often long-term, so it is important that your estate plan provides for for future needs. If these expenses are not recognized in the estate plan, you may end up being charged a higher federal tax as money needed for medical expenses will be added to the value of your estate.
Minimize federal taxes on your estate – Speak to a qualified NJ estate planning attorney
If you would like further guidance on minimizing your estate taxes, Frank R. Campisano can provide you with the necessary expert legal advice and professional insight.
In addition, he can can also assist you with all other aspects of your estate plan, from drawing up medical directives and Power of Attorney documents to Medicaid planning. For more information on setting up or changing an estate plan, please contact us at the law firm of Sedita, Campisano & Campisano, LLC in New Jersey or visit our website at https://www.scclegal.com/