Your estate plan is a long-term commitment to protecting your hard-earned assets, something that is usually started at a younger age and evolves through various events in your life as your assets and dependents grow and change. Keeping it up-to-date and in line with your current requirements takes time and effort, and it makes sense that such an important set of legal structures is properly protected. So, how can you best do this? Here are some suggestions from a leading estate planning attorney in New Jersey.
- Don’t underestimate your life expectancy: With advances in medical treatments, better nutrition and healthy lifestyle regimes, each generation is living longer – and better – lives than the one before. The US Social Security Administration estimates that people reaching 65 this year are likely to live to an average age of 85. This is vital to take into account when planning for retirement and your later years, and should be reflected in your Medicare planning, long-term care insurance and other financial components of your estate plan.
- Pre-pay your funeral expenses: A death in the family is often an incredibly difficult experience, and having to make funeral arrangements and organize a budget for the funeral is especially taxing on your loved ones. Ensuring that your funeral arrangements and expenses are included in your estate plan ensures your wishes are met and that this burden is lifted off your loved ones, allowing them to grieve properly.
- Have your own lawyer: For most people, when they get married, estate planning becomes a partnership – but the reality is that you both bring different assets and a different focus to the table. By each having your own estate lawyer, both sides are equally represented and this will help smooth out any differences in a mutually beneficial manner.
- Consider your retirement income: Estate planning isn’t just about where your assets will go when you die, it’s about making them work to your benefit as well – especially during your retirement. Planning your financial future early on lets you plan for your retirement income and helps you make informed decisions now that will help make that income a reality.
Protect your financial future and your family with your NJ estate planning attorney
If you would like further guidance on protecting your real estate assets by creating an irrevocable living trust, LLC or a Last Will and Testament, Frank R. Campisano can provide you with the necessary expert legal advice and professional insight.
In addition, he 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 him at the law firm of Sedita, Campisano & Campisano, LLC in New Jersey or visit our website at https://www.scclegal.com/ today.