Frequently Asked Estate Planning Questions
It can be hard to know when you need to start planning for what happens after you pass away. It can be even harder when you are trying to settle a loved one’s estate. From my Morris County office, I Joel A. Drucker, Attorney at Law, want to help you answer some of your first questions when it comes to estate planning.
What Happens If I Die Without A Will? Will The State Get My Money?
If you should pass away without establishing a will beforehand, you leave your estate at the mercy of the state’s intestacy laws. The state will draw up a will based on their intestacy laws and use that to determine who will receive your estate. This distribution may go against what you originally had in mind. If there are no living relatives, then the state would get the money.
Will I Have To Pay Estate Taxes?
While not everyone in the state will have to worry about the federal taxes, there is always a chance that they could face estate taxes in either New Jersey or New York. New Jersey also has an inheritance tax that you need to consider as well. There is a way around some of the state’s taxes by using professional estate planning guidance with an experienced attorney. An experienced attorney can also help to save on income taxes.
Will Setting Up A Trust Help Me Save On Taxes?
There are two main types of trusts that you can establish in your estate plan: irrevocable and revocable. Irrevocable trusts will help you with estate taxes, although they may remove the ability for heirs to receive a step up in cost basis. I can help you review your unique situation and determine which options you can take, and their costs and benefits.
Why Do I Need An Attorney?
In any case, whether you are planning for your tomorrow, or you are trying to settle the estate of a loved one, having experience on your side can drastically improve your efforts. I know what is at stake in these cases, and I know what king of help you look for, no matter what venture you are pursuing.
If you want experienced guidance in your estate planning needs, I can help you take action to protect your tomorrow, today. Contact me at my Randolph office by calling 973-933-4207. Schedule an initial consultation with a New Jersey lawyer who knows how to look out for you. We also help clients in New York and Florida. I have more than 40 years of experience in the area of estate planning.