While nobody wants to think about life after they are gone, being prepared is important, which is why people should take estate planning seriously. By completing the necessary steps, people can ensure that their children and spouses are taken care of should the unfortunate happen.
The following are four steps that can be taken to ensure estate planning is a success.
1. Choose professionals to help: This isn’t a process that people will want to undertake on their own, so it will be important to select experienced professionals to help. This includes getting a tax attorney, accountant, financial planner, and trustee, among others. These professionals can help ensure that there are no errors made during the estate-planning process.
2. Discover assets and liabilities: In order to plan an estate, people will need to know how much money they have in assets and liabilities. This could be bank accounts, homes, stocks, debts and many other things. By discovering exactly how much is in each account, people can allocate their assets accurately.
3. Hash out the specifics: Estate planning can be a difficult process. People will need to figure out many specifics before completing their plans, such as who will act as the executor and should they appoint a single trustee or co-trustees? The professionals hired to assist in this process should be able to provide valuable input at this time, as they have likely helped during many estate plans in the past.
4. Construct the plan and complete documents: The final step will be to actually construct the plan and complete the documents to make it official. The legal formalities will make sure that assets go to the people who were awarded them in the plan. It is probably a good idea to make recipients aware of this fact before anything happens.
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
