An estate plan is simply the orderly disposition of one’s assets in accordance with an individual’s wishes and desires. An estate plan includes not only the preparation of a Last Will and Testament but may also include a Power of Attorney, Living Will, Healthcare Proxy Directive and Trusts. Tax Planning is recommended where appropriate. The firm has experience with numerous planning techniques including but not limited to Irrevocable Life Insurance Trusts, Qualified Personal Residence Trusts, Family Limited Partnerships and Charitable Trusts, all of which result in client tax savings.
Without an estate plan (i.e. a Will) an individual’s assets will pass by the laws of intestacy. This means that the State of New Jersey will decide who receives your assets. No matter how large or small one’s estate, it is unlikely that anyone would not want control over the distribution of their assets. Furthermore, in this day and age of “blended families” it is more important than ever to set forth a clear plan of distribution.