Creating an effective estate plan can be crucial to preserving your assets to pass to future generations. The federal estate tax is currently 45% of your taxable estate, meaning that 45% of your assets will be owed to the government. However, there are a number of complex tax regulations that alleviate this strict requirement, such as the unified credit, unlimited marital deductions, and annual gift exclusions. The Tax Code is complex and constantly changing, so it is important that you contact a New Jersey estate planning attorney to assist you in setting up an estate plan that suits your individual needs.
The New Jersey litigation attorney firm of Vlasac & Shmaruk, LLC has a number of lawyers who are experienced in estate planning and who can advise you as to the options that best fit your situation. The attorneys at Vlasac & Shmaruk, LLC can assist you in:
- Drafting a clearly written will
- Selecting an appropriate life insurance policy
- Minimizing the applicability of the generation skipping tax
- Resolving any issues associated with closely held businesses
- Properly valuing your assets
- Setting up an IRA that can help you mitigate federal income tax consequences
- Utilizing disclaimers where necessary to effectively carry out an estate plan
Trusts are often a simple and effective method of passing assets on to children, spouses, or charitable organizations. Our New Jersey estate planning attorneys can assist you in setting up a variety of trusts that may help preserve your assets for future generations. Such trusts may include:
- Credit Shelter Trusts
- Qualified Terminable Interest Trusts (QTIPs) and other marital trusts
- Grantor Retained Annuity Trusts (GRATs)
- Irrevocable Life Insurance Trusts (ILITs)
- Charitable Remainder Annuity Trusts (CRATs) and Charitable Remainder Unitrusts (CRUTs)
- Charitable Lead Annuity Trusts (CLATs) and Charitable Remainder Unitrusts (CLUTs)
- Qualified Personal Residence Trusts (QPRTs)
Upon the death of a loved one, a New Jersey litigation attorney at Vlasac & Shmaruk, LLC can guide you through the process of probating a will, including determining the disposition of any assets not specified in the will and assisting you in bringing or defending a will contest. Probate is the legal process by which the assets of an estate are distributed to the will beneficiaries. Additionally, during probate, any assets not specifically mentioned will pass to the proper family members by intestate succession. It is important that you have a New Jersey estate planning attorney represent you through this process to ensure that your rights are protected and that the assets pass according to your loved one’s true intent.
Whatever your financial situation or the current state of your assets, it is vital that you have an estate plan in place in the event something should happen to you or your spouse. It is also important that you have someone represent you during the probate process if you are the potential beneficiary of a will. Contact a New Jersey estate planning attorney at Vlasac & Shmaruk, LLC today for a free consultation. |
