Many residents of New Jersey and nationwide may, at one time or another, have to look at estate planning for their parents and themselves. Many financial planners believe that some individuals who are otherwise in good shape financially either lack judgment or use poor judgment when it comes to their personal estate planning. They believe that misjudgment leads to omissions and poor estate-planning decisions.
Getting a handle on healthcare decisions
Many Camden County, New Jersey residents know what goes into planning for worst-case scenarios. For example, when a man or woman is incapacitated and cannot voice their wishes for medical treatment, they need to appoint someone to make those decisions on their behalf. This is one of the important elements of estate planning.
Important estate planning decisions couples need to consider
New Jersey couples approaching retirement or who are currently retired may benefit from consulting a financial planner to review any investments that fund their estate plan.
Changes in death taxes lobbied across nation
Most people have probably not opted to have a conversation with an attorney to discuss the intricacies of estate planning. Let's face it; having a discussion about death isn't one that most people look forward to having. That said, most people in New Jersey may not realize that when they die, depending on the size of the estate, an inheritance and estate tax must be paid to the state
Beware of passing debt to heirs and beneficiaries
When New Jersey consumers work with an attorney to plan an estate, they must think about the future as well as any unforeseen events. It can sometimes feel like a "what-if" strategic game. That said, it is important to plan for the unknown and when that occurs to feel comfortable with what we are leaving behind for our loved ones.
