No one in New Jersey likes to contemplate death -- especially his or her own. However, doing so is essential for many reasons, the least of which is to save family members a good deal of trouble when they are already mourning the loss of a loved one. Estate planning could be considered the best way to care for family.
New Jersey estate planning to retain control of assets
Saving on taxes is one of the reasons that many New Jersey residents seek out an estate plan. Through careful and well thought out estate planning, it is possible to greatly reduce -- or even eliminate -- income taxes as well as estate and inheritance taxes. Determining which option will work best for an individual depends on his or her current circumstances and future needs.
The most critical estate planning decision for New Jersey parents
To young New Jersey parents with minor children, the possibility of death may seem so far away that it does not even bear consideration. However, anyone who picks up a newspaper, reads news online or watches television knows that people lose their lives in accidents every day. Not doing at least the basic estate planning could be disastrous for the family and children left behind.
Dynasty trusts transfer wealth to generations of beneficiaries
Estate planning is designed, in part, to prevent future generations from paying taxes on money they inherit. An ordinary trust protects the first generation of beneficiaries (children), but does not necessarily protect the second generation (grandchildren) from tax liability. One type of trust that can help a New Jersey grantor provide for grandchildren during their lifetime is the dynasty trust.
