Who to choose to administer an estate after a person's death is often an important consideration for New Jersey individuals engaged in estate planning to make. Estate administration can be relatively simple when few assets are involved; but in cases where significant amounts of assets or intellectual property are at stake, it can become more complex. For instance, in cases where an author with a valuable literary heritage dies, estate administration can involve overseeing how copyright issues are handled after that author's death.
The law surrounding estates is ever changing. With the less volatile estate taxes that have been around since the start of 2000, many individuals have not been worried about how these taxes will affect their distributions to their beneficiaries upon their death. However, new tax laws are set to go into effect in 2013, which could have significant implications on New Jersey residents and how they go about creating their estate planning documents.
Several Bush era tax cuts are set to expire on Dec. 31, 2012. As Congress argues and debates about whether to extend the tax cuts or let them expire, New Jersey residents are left to figure out how to best protect their assets. Estate planning now may save thousands in tax dollars later.