Red Bank and Marlton Estate Law Attorneys
Most people are understandably reluctant to think about what will happen after their passing. But by planning ahead, individuals can reclaim a large measure of control over how their loved ones will fare in the days, months, and years still to come. Estate planning is a necessary, albeit difficult step in the effort to ensure financial stability for family members and others. However, the process must be handled with extreme care by a qualified and reputable New Jersey estates lawyer. Those who fail to take the process seriously risk imposing a significant financial and legal burden on their loved ones.
How an Estate Law Attorney Can Help
We work side-by-side with accountants, trust officers, and other professionals to build the strongest possible legacy for our clients, no matter how complex their financial situation. We assist in the following areas:
- Wills: The first and most important step in the estate planning process, a will is a public document that identifies an executor and beneficiaries as well as offers clear guidance on how assets will be distributed. Because wills cannot alter the chosen beneficiary of a valid, legally binding retirement plan, such as a 401K or Roth IRA, steps must be taken to ensure cohesiveness between the two.
- Charitable planning: By donating appreciated securities instead of cash to recognized charities, an estate avoids the need to sell the assets which can in turn trigger the capital gains tax. Additionally, an estate may deduct the fair market value of the financial donation. The establishment of a charitable remainder trust or charitable lead trust can also generate income for beneficiaries.
- Trusts: Offering more privacy than wills, which proceed through probate court, a trust is overseen by a trustee who manages and transfers assets. Another notable benefit of a trust involves speed and efficiency. Because the trust need not be validated by a court, property and other assets can be transferred shortly after death.
- Business succession planning: Specifies the transfer of ownership of a business, including the delegation of new responsibilities and the training of a named successor. If the successor will not be a family member, clients may nonetheless establish during business succession planning how their surviving family members should be compensated going forward.
- Estate administration: A complex and time-consuming process centered primarily on paying a decedent’s debts and documenting their assets for later distribution to beneficiaries. In the absence of a will, a court can appoint a spouse or other close relative to serve as executor for purposes of estate administration.
- High net worth estate planning: By focusing on minimizing tax exposure for heirs and keeping an estate out of probate, Red Bank estate law attorneys ensure that the assets of a high net worth client are accessible to loved ones for generations to come. A high net worth estate will ordinarily involve the designation of a trustee.
- Family limited partnerships: Allow clients a mechanism for transferring assets without the implication of tax liability, as is levied at a rate of 35 percent on gifts of more than $5 million. New Jersey residents can now create a family limited partnership (FLP) or limited liability company (LLC), and then offer family members an ownership interest in lieu of a gift.
It is important to note that although some aspects of estate planning are intended to assist clients of means, anyone can benefit from a will regardless of their financial circumstances. It is equally critical that estate planning begins as early as possible. Waiting until retirement or a medical crisis hits can severely limit the ability of an attorney to ensure the creation of the estate you envision. Issues surrounding executors, gifts, and the transfer of property can be decided now and revisited as needed, on an ongoing basis.
Red Bank and Marlton Estate Law Attorneys at McOmber & McOmber, P.C. Offer Peace of Mind to Individuals and Families
An estate takes a lifetime to build. It should be protected and passed on to future generations. If you are ready to talk about the future you envision for your loved ones, the Marlton estate law attorneys at McOmber & McOmber, P.C. will help you take the next step. Contact us online or call our Red Bank, New Jersey offices at 732-842-6500 or our Marlton, New Jersey offices at 856-985-9800 to begin planning your estate today. We serve clients throughout New Jersey, including Middletown, Marlton, and Cherry Hill.