Estate Planning Lawyer Teaneck, NJ
Estate planning entails creating a plan for who will receive your assets later on. It makes it known how you want your affairs to be taken care of after you pass away or if you are unable to handle them on your own for a medical reason. While it can be a complicated process, our team at Kaplan Law Practice, LLC aims to make it that much easier. There are many misconceptions about estate planning, such as only the rich and famous have estate plans, or you only need one if you have an exorbitant amount of money or assets. Neither of these are true, as anyone who has something that they cherish, whether of high value or not, is worth securing so that you who want to receive them does when the time arrives. If you want to get started on your estate plan, please reach out to our Teaneck, NJ estate planning lawyer today!
Your First Step To Estate Planning
Estate planning is the process of making it clear, and legally-binding, how you want your estate to be distributed once you pass on or become incapacitated. There are many aspects of estate planning, but your first step is to write a list of your assets. Your estate is made of the property you own, including cars, cash, jewelry, clothes, investments, houses, retirement accounts, savings, land, artwork, sentimental items, and more. Take some time to make an inventory of your belongings and personal items. This is the first step in establishing your estate plan.
Documents You May Find Useful
In your complete estate plan, there are several documents that you can use to ensure all of your wishes are followed in the future. Documents such as guardianship, will, trust, financial power of attorney, durable power of attorney, advance healthcare directive, living will, and medical power of attorney will help you write out your preferences for asset distribution while protecting your estate now. Our dedicated estate planning attorney can discuss with you what your needs are and then recommend which documents to use that will serve you best.
Understanding Tax Implications
Much of estate planning is done while considering tax implications. The goal is to leave the most amount possible to your beneficiaries. We can strategize how to make sure your estate is least affected by taxes. When it comes to estate planning, there is estate tax, inheritance tax, and gift tax. Estate taxes are imposed on estates that are worth more than a certain value. Inheritance taxes are paid by someone who inherits money or property from the deceased. Lastly, gift taxes are applied on gifts that go above a set dollar amount. The giver of the gift, not the receiver, is responsible for paying this tax.
Kaplan Law Practice, LLC
Planning for the future of your assets is important so that those you care about the most receive a part of you after you have passed on. Estate planning can be simplified with support from our team at Kaplan Law Practice, LLC. If you are interested in learning more, our Teaneck estate planning attorney is ready to assist you!