If you live in the state of New Jersey and are preparing to have your will drawn up, there are certain laws that apply here specifically that you need to be aware of. Although having a will can be quite beneficial for you and your family, one thing to keep in mind is that if it isn’t done correctly or written out in a way that is understandable, there is a chance the courts may dispose of certain demands when it becomes active.
Some Common Issues that May Arise During Estate Planning
One of the main reasons why a person hires a will and estate planning attorney in New Jersey is because of all the complications and uncertainties. Did you know that based on the method on how you choose to leave behind your assets, your estate or your beneficiaries could face a tax imposed on their inheritances?
For example, if your estate is worth more than $625,000, it would be subjected to being taxed. And unlike other states, New Jersey residents are also subject to an inheritance tax, which is applied to inheritances going to someone out of your blood line. Gift tax is something else you need to mindful of when planning out how your wealth is going to be distributed. For instance, you are only limited to paying out up to $14,000 per person per year to avoid having a gift tax imposed on this money. And by assigning a surviving spouse or someone else to provide this gift allows your children or whoever is receiving the money to not have to worry about filing a gift tax return.
Although this may seem like an abundant amount of information, there is a way to avoid having your assets taxed and your loved ones being required to pay these fees. You can hire a New Jersey estate planning lawyer to work alongside of you and provide an explanation of all your options and what consequences your estate may face with based on how you elect to have your wealth transferred down.
While you want to have a plan in place, the unfortunate part about this is that not always does your message convey in the same manner you desire as stated in the terms of your will. Trust and estate lawyers understand how a will should be written and can help determine if it will be held up in court in the event it becomes probated.
Therefore, to begin searching for an attorney who can provide you with the guidance you need, take a moment and browse through the featured estate planning legal representatives found on our site. These recommended lawyers go above and beyond for their clients and will do the same for you to ensure your last will and testament is free from any flaws or confusion.