ESTATE, FINANCIAL, BUSINESS, RETIREMENT,
MEDICARE, and TAX PLANNING
In the formulation, preparation and finalization of Estate, Financial, Business, Retirement, Medicare, and Tax Plans each has to be customized and tailored to balance the best interests of the person creating the plan as well as those who are the object of his or her bounty.
Gone are the days when simple wills fit every one’s circumstance. In today’s society more often than not involves consideration of areas that must be addressed and well thought out. Some of these areas include but are not limited to income and estate taxes, pensions, annuities, defined benefit plans, individual retirement accounts, Roth Accounts, nursing home insurances, elder care, Medicaid and Medicare benefits, brokerage accounts, bank accounts, savings bonds, primary and secondary residences, businesses, sources of income, educational trusts, care, personal, custody and financial needs for minor children, real estate, coverage and protection of surviving spouses, Executor and Trustee duties, directions and responsibilities, and providing financial, health care and care giver services for everyone involved in the plan.
Some of the documents and provisions utilized to accomplish the foregoing are Last Wills and Testaments, Revocable and Irrevocable Trusts, Living Wills, Medical and Health Care Directives and Proxies, Living and Testamentary Trusts, Spend Thrift Trusts, Special Needs Trusts, Sprinkling of Income, Powers of Appointment, Gifting Plans, Family Partnerships, Buy Sell Agreements, Cross Purchase Stock Agreements and other documents related to transfer of real and personal property.
Federal and State Laws, Rules and Regulations are in a constant flux and the documents must be periodically examined to make sure they fit their intended purpose.
As an example, the Federal Estate Tax also sometimes referred to as the Uniform Transfer Tax provides an estate exemption of $2,000,000.00 for the years 2007 and 2008, $3,500,000.00 for the year 2009, no tax for the year 2010 and then a $1,000,000.00 exemption for the year 2011 and thereafter.
Again, you are reminded that when it comes the time for you to formulate your own plan it must be custom tailored to meet your wishes, desires and needs and not those of the person proposing the plan.
In order for you to accomplish the foregoing, I can assist you with identifying alternatives, options and suggestions that are not only in your heirs’ best interests but more importantly in your best interests as well.
Additionally, if you are involved in Disinheritance, Intestate, Will or Probate Contest, or are considering instituting litigation in New Jersey, I can assist you in all phases of this process in the Surrogate’s Courts of New Jersey. For more information, visit www.newjerseyprobatelawyer.com
Lindsey O'Neill is the Director of Legal Content and Strategic Development at LawInfo.com. Ms. O'Neill is a California licensed attorney based in La Jolla and experienced in a wide variety of legal and business matters.