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Personal Insurance
Financial Services
Retirement & Estate
Planning
Estate planning is utilized for accumulating, conserving, and distributing assets
according to your wishes after your death. Successful estate planning transfers your
assets to your beneficiaries quickly and usually with minimal tax consequences.
The process of estate planning includes inventorying your assets and making a will and/or
establishing a trust, often with an emphasis on keeping inheritance taxes as low as possible.
Even if your estate is not likely to be subject to federal
estate taxes, an experienced estate planner may be
necessary to be certain that your intentions for disposition
of your assets are followed.
Some estate planning methods that can be used to minimize
federal taxes on your estate include the following:
Federal tax law generally allows you to give up to $11,000*
per year to anyone without paying gift taxes, but is subject
to certain restrictions. This means you can transfer some of
your wealth to your children or others during your lifetime
to reduce your taxable estate. For example, you could give
$11,000 a year to each of your children, and your spouse
could do likewise (for a total of $22,000 per year to each
child). You may make $11,000 annual gifts to as many
people as you wish.
Estate Planning Information for New Jersey
Giving Away Assets During Your Lifetime
Life Insurance Trusts
Life insurance trusts can be designed to keep the
proceeds of a life insurance policy out of your estate and
give your estate necessary liquidity. You can fund a life
insurance trust either by transferring an existing life
insurance policy or by having the trust purchase a new
policy. To avoid inclusion in your estate, such trusts must
be irrevocable, which means you can't dissolve the trust
or change the terms if you change your mind later. With
experienced estate planning, the proceeds from life
insurance held by the trust may pass to trust
beneficiaries without income or estate taxes. This will
give beneficiaries cash that can be used to help pay
estate taxes or other expenses, such as funeral costs.
* The $11,000 annual gift tax exclusion will be adjusted
for inflation, and the exclusion applies only to a gift of
a present interest in property. Therefore, gifts made
intrust generally will not qualify for this exclusion.
Bypass or Credit Shelter Trust
A credit shelter trust can provide income to the surviving spouse for life,
then upon the death of the surviving spouse the assets are distributed to
beneficiaries, such as children. An experienced financial and estate planner
can utilize existing law so the couple is able to pass on a substantial estate
tax free to their beneficiaries.
Click on the link below to fill out an Estate Planning contact form or call
732-680-4444 to speak with our Financial Planner.
"Your Local New Jersey Fianancial Planning Specialist!"
We offer experienced estate and retirement planning services in the following New Jersey
counties and cities: Union County, Essex County, Bergen County, Passaic County, Sussex
County, Morris County, Warren County, Hunterdon County, Somerset County, Middlesex
County, Monmouth County, Mercer County, Burlington County, Clark, Newark, Jersey
City, Elizabeth, Rahway, Colonia, Iselin, Avenel, Woodbridge, Port Reading, Carteret, Perth
Amboy, Fords, South Amboy, Metuchen, Plainfield, Dunellen, South Plainfield, Green
Brook, Fanwood, North Plainfield, Cranford, Scotch Plains, Westfield, Union, Millburn,
Springfield, Mountainside, Gillette, Warren, Watchung, Stirling, Millington, Middlesex,
Martinsville, Piscataway, Edison, New Brunswick, Highland Park, North Brunswick,
Sayreville, East Brunswick, Somerset, Milltown, South River, Bound Brook, Somerville,
Bridgewater, Bayonne, Linden, Roselle, Hoboken, Union City, Weehawken, West New
York, Guttenberg, Cliffside Park, Edgewater, North Bergen, Secaucus, Fairview, Ridgefield,
Fort Lee, Leonia, Palisades Park, Englewood Cliffs, Englewood, Bergenfield, Teaneck,
Paramus, Bogota, Ridgefield Park, Little Ferry, Hackensack, Maywood, Teterboro, South
Hackensack, Rochelle Park, Moonache, Lodi, Hasbrouck Heights, Saddle Brook, Garfield,
Elmwood Park, Woodridge, Carlstadt, East Rutherford, Lyndhurst, Rutherford, Wallington,
Passaic, Clifton, Paterson, Totowa, West Paterson, Little Falls, Great Notch, North
Caldwell, Cedar Grove, Verona, Montclair, Bloomfield, West Orange, Glen Ridge, Belleville,
Nutley, Kingsland, North Arlington, Kearney, Harrison, East Orange, East Newark, Orange,
Irvington, South Orange, Hillside, Townley, Livingston, Wayne, Trenton, Camden, Atlantic
City, Princeton, Vineland, Willingboro, and Toms River, NJ.
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1129 Raritan Road
Clark, New Jersey 07066
(732) 680-4444
Fax: (732) 680-4067