Elder Law and Estate Planning
Why Estate Planning is Necessary
After a loved one passes away, there are a lot of legal issues that must be taken care of in the midst of the grieving period and many people try to plan ahead as much as possible to alleviate some of this stress. Rinaldo Law Group consists of experienced New Jersey estate planning lawyers who can help you gather the necessary documents required after death and can also draft a will that will best fulfill your wishes and ensure that they are met.
An estate is usually defined as all of the assets, including money, real property, personal property, securities and other investments that is owned by a person at the time of their death. Real property refers to homes, land and commercial property, while personal property refers to items such as cars, boats, furniture and jewelry.
A comprehensive estate plan may include various components, including advance directives, a will, trusts, and other legal instruments, along with financial planning for the purpose of preserving assets and providing for your family’s future.
There is much to consider when developing an estate plan, including providing for long-term care, minimizing estate taxes, and providing for how you wish your assets will be distributed after you pass on. With proper estate planning, you can prevent your assets from ending up in the wrong hands.
Dying without a will (known as intestate) results in a court deciding how your assets will be distributed. Estate planning helps to avoid sending your family to court only to pay unnecessary legal fees.
It is important to have a will and a proper plan for one’s estate at any stage in life, and the lawyers at our firm can help make this process easier by handling your case with care and efficiency. To learn more about our estate planning and probate services, fill out our contact form or call 1-833-RINALDO.
The term advanced directives refers to the forms that give the power to make healthcare decisions about the patient to someone other than the patient. They include legal documents that allow a patient to refuse medical treatment, or they can outline the treatment one does want in the event that the patient reaches a state that he or she is unable to make treatment decisions.
Estate Planning Overview
Estate planning is a complex process that can be made easier with the right legal counsel who will help ensure that your wishes are fulfilled upon your death.
Estate Taxes and New Jersey’s Inheritance Tax
In New Jersey, the estate tax will no longer be imposed on the decedents who pass away on or after January 1, 2018.
Probate and Estate Administration
Estate administration occurs after a person has passed away and is concerned with the distribution of his or her assets in accordance to the decedent’s will. However, estate administration will be governed by New Jersey’s intestate laws in the event the decedent dies without a will, or a will is contested and found to be void.
Wills & Trusts
Drafting a will, otherwise known as a “last will and testament,” usually isn’t the first thing on most people’s minds, especially if they do not have children to worry about yet or if they just have not reached what they would consider “old age.” However, if you have a substantial amount of assets, having a will is important at any age.