Whether you're young or old, it's important to have an estate plan in place that reflects your life situation and goals.
At Whitlock Canter LLC, we provide complete estate planning services throughout various stages of life. We encourage you to talk with us in a confidential consultation.
Call 201-212-4019 to schedule a time to talk. From our office in Paramus, we serve clients in both New Jersey and New York.
Why It Is Important To Have An Estate Plan
Estate planning is the process of "putting your affairs in order" to ensure your hard-earned assets are protected. An estate plan can also ensure your property and assets are passed on to your heirs in an orderly and tax-efficient manner.
What Should Be Included In Your Plan?
Though everyone's situation is unique, there are also certain basic components that all effective estate plans should address. We can guide through all aspects of this planning, including:
- Wills — It is often said that every adult should have a will. It is often said because it really is true.
- Health care directives — They are called different things in different states. But whether the term is living will, health care directive or something else, it is important to make your preferences known for health care decisions, in case you become unable to make them for yourself.
- Trusts — Trusts are a common but also rather complicated legal structure for transferring certain types of assets. We can explain the options for using trusts effectively, given your overall goals.
- Powers of Attorney — Every person should have a valid Power of Attorney in effect for use in the event of incapacity.
Updating Your Plan
Your estate plan should be updated periodically during your lifetime to address your estate planning goals during different stages in your life. If you have young children, an appropriate estate plan should include naming guardians, creating a guardianship and establishing appropriate trusts for your minor children.
You will also want to secure proper life insurance coverage and implement expertly drafted estate planning documents, including a last will and testament, durable power of attorney and advance health care directive. When you reach middle age, you may need to add a credit shelter trust to your will and perhaps an irrevocable life insurance trust to update your estate plan.
If you are fortunate enough to retire with significant wealth, you may want to take advantage of one or more of the many sophisticated estate planning techniques which Whitlock Canter LLC uses to effectuate a reduction of the estate tax burden on your heirs.
We can also assist you with questions about probate and matters of estate administration.
If you are interested in learning how our law firm can help you and your family, please contact Whitlock Canter LLC today.