Somerset County Estate Planning Lawyers

What Is Estate Planning?

Your estate consists of all the property you own, including real estate, personal possessions, and financial assets. Estate planning means taking steps to preserve and grow your property for use later in life and to provide for distributing it to heirs and other beneficiaries upon your death. The following are the key parts of a comprehensive estate plan:

• Last will and testament: You should have a will that names an executor to manage your estate and designates specific beneficiaries for the estate’s assets.
• Trusts: Placing assets in a trust allows you to enjoy your wealth during your lifetime and to pass that property on to your heirs seamlessly, which can ease the delay or expense of probate.
• Living wills and advance medical directives: These documents contain your directions for healthcare decisions you want to be made on your behalf should you become unable to make them yourself.
• Powers of attorney: If you need assistance with finances or medical decisions, you can designate an agent to act on your behalf.
• Guardianships: You can provide for care for a minor by nominating a guardian for a court to appoint in the event of your death. Click here to fill out our Proposed Guardian Questionnaire.
• Conservatorships: You can ask a court to create a conservatorship, giving you authority to act on behalf of a loved one who has lost the capacity to manage their affairs.

We work closely with you to craft a plan that meets your immediate and long-term needs.

Will My Beneficiaries’ Inheritances Be Taxed?

New Jersey is one of the few states with an inheritance tax. However, certain close relatives are exempt. These include your spouse, domestic partner, child, grandchild, great-grandchild, parent, or grandparent.

Other relatives, such as your siblings, nieces, nephews, aunts and uncles, and your children’s spouses, are taxed at graduated rates, ranging from 11 percent to 16 percent, depending on the size of their inheritances.

Certain other beneficiaries, such as religious institutions, schools, and charitable organizations, are exempt from state inheritance tax.

Depending on the size of your estate, the federal estate tax might also be an issue. For 2023, the federal estate tax threshold is $12.92 million for individuals and $25.84 million for married couples.

Several estate planning strategies can lower your tax exposure, so your heirs can keep more of the wealth you’ve set aside.

How To Avoid Estate Contests

During probate or estate administration, disappointed heirs may want to challenge a will or trust. Contests are possible if there are flaws in the document or problems with its execution. To make sure your estate plan is implemented according to your wishes, you should work with a team of experienced Somerset County lawyers who can avoid pitfalls, such as vague terms that cannot be clearly interpreted or the omission of certain assets.

Contact Our Somerset, NJ Estate Planning Lawyers

The Law Offices of Kisha M. Hebbon, LLC in Somerset, New Jersey provides comprehensive estate planning services for clients in Somerset, Middlesex, and Union counties. If you’re looking to draft a will, create a trust, or otherwise, contact our estate planning lawyers today.