Estate planning tools are a means of preparing for the inevitable. Just about everyone knows some version of the adage on what two things are certain in life. With death and taxes, are also concerns of ill health and incapacitation.
Notwithstanding, New Jersey is not unique as far as the number of people who fail to put together a formal document concerning their last wishes. It is not enough to verbally express how you want your assets distributed. Likewise, parents of minor children should have input as far as who takes over in the event of their demise.
As New Jersey estate planning lawyers, the Law Office of DiFrancia Law provides you with experienced legal advice concerning a variety of issues. Do you have an advanced medical directive? Do you need a power of attorney for someone to act in your place? What about Medicaid planning?
New Jersey Estates and Trusts Lawyers
Who needs an estates and trusts attorney in New Jersey? The bottom line is that just about everybody needs estate planning tools that are tailored to their individual needs. Here is a short breakdown of documents used to protect how your estate is handled:
- Last Will and Testament: Your last will and testament will place an executor or executrix in charge of seeing your final wishes are carried out. Your will may contain directives concerning distribution of your property. Additionally, you may also seek to name guardians for your minor or disabled children.
- Trusts: There are different types of trusts that may be set up during your lifetime and ultimately pass on to your stated beneficiaries.
As experienced New Jersey estates and trusts lawyers, our office can provide you with the advantages and disadvantages of both means of passing on your legacy. Tax consequences are important in estate planning and thoroughly reviewed as a matter of course.
Other Important Estate Planning Tools
Other legal documents are crucial when it comes to estate planning. Regardless of asset accumulation, every individual should consider meeting with experienced estate planning lawyers to discuss the following:
- Durable Power of Attorney for Health Care: Appoints a representative to make decisions regarding medical care, including acceptance or refusal of any procedures or services.
- Living Will: Delineates healthcare directives, rather than just appointing someone else to make the decisions.
- Power of Attorney: Names a representative to act in your stead in particular circumstances. In some cases, a power of attorney may be contingent on your incapacitation or limited to select events.
- Medicaid Planning: Medicaid planning is a part of New Jersey Elder Law. It is also referred to asset protection planning and may be essential if long-term care becomes a reality.
New Jersey Estate Planning Lawyers Ready to Help
Ready to plan ahead? The New Jersey estate planning attorneys of the Law Offices of DiFrancia Law. are ready to help you ensure that your wishes are put on paper. Contact our offices to schedule an appointment as soon as possible!
