Notwithstanding Benjamin Franklin’s famous observation that only death and taxes are certain, many people fail to plan for the inevitable. Planning for the succession of assets, whether of a modest estate or something greater, requires a skillful hand navigating through a number of related considerations. Here clients must consider the needs of those they are survived by, their particular abilities and how the law provides for spouses and other family members. The consequences to surviving family members who have no plan can be significant. Our attorneys are well experienced in working with clients and their families to develop plans that reflect their needs and goals. We work together with accountants, financial advisors and others to consider the myriad of factors that require consideration and deliberation and carefully develop the plan that’s right for our clients.
A necessary consideration is the potential impact of federal and state tax laws. Our attorneys are well versed in the tax laws which most affect our clients and can craft plans that include lifetime gifting strategies or suggest ways for our clients to avail themselves of the benefits of laws of other states.
Lifetime gifting strategies allow clients to minimize the reach of federal and state estate and gift taxes while affording the benefit of observing how the objects of their bounty make use of assets transferred. There are tax benefits to passing wealth during lifetime which our attorneys can identify and develop plans around.
While we can plan for taxes and in some instances substantially reduce or eliminate that burden, death is indeed inevitable. In addition to crafting plans and drafting documents, our attorneys and paralegals can provide guidance through the probate process from admission of a Last Will and Testament to probate to accounting and closing an estate with appropriate county officials. Our attorneys are admitted to practice in New Jersey and Pennsylvania and are able to assist clients and their families in both jurisdictions. When there are disputes concerning the content of estate documents or dispositive provisions, we are able to represent estates or beneficiaries before appropriate courts and have a wealth of experience in this area.
Our attorneys practicing Trusts and Estates have decades of experience. We look forward to showing you how we can bring that experience to bear to accomplish your goals.