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Estate planning is necessary, but will be different for everyone

People may have heard of estate tax changes that have come with the New Year. The estate tax changes have raised the exemption of estate taxes to $5 million. That might lead some people to think that estate planning is only for the rich and famous. While this increase does benefit people who have accumulated large amounts of money, it is important to remember that estate planning does so much more than help with tax liability.

Estate planning can help people of all ages for the unexpected. Many people focus on planning with a will and maybe a trust to help distribute their assets. These documents are invaluable in their ability to ensure a person's wishes are followed after they pass away. However, estate planning can also be beneficial to a person while they are living. Through living wills, or advanced health care directives, people can ensure their family understands their wishes if they were to become incapacitated.

These plans for both living wills and wills and trusts might not always be comfortable conversations, but they are essential. No matter what a persons' age, it is important that they are prepared for the unexpected. While most people will live long, healthy lives, it is important that people ensure their families that they are doing the right thing, in a time when family needs to pull together the most.

After a loved one passes away, a will and trust can help guide the family in distributing the assets of that person and ensuring their legacy is maintained long after they are gone. An estate planning attorney can help families work through estate plans and ensure their wishes are understood and followed.

Source: Observer & Eccentric, "Estate planning not only for the wealthy," Rick Bloom, March 7, 2013

-Estate planning in New Jersey can provide solutions to many different asset and life management needs. Please visit our website to learn more.

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