Estate and Tax Planning
The law practice of Fendrick & Morgan, LLC, located in Voorhees, New Jersey has a strong concentration in the areas of estate planning and estate tax planning. Our attorneys, Douglas A. Fendrick and Jamie Shuster Morgan, are licensed to practice law in both New Jersey and Pennsylvania and are both members of the Estate and Financial Planning Council of Southern New Jersey. Doug and Jamie understand the importance of planning to avoid or minimize both the New Jersey estate tax and the federal estate tax. Let us help you plan for your family and their future.
Life Requires Planning. . .
You’ve worked your whole life. You’ve saved your whole life. You’ve raised your children. You have a family. You have a partner. You have a life. Have you considered how you would like your assets to be distributed after you are gone? Have you considered who you want making critical medical decisions for you in the event you are not able to make those decisions yourself? Have you considered the effect that the federal estate, New Jersey estate and/or New Jersey inheritance taxes might have on your estate, and the tax burden that may befall on your loved ones after you are gone? Have you planned for your life and for your death? Estate planning is critical to ensuring that your wishes are carried out and that your loved ones are protected.
What Are Your Options? Simply stated, you can do nothing or you can make a plan. If you do nothing, then the State in which you live will impose its estate plan on you. In such case, after your death, assets will be distributed in accordance with the Intestacy laws of your State. That State-imposed estate plan is not likely to be the plan that you desire. However, by not acting to affirmatively create a Plan, you are effectively deciding to allow the laws of the State to ultimately govern your affairs and direct the distribution of your assets upon your death.
What is Estate Planning? Many people think that only the very wealthy need an “Estate Plan”. Many others think that this “Plan” consists only of a Will. However, with the growing medical needs of an aging population, coupled with the need to protect hard earned assets from excessive taxation and for beneficiaries, each of us requires an Estate Plan. In its simplest terms, an estate plan describes how your assets will be distributed when you die and how decisions can be made for you during your lifetime (both financial and medical decisions). When we talk to you about an estate plan we talk not only about how your assets are to be distributed upon your death and about the death tax consequences of your passing, but also about the very important documents which help navigate your medical and financial decisions during your lifetime. We recognize that each client has his or her own story and financial situation. Those considerations must be evaluated in devising an estate plan that is appropriate for you in order to ensure that your assets are well protected during your lifetime and beyond. To that end we not only prepare for you the much needed estate planning documentation, but we create a personalized plan that suits your needs and the needs of your family.
Unfortunately, many individuals have inadequate documents or no documents at all. At Fendrick Morgan, LLC, we not only prepare for you those much needed documents, but we create a personalized Estate Plan that suits your needs and those of your family. We recognize that each client has their own story and financial situation. Those considerations must be evaluated in devising an appropriate Plan in order to ensure that your assets are well protected during their lifetime and beyond. Whether your resources are modest and you are concerned about providing for specific beneficiaries, or your net worth is taxable for federal or New Jersey purposes and you are concerned about minimizing death tax exposure, or you have business interests or disabled beneficiaries to consider, we can design a Plan to specifically meet your needs.
Let Us Plan For You. At Fendrick & Morgan, LLC, we believe that every individual should have a plan: an estate plan. Since we are experienced in estate law New Jersey, we will guide you. We help you find answers to questions like: Where do I want my money to go after I die? Or how should my assets pass to my beneficiaries? OR Do I want my life to be extended by life support or other artificial means if a medical event has left me in critical condition without any hope of recovery? And once we’ve found the answers to these questions we implement the plan for you.
Whether your estate is modest and you are concerned about providing for specific beneficiaries or your estate is taxable for federal or New Jersey purposes and you are concerned about minimizing death tax exposure or you have business interests or disabled beneficiaries to consider, we can design a plan to meet your specific needs. Your life requires planning, and we can help.
Be Proactive. Even the best drafted Will has little value if one’s assets are depleted in later years by health care costs, or the assets do not pass through the Will but instead pass by operation of law or beneficiary designation. Estate tax laws provide opportunities for individuals to preserve their estates for their heirs. The extent to which wealth can be preserved varies depending on the size of your estate and the estate tax laws in effect at that time. With proper planning you can create maximum flexibility in your legal documents so your estate pays the minimum amount of death taxes. But if you don’t act—if you don’t plan—health care and long-term care costs and/or death taxes can dramatically reduce the assets of your estate that would otherwise have been available to your beneficiaries. You and your family cannot afford to not be proactive.
What can estate planning do for me?
- Minimize estate and inheritance taxes
- Provide for loved ones
- Preserve control over assets
- Clarify and protect wishes to avoid family disagreements
- Appoint a guardian to care for minor children
- Control age at which children receive inheritance
- Create flexibility for changing tax laws
- Simplify administration of estate
- Protect assets from creditors
- Select an individual to handle affairs in the event of incapacitation or death
- Avoid unnecessary future legal expenses
Need an Elder Law Attorney in New Jersey? Let us help you!