Creating Customized Estate Plans To Protect Your Assets
Protecting your family’s assets is important, whether you are setting up a will or going through the probate process. At D'Alessandro & D'Alessandro, LLC, our Bernards Township attorneys can help ensure that your assets are protected through an effective estate plan and guide you through the often difficult probate process.
We will take the time to understand your goals and help you take confident steps forward. Our law firm has provided New Jersey families and individuals with estate planning and probate services for more than 35 years. We also have considerable experience with high net worth estates and high-asset clients. Our firm serves people throughout Basking Ridge, Bernards Township and Bedminster.
Creating Effective Wills And Trusts
Children, no children. Many assets, few assets. Whatever your situation, you can benefit by planning ahead. Our lawyers draw up customized wills and trusts that strategically position your estate and give you peace of mind.
Wills allow you to make several important decisions. You can indicate who should receive your property when you die, who should act as executor of your estate, and who will act as guardian of any minor children. If you do not create a will, each of these decisions will be made by the court according to state law.
Trusts are used to preserve assets, pass money to the next generation and reduce tax liability. They also simplify the probate process for your heirs. There are many different types of trusts.
- Credit shelter trusts and disclaimer trusts can help married couples avoid large estate taxes after the death of one spouse.
- Revocable trusts, also known as living trusts, are funded and can be changed during a person’s lifetime.
- Irrevocable trusts cannot be changed once they are created, but can offer greater tax advantages than revocable trusts.
- Life insurance trusts can be used to protect life insurance policies from estate taxes.
- Qualified Terminable Interest Property ( QTIP) trusts allow you to preserve the inheritance of your children from a previous marriage.
- Special needs trusts hold property for a beneficiary who is mentally or physically disabled.
Powers Of Attorney And Living Wills
Power of attorney documents specify who you want to make important decisions on your behalf, should you become incapacitated and unable to act on your own. Advance health care directives, commonly called living wills, can be used to state your wishes about end-of-life care.
During your initial consultation, we will discuss powers of attorney and living wills with you and help you determine if you need these documents.
Probate And Estate Administration
After an individual’s death, his or her estate must go through probate and estate administration. If a will has been properly prepared, it will name an executor to carry the administrative duties. We advise and assist such executors with their duties, as well as representing them and other parties in probate and estate-related litigation.