Why Have an Estate Plan?
The simple fact is, without any estate plan,
Federal and State estate taxes could wipe out 35% to 50%
of your hard earned assets. And, while planning is important, ongoing review
and updating is just as critical, as taxes are based upon the overall value
of your estate. As your income, real estate and business interests
change, your estate tax issues also evolve.
It is never too early to plan. While your attorney will help you draft many of the key
legal documents, your CPA firm should also be involved to help
you make informed decisions that provide for your family while managing your
estate tax exposure.
Beyond taxes, your Hunter Group CPA can advise you with regard to the
benefits and drawbacks of trusts, gifting and insurance options available to
help you either protect or transfer assets in a planned manner.
Estate planning ensures that your minor
children will be raised by family or friends of your choice, not the courts.
It provides a plan for enough liquidity to pay debts, preserve business
interests and buy time while your estate is settled. It establishes who you
want to handle your affairs, and can even help manage your affairs when you
are ill but unable to act on your own behalf.
Considering the value of real estate in New
Jersey today, any homeowner has a lot to lose without proper planning. For
more information, check out our tax
planning page, or contact our Director of Tax Services,
Bob
Mathers, CPA with your questions.
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