When Is a Child Legally Emancipated?
No one knows what the future might hold, so it’s important to be prepared for any eventuality. With a thorough estate plan developed by The Law Offices of Kisha M. Hebbon, LLC, you can secure your retirement, insure against medical and healthcare expenses (both unforeseen and inevitable), and establish a legacy for your heirs. Our firm gives personal attention to your wishes and concerns as we craft a unique plan fitted to your circumstances. We take the time to answer all your questions, so you can make informed decisions about the management and distribution of your wealth. Contact our estate planning lawyers today.
Your estate consists of all the property you own, including real estate, personal possessions, and financial assets. Estate planning means taking steps to preserve and grow your property for use later in life and to provide for distributing it to heirs and other beneficiaries upon your death. The following are the key parts of a comprehensive estate plan:
We work closely with you to craft a plan that meets your immediate and long-term needs.
New Jersey is one of the few states with an inheritance tax. However, certain close relatives are exempt. These include your spouse, domestic partner, child, grandchild, great-grandchild, parent, or grandparent.
Other relatives, such as your siblings, nieces, nephews, aunts and uncles, and your children’s spouses, are taxed at graduated rates, ranging from 11 percent to 16 percent, depending on the size of their inheritances.
Certain other beneficiaries, such as religious institutions, schools, and charitable organizations, are exempt from state inheritance tax.
Depending on the size of your estate, the federal estate tax might also be an issue. For 2023, the federal estate tax threshold is $12.92 million for individuals and $25.84 million for married couples.
Several estate planning strategies can lower your tax exposure, so your heirs can keep more of the wealth you’ve set aside.
During probate or estate administration, disappointed heirs may want to challenge a will or trust. Contests are possible if there are flaws in the document or problems with its execution. To make sure your estate plan is implemented according to your wishes, you should work with a team of experienced Somerset County lawyers who can avoid pitfalls, such as vague terms that cannot be clearly interpreted or the omission of certain assets.
The Law Offices of Kisha M. Hebbon, LLC in Somerset, New Jersey provides comprehensive estate planning services for clients in Somerset, Middlesex, and Union counties. If you’re looking to draft a will, create a trust, or otherwise, contact our estate planning lawyers today.