Somerset Estate Planning Attorney Helps Protect Your Future

Comprehensive wealth management services for New Jersey residents

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 management and distribution of your wealth.

What is estate planning?

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:

• Last will and testament — You should have a will that names an executor to manage your estate and designates specific beneficiaries for the estate’s assets.
• Trusts — Placing assets in a trust allows you to enjoy your wealth during your lifetime and to pass that property on to your heirs seamlessly, which can ease the delay or expense of probate.
• Living wills and advance medical directives — These documents contain your directions for healthcare decisions you want to be made in your behalf should you become unable to make them yourself.
• Powers of attorney — If you need assistance with finances or medical decisions, you can designate an agent to act on your behalf.
• Guardianships — You can provide for care for a minor by nominating a guardian for a court to appoint in the event of your death.
• Conservatorships — You can ask a court to create a conservatorship, giving you authority to act in behalf of a loved one who has lost the capacity to manage their affairs.

We work closely with you to craft a plan that meets your immediate and long-term needs.

Will my beneficiaries’ inheritances be taxed?

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.

There are several estate planning strategies that can lower your tax exposure, so your heirs can keep more of the wealth you’ve set aside.

How to avoid estate contests

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 an experienced attorney who can avoid pitfalls, such as vague terms that cannot be clearly interpreted or omission of certain assets.

Contact a Somerset, New Jersey attorney for estate planning services

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. Please call 732-873-6464 or contact us online to schedule an appointment.