NJ ESTATE PLANNING LAWYER

Morgan Legal Group PC

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As unpleasant as it may be think about, each one of us will eventually pass on from this world. There are no indicators to let us know when our time will come, but we all know it comes eventually. This fact of life is out of our control, but we do have control over what happens to our property once we are no longer here. You know that you won’t be around forever, so make the time now to take control of your valued possessions with an estate plan. Estate planning isn’t a luxury reserved for the wealthy. The reality is that everyone leaves behind some kind of estate. If you run a multi-million dollar enterprise, own shares in numerous companies, have multiple properties across the world, etc. you have an estate. If you run a small local business, accumulated some capital, own a modest home, etc. you have an estate as well. Irrespective of your estate’s size or value, it won’t be secured until you take the necessary steps. Start thinking about how you wish to apportion your assets as well as who you wish to entrust these to. Don’t let your life’s work be for naught—get your estate in place as soon as you can.
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An estate planning attorney will help you safeguard your assets and your family's financial future

While estate planning is designed to provide you with the security of your finances and assets, it also serves as a means of providing security for your family and loved ones—in more ways than you think. Just as a single example, if you open a trust and appoint your spouse and children as the beneficiaries, the funds from that trust could mean the difference between your family living in comfort or struggling financially month to month. However, you have the power to protect your family’s future. By setting an estate plan in place, you’ll be able to determine the best way to preserve your assets and provide financial security for your family, even if you are no longer with them. Get in touch with an estate planning attorney to guide you through drafting vital documents such as a will, trust, and powers of attorney. A qualified attorney will ensure that your estate plan is sound, transparent, and accords with your wishes for the future.

“Our Firm Takes Pride In The Recognition We Have Received As One of the Top Industry-Leading Estate Planning Firms In New Jersey”

Morgan Legal Group PC

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It's never too soon to talk about estate planning

Whether you are a senior close to retirement, or young and active in the workforce, the importance of having an estate plan in place at any age cannot be overestimated. The simple truth is that at any moment, an illness or injury could lead to your untimely death. As such, failing to establish an estate plan now can leave you and your assets, whether large or small, unprotected and susceptible to losses. Meet with an estate planning attorney as soon as you can to discuss the first steps in developing a plan for the security of your assets. If you currently have a lawyer that you consult with regularly, sit down with them, and see if they can recommend an estate planning attorney based on your financial needs and goals for the future. A qualified attorney will go over your estate with you and discuss key documents within an estate plan, such as a will and powers of attorney. The option of creating a trust will also be made available to you as a means of avoiding unnecessary court proceedings and surfeit taxes. They will also guide you through other financial issues like business and real estate holdings, IRAs, 401(k)s, as well as estate fees. Estate planning attorneys can also help you with resolving more personal matters concerning heirs and beneficiaries which can include a spouse from a second marriage, step-children and children with special needs, and even estranged family members.

important things you should know

Questions And Answers

You don’t have to be among the wealthy to have an estate. Everyone has an estate and it is simply made up of the property you own at the time of your death. The word “property” is where some confusion may arise. Property refers to what is known as real property, such as any investments or real estate held under your name, as well as personal property which can include a personal bank account, vehicles, or jewelry. Estate planning is not a question of how little or how much property you own, but rather what will happen to it in the event of your death.
Though it is often regarded as superfluous , preparing a solid estate plan is one of the most important decisions you can make. An estate plan allows you to take control of your assets and properties and determine how they will be allocated when you pass away. It also lets you designate a person you trust to manage your estate’s distribution. If you don’t create a plan for your estate, it will become a part of someone else’s plans. Over the past decade, our attorneys have represented hundreds of physicians, real estate developers, corporate directors and officers and small business owners. We know and understand the risks your business faces, and how to best shield your assets from these risks.
An estate plan is, at its core, a document created by an estate planning attorney that aims to safeguard and distribute any money, assets, and properties in the estate owner’s name based on their future goals. There are many conduits that provide asset protection within an estate plan. However, most estate planning attorneys make certain these vital documents are included:
  • will
  • trusts
  • health care
  • directives
  • financial powers of attorney
One of the major benefits of estate planning is that you get to control where your monetary assets will go after your passing. If you wish to bequeath a charity with financial resources from your estate, you have every right to do so. One advantage this brings is a charitable tax credit as well as reductions in estate taxes. However, you should keep in mind that some family members might feel that they were overlooked and may even dispute the donation in court.
One aspect of estate planning that seems to escape people’s minds is that of preparing the necessary documents in the event of incapacitation. The term estate plan is so closely associated with wealth and properties that we forget it also covers the delicate component of health care. If you were to suffer an injury or illness that left you unable to communicate or make sound decisions, the agent named in your estate plan would take charge of your medical decisions. It should be a comfort to know that you currently have the power to designate any individual of your choosing to this role by simply getting in touch with an estate planning attorney. However, neglect to do so and crucial medical decisions regarding your life can end up in the hands of someone who perhaps doesn’t have your full and complete trust. Take steps now to make sure the future of your health care is secure and lies with the person you trust the most.

Morgan Legal Group PC

The rather delicate subject of incapacitation and end of life services can also be included in the estate plan. If you are stricken by an illness that prevents you from exercising executive functions, you can decide now who gets to make decisions concerning your health care, and who will make decisions concerning your businesses and assets.You have worked hard to establish solid companies and a stable family. You do not want it torn apart because of mistakes and neglect. Developing an estate plan is not something you can do on your own. Only a professional with deep insight into the law can help you draw up a plan that will actually withstand legal scrutiny. Working with an estate planning lawyer will allow you to leave the people who have come to depend on you with a clear and unambiguous document on which to build their own futures.

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