Ask an Estate Planning Attorney in Bergen County, NJ: Estate Administration and Probate Mid-Year Update
Estate
administration can be complicated and scary. Estate administration involves the probate of a deceased
person’s estate, a fancy word for assets, and typically includes three broad
actions:
●
Asset collection, inventory and
appraisal;
●
Collecting and paying debts and taxes;
and
●
Distributing the remaining assets to
beneficiaries.
This process may occur with or without a will and
may occur subject to a probate court order or outside a probate court, if a
gift was made during the deceased person’s lifetime, for example.
The
process itself is formal with many requirements to submit forms, documentation,
and provide an account of the assets and liabilities as they are discovered and
inventoried. An item that was gifted in the will, may no longer be available at
the time of distribution. A probate attorney in Hackensack, New Jersey will
help your family and executor navigate the waters so that a resolution is
determined to resolve any inconsistencies quickly.
It is
difficult to predict every potential probate problem. Despite the deceased
person’s best intentions, an interested party can contest the proceedings and
request additional accountings, which may frustrate the executor or personal
representative, delaying the settlement of the estate.
When you
come into our office for your consultation, you will tell one of our estate
planning lawyers about your current situation and your desires for the future.
Your attorney will then develop an estate plan that incorporates your wishes.
Our plans are customizable and can include as many special provisions as you
may require. We will also provide advice and counseling on complex tax
avoidance strategies that will minimize your death taxes.
Our Estate
Practice Areas include helping families with the following types of matters:
● Asset Protection
● Estate Litigation
● Estate Planning for Blended Families
● Estate Tax
● Financial Power of Attorney
● Guardianship/Conservatorship
● Health Care Power of Attorney
● Irrevocable Life Insurance Trust
● Joint Asset Planning
● Joint Trusts
● Living Trust
● Planning to Minimize Capital Gain
● Probate
● Probate Terms
● Special Needs Trusts
● Trust Administration
● Trusts and Wills
● Generation-Skipping Transfer Tax
(GST Tax)
Contact Us Today
There is
still time to get your affairs in order and start estate planning and long-term
healthcare planning. A periodic review of your estate plan is recommended
annually. This year it is important because of the changes to the gift and
estate tax exemption, the generation-skipping transfer tax, Roth conversion,
and 529 savings plan modifications.
Ask an
estate planning attorney in Bergen County today about an estate plan, including
trusts, to minimize the tax consequences of gifts and transfers. Helping families
with their elder law, family law and estate planning needs in Hackensack, NewJersey, our estate planning attorneys are here for all of your family law
needs. To request a consultation with an estate planning attorney in Bergen County, NJ, click here
or call (201) 690-1642 today.
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