New Jersey Estate Planning Information

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Estate planning is utilized for accumulating, conserving, and distributing
assets according to your wishes after your death. Successful estate
planning transfers your assets to your beneficiaries quickly and usually with
minimal tax consequences.

The process of estate planning includes inventorying your
assets and making a will and/or establishing a trust, often
with an emphasis on keeping inheritance taxes as low as
possible.

Even if your estate is not likely to be subject to federal
estate taxes, an experienced estate planner may be
necessary to be certain that your intentions for
disposition of your assets are followed.

Some estate planning methods that can be used to
minimize federal taxes on your estate include the
following:

Federal tax law generally allows you to give up to
$11,000* per year to anyone without paying gift taxes,
but is subject to certain restrictions. This means you
can transfer some of your wealth to your children or
others during your lifetime to reduce your taxable
estate. For example, you could give $11,000 a year to
each of your children, and your spouse could do
likewise (for a total of $22,000 per year to each child).
You may make $11,000 annual gifts to as many
people as you wish.

Estate Planning Information for New Jersey

Giving Away Assets During Your Lifetime

Life Insurance Trusts

Life insurance trusts can be designed to keep the
proceeds of a life insurance policy out of your
estate and give your estate necessary liquidity. You
can fund a life insurance trust either by transferring
an existing life insurance policy or by having the
trust purchase a new policy. To avoid inclusion in
your estate, such trusts must be irrevocable, which
means you can't dissolve the trust or change the
terms if you change your mind later. With
experienced estate planning, the proceeds from life
insurance held by the trust may pass to trust
beneficiaries without income or estate taxes. This
will give beneficiaries cash that can be used to help
pay estate taxes or other expenses, such as
funeral costs.

* The $11,000 annual gift tax exclusion will be
adjusted for inflation, and the exclusion applies
only to a gift of a present interest in property.
Therefore, gifts made intrust generally will not
qualify for this exclusion.

Bypass or Credit Shelter Trust

A credit shelter trust can provide income to the surviving spouse for
life, then upon the death of the surviving spouse the assets are
distributed to beneficiaries, such as children. An experienced financial
and estate planner can utilize existing law so the couple is able to pass
on a substantial estate tax free to their beneficiaries.

Click on the link below to fill out a contact form for receiving more
information about estate planning in New Jersey. Or speak with our
Financial Services Specialist to discuss the features in detail.

**The information, pictures, and other content in this website about particular
insurance services is only provided for informational purposes. Any decisions
regarding your insurance needs should be discussed with a licensed insurance
agent.

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We are your local northern New Jersey insurance agency, offering experienced estate
planning services to residents in the following cities and counties: Succasunna,
Boonton, Boonton Township, Brookside, Budd Lake, Butler, Cedar Knolls, Chatham,
Chester, Convent Station, Denville, Dover, Dover Annex, East Hanover, Fayson Lakes,
Flanders, Florham Park, Gillette, Green Village, Greystone Park, Hibernia, High Crest,
Ironia, Kenvil, Kinnelon, Lake Hiawatha, Lake Hopatcong, Lake Intervale, Landing,
Ledgewood, Lincoln Park, Lindy Lake, Long Valley, Lower Montville, Lyonsville,
Madison, Mendham, Meriden, Millington, Mine Hill, Montville, Montville Township, Morris
Plains, Morristown, Mount Arlington, Mount Freedom, Mount Olive, Mount Tabor,
Mountain Lakes, Netcong, New Vernon, Parsippany, Pequannock, Pequannock
Township, Picatinny Arsenal, Pine Brook, Pinebrook, Pompton Junction, Pompton
Plains, Powerville, Ralston, Randolph, Riverdale, Rockaway, Rockaway Valley,
Schooleys Mountain, Stirling, Tabor, Taylortown, Towaco, Troy Hills, Wharton,
Whippany, Stanhope, Hopatcong, Espanong, Hurdtown, Cranberry Lake, Andover,
Greendell, Woodport, Springdale, Oak Ridge, Milton, Sparta, Lake Lenape, Newton,
Ogdensburg, Saxton Falls, Johnsonburg, Allamuchy, Vienna, Hackettstown,
Beattystown, Marksboro, Hope, Townsbury, Washington, Newark, Elizabeth, Rahway,
Colonia, Iselin, Avenel, Woodbridge, Port Reading, Carteret, Perth Amboy, Fords, South
Amboy, Metuchen, Plainfield, Dunellen, South Plainfield, Green Brook, Fanwood, North
Plainfield, Cranford, Scotch Plains, Westfield, Union, Millburn, Springfield,
Mountainside, Gillette, Warren, Watchung, Stirling, Millington, Middlesex, Martinsville,
Piscataway, Edison, New Brunswick, Highland Park, Somerset, Milltown, South River,
Bound Brook, Somerville, Bridgewater, Fairview, Ridgefield, Fort Lee, Leonia,
Palisades Park, Englewood Cliffs, Englewood, Bergenfield, Teaneck, Paramus,
Bogota, Ridgefield Park, Little Ferry, Hackensack, Maywood, Teterboro, South
Hackensack, Rochelle Park, Moonache, Lodi, Hasbrouck Heights, Saddle Brook,
Garfield, Elmwood Park, Woodridge, Carlstadt, East Rutherford, Lyndhurst, Rutherford,
Wallington, Passaic, Clifton, Paterson, Totowa, West Paterson, Little Falls, Great
Notch, North Caldwell, Cedar Grove, Verona, Montclair, Bloomfield, West Orange, Glen
Ridge, Belleville, Nutley, Kingsland, North Arlington, Kearney, Harrison, East Orange,
East Newark, Orange, Irvington, South Orange, Hillside, Townley, Livingston, Wayne,
Morris County, Sussex County, Somerset County, Pasaic County, Bergen County,
Hunterdon County, Union County, and Warren County, NJ.