There was a time when the concept of estate planning included little more than creating a will and using a joint title to own property with a spouse. Actual planning of an estate applied only to the wealthy. Today, it is necessary for everyone to estate plan. Not only is it necessary to protect assets, individuals must also take into account their complicated family situations.
Estate planning for New Jersey residents is an important time in an individual’s life. You have worked hard your entire life to create an estate, so it is essential you do what is necessary to protect what you have built.
Estate planning can include:
Business succession plans spell out what will happen to your business (e.g., who will inherit). Or you may instead have a buy/sell agreement in place with a worthy competitor to make sure your heirs get a fair price.
As things in an estate change, the plan must change. It is also important a person consider not only what will occur in an estate after death, but also should he or she become mentally incapacitated.
G. Martin Meyers is an estate planning attorney in New Jersey who works with clients a long-term basis to ensure that their estate plan is adapted to the current situation, meaning, he can help draft a new one if ever changes in home or business situations occur.