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Family Financial Management Practice

(973) 239-7800

Estate Planning

Many people wrongly assume that estate planning is only for the very wealthy. The fact is that when you die, the government calculates the value of everything you own, including:

  • Your home and other real estate you own

  • The face amount of any personal or group life insurance policies in your name

  • Savings, investments, retirement plan assets or Social Security benefits

  • The value of any personal property such as cash, furniture, jewelry and automobiles

  • Your share of a business

    Without a good estate plan:

  • State law will determine who inherits your assets

  • The court appoints administrators for your estate

  • Your heirs will pay unnecessary taxes and expenses

  • The court appoints a guardian for your children

  • Your family could be forced to sell your assets to pay your estate taxes

    You need an estate plan if you:

  • Have assets exceeding the amount exempt from federal estate tax ($5,000,000 - 2011)

  • Own your own business

  • Have minor children or who have been married more than once and are still responsible for children from a prior marriage

  • Have dependents who are handicapped, elderly, or who have special or long-term needs

  • Want to donate assets to a favorite charity, institution or other non-profit organization

    A sound estate plan will:

  • Ensure financial security for you and your family during your lifetime and after your death

  • Pass on your estate—wholly intact—to your heirs and according to your wishes

  • Reduce or eliminate taxes, administrative expenses and delays in the transfer of your estate

  • Have the liquidity to cover your taxes, debts and expenses

    Contact us to get started on your estate planning strategy, today.