Federal Estate Planning
We handle all areas of Federal Estate Planning, including the creation of Irrevocable Trusts, such as Insurance Trusts, Residence Trusts for vacation homes and or primary residences, Dynasty Trusts, (Intentionally Defective Grantor Trusts) to capture assets which will be removed from your personal estate and therefore not subject to Federal Estate Taxation. Additionally, we create Revocable Trusts that may be modified in any fashion by you (the Grantor) at any time and protect the assets from creditors while dramatically reducing Probate expense. Additionally, we prepare Health Care Proxies and Durable Powers of Attorney.
New Jersey Estate Planning
The state of New Jersey, effective January 1, 2018, phased out estate taxation, however New Jersey Estate Planning remains very important in order to reduce Probate Expense by 50% to 75% through the utilization of The Revocable Living Trust. New Jersey Estate Planning may incorporate Revocable Living Trusts to minimize Probate expense as well as protect assets from creditors’ claims. When appropriate, we utilize Irrevocable Trusts to remove assets from our individual name and permit effective generation skipping as well as utilize Durable Powers of Attorney and Health Care Proxies.
Federal and New Jersey Probate
The process of Probate commences at the moment of death and represents the marshalling or gathering of assets and honoring all estate liabilities. The process of probate continues until New Jersey and or Federal Government approval is received which permits the distribution of assets per the terms of the Last Will and Testament and or any Inter Vivos or Testamentary Trusts. During Probate we complete the Internal Revenue Service Estate Tax form 706 in addition to the New Jersey Inheritance Tax Return.
If you would like to know more about what Tarta Law can do for you, please contact us today!