The Non-Tax Side of Estate Planning

Author: Wolfe Ossa LawCategories: Elder Law

non-tax estate planning

People are always talking about the tax consequences of not having a good estate plan. Which is important, and you can read more about that here and here, and here. But what are some non-tax reasons to get your estate plan done correctly.

If your assets are not in tax deferred accounts and/or your beneficiaries are all class A under New Jersey Inheritance Tax Law, then taxes might not be one of your concerns. Does that mean you don’t need proper estate planning? Absolutely NOT!

There are a number of “non-tax” reasons for estate planning, including:

  1. Creating vehicles that provide confidentiality and privacy – like a Trust, which is not public record, unlike a Will
  2. Creating mechanisms for the efficient funding of charitable causes
  3. Ensuring the proper care of minors or disabled family members – like a living trust, or maybe a special needs trust
  4. Providing for financial security during times of incapacity – like a Power of Attorney
  5. Handling or avoiding probate in multiple states
  6. Encouraging responsible behavior by future generations when they receive an inheritance
  7. A Trust to exercise control for generations after you’ve passed

At Wolfe Ossa Law we have developed our 6 Critical Points of Estate Planning to cover all of these issues. We will work with you and your other advisers to ensure all your needs are being met.

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