People in New Jersey may want to think about how they may best help their loved ones with managing their estates after they pass. Good estate planning involves more than simply getting all of the documents drafted and in place. If loved ones are ill equipped to manage the estate, the documents themselves may not be enough.
New Jersey residents who are preparing their estate plans will likely be aware that there are some federal tax implications. For those who have a large amount of assets that will be passed on through a will or trust, more complex planning may be required. Included in this is an understanding of the tax consequences that come with passing on large amounts of money or property. One important aspect of this is the estate and gift tax. A failure to appreciate the effects and limitations of the estate tax could end up costing money that could otherwise be passed on to loved ones.