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Lanza & Lanza LLP
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908-905-0183
FLEMINGTON, NJ
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SOUTH PLAINFIELD, NJ

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January 2018 Archives

Why it is important to update an estate plan

People in New Jersey who have created an estate plan may want to review that plan. In December, Congress passed a law that changed the amount of the estate plan exemption from $11 million for couples to $22 million. This means that people who have created trusts and used other tools to avoid estate tax may want to review their plans and see if those tools are still necessary. However, there are reasons that everyone should review an estate plan regularly even if the estate is a much smaller one.

The importance of timely estate planning

New Jersey residents can't predict when they may find themselves incapacitated. If they do, how their affairs are carried out depends on how their estate plan was created. If the plan has a power of attorney, whoever was granted that power has the authority to manage the principal's affairs. It is important to point out that it must be signed by the principal while he or she is of sound mind.

How proactive estate planning may benefit anyone at any age

A common misconception people have is that estate planning is for wealthy individuals with many assets. Some people in New Jersey also believe that estate planning is meant to be done later in life. While it's true that a tax filing isn't required unless assets and previous taxable gifts exceed $5.6 million, there are many potential benefits associated with being proactive about estate planning at any age.

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Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
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