New Jersey residents interested in estate planning issues may wish to know why their current documents may be obsolete. Because circumstances and law are subject to change, the older documents may no longer have the effect that they once did.
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.