Search
Schedule your free
Exploratory phone call

Click here to see how we
can be of assistance.

Click Here
Blog
Video Library
Join our newsletter
In The Press
Client Login
Youtube Channel
CONNECT WITH US BY CLICKING THE SOCIAL MEDIA ICONS.
VISIT OUR PODCASTS:
Shah Plan-it Google Podcast Neel's Live
Archives
Categories
Recent Posts
Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments

The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial

Read More

See more
Will Inflation Hurt Stock Returns? Not Necessarily

Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on

Read More

See more
Maximize Your Charitable Impact with These Four Strategies

As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There

Read More

See more

Do I Need a Trust?

Categories
Category: Estate Planning Estate Taxes Income Tax Planning Probate Trusts

As trusts have gotten more popular and evolved in type to appeal to a lot of people, so now you might be under the impression that you must have a trust. While it’s not for everyone, there are so many trusts out there that it’s very likely you could find one that will help you to meet your goals, including to protect your assets and minimize taxes.

Do I Need a Trust?

Photo Credit: epilawg.com

Major liquid assets, setting up care for a child with special needs, and a variety of real estate ownership are a few of the reasons that people might initially turn to trusts. If you’re a resident of a state with a high state estate tax, income tax or probate costs, you’re likely to be concerned about the hit of taxes, too. This refers to situations where a federal estate tax is factored into your asset value, but an additional taxable event occurs at the state level. Without proper planning, you could find that the value of the assets you have worked so hard to build is extremely vulnerable to these taxes and costs.

Contact our offices today to learn more about how these trusts can help you. Send us a message at info@lawesq.net or call us 732-521-9455.

Estate Planning Tips for the Blended Family

Categories
Category: Blended Families Divorce Estate Planning Estate Planning for Children

Second or third marriages can be very fulfilling, but they also bring their own set of challenges when it comes to estate planning. There could be children from previous relationships and children that have been born into the new marriage. If both parties were previously divorced, this can complicate property and other assets that have been brought into the marriage.

Estate Planning Tips for the Blended Family
(Photo Credit: revealedintime.blogspot.com)

You want to approach this issue by thinking about your individual estate planning goals first. Your assets, like investments, retirement plans, brokerage accounts, jewelry, cars, and houses, should all be considered. If you have not recently updated your beneficiary designations, you will want to consider whether your goals have changed as a result of a new marriage. Frequently people forget to update the beneficiaries on these important accounts after getting remarried, so it’s important to schedule an annual review with your estate planning specialist so that your documents always reflect your most current goals.

If there are certain items that you want your children to receive, make sure that you clearly note these items in your estate planning documents. Leaving all of the property to the surviving spouse may not be the best approach because it doesn’t ensure that those children will actually receive those benefits. In many cases, it’s most appropriate to use trusts to provide for the spouse while making separate plans for the children to receive the property. To learn more about our special planning for blended families, reach out to us through email at info@lawesq.net or contact us via phone at 732-521-9455.

For The Ladies: Special Estate Planning Considerations for Women

Categories
Category: Estate Planning Trusts Wills

For the most part, financial planning and estate planning tools are very similar for men and for women, but there are several facts that result in special planning considerations for women as well. The root of these considerations is that in later years, women may face their own set of challenges.

For The Ladies Special Estate Planning Considerations for Women
(Photo Credit: businesshangouts.net)

To start with, women tend to live longer than men do. A woman may overlook the fact that odds are in her favor for outliving her spouse. In fact, according to the Census Bureau, nearly 40 percent of women over the age of 65 are widowed. That longevity may also lead to higher medical bills. When your financial future is built on a husband’s pension or Social Security benefits, the woman can face major challenges as a widow.

Women are also much more likely to provide care to children and elderly parents. Many women tend to take on this role for older parents, which can be emotionally challenging and a financial adjustments.

Women looking at estate planning should seriously consider where their income will come from in the future and what, if any, benefits they will be eligible for. If women are looking at caring for their own elderly parents, it’s also worth a look into the parent’s planning to see whether they have made plans for long-term care or factored in the financial aspects already.

A little advance work can go a long way in helping women live long and comfortable lives. To learn more about estate planning, email info@lawesq.net or contact us via phone at 732-521-9455 to get started.

It’s not all about the cash: Passing on Wealth and Wisdom

Categories
Category: Beneficiaries

It might feel overwhelming to put together your estate plan, but it’s a good tool for you as well as your children. Taking care of your needs early on can encourage children to plan for the long term and to consider their own estate plans. One of the biggest hurdles with regard to estate planning, in fact, is that there’s a general stigma when it comes to talking about money. Simply setting aside some time for the conversation is a valuable process.

Its not all about the cash Passing on Wealth and Wisdom
(Photo Credit: danielharkavy.com)

Many people that estate planning is simply for the management of their assets after they pass away, but that’s simply not true: it plays just as vital a role during your life, too. If you become incapacitated, a comprehensive estate plan will lay out your wishes clearly for your family members and other stakeholders. It’s also a tool that can be used to reduce risk and minimize taxes while protecting wealth- all of which are just as valuable while you are living.

One mistake to avoid in thinking about your estate planning is in seeing your wealth only for what it can do for the next generation in a positive light. Sometimes, there’s another impact that’s often forgotten- what your assets do to them when it comes to unintended consequences. Taxes can take a big hit on the assets if plans are put into place in advance, and gifts may even cause arguments between family members. Not every child, for example, will react the same way to learning that Mom or Dad has left a gift behind.

Estate planning is just as much about your mindset and passing on your wisdom as it is your wealth. To help create a living legacy that makes the most sense for your family, call us at 732-521-9455 or reach us through email at info@lawesq.net .

Special Planning for Second Marriages: Lessons Learned From Casey Kasem

Categories
Category: Blended Families Family Limited Partnerships

The recent news hoopla over Casey Kasem illustrates an important lesson for planning your own estate: things may change when you throw a second marriage into the mix, calling for a re-evaluation of your plans. There are many things that should be addressed in estate planning where a second marriage has occurred. Doing so will help prevent problems and lay the groundwork for plans that actually carry out your wishes rather than spark legal battles among family members.

Special Planning for Second Marriages Lessons Learned From Casey Kasem
(Photo Credit: mediaconfidential.blogspot.com)

Medical directives, powers of attorney, and even decisions about burial planning should all be considered in your estate plan if you are involved in a second or third marriage. This avoids conflict between family members that can make the grieving process even more difficult.

When it comes to passing down assets, this is especially complex in a second marriage. Who should get the money? Should it be split between children? Does it go to the first wife in one lump sum and the remainder is split among the children? There’s a lot of tension that can arise if you don’t think about the answers to these questions well in advance. Conflicts tend to crop up especially when a non-parent spouse is receiving assets that children feel entitled to in one sense or another. The more clarity there is in your planning, the better. Once you’ve met with an estate planning professional, it’s important that you in some sense communicate what you have outlined to family member stakeholders. To learn more about estate planning techniques for second and third marriages, email us at info@lawesq.net or contact us via phone at 732-521-9455