14 Ridgedale Avenue, Suite 254
Cedar Knolls, NJ 07927

Plan to Protect Your Beneficiaries

Three children sitting in the water at the beach

Your Estate May be Larger than You Realize
Your beneficiaries may receive a considerable inheritance when you are gone, even though you are not living the high-life right now. In order to protect those you love, take an inventory of your assets and think about whether you have any of the following:
• Life Insurance
• Pension
• Death Benefits
• Retirement Accounts
• Transfer on Death Deeds
• Real Estate (which could be sold when you are gone)
• Business (assets and income)
• Trademarks, Patents, Copyrights

Protection from Creditors, Predators and the Tax Man
When you sit down and make a list of each asset and its value, it can be surprising that your estate could actually be over the tax-free exemption. With proper planning, you can start making arrangements to leave your assets in a way that will minimize the impact of taxes on the inheritance you leave. You can also structure your estate to protect minor beneficiaries and adult beneficiaries. If a beneficiary is a minor you can prevent family discord and costly legal battles by appointing a guardian and a trustee for the minor. If the beneficiary is an adult you can create a plan to protect the beneficiary from bad decisions, an overreaching spouse and creditors.

Experienced Estate Planning Attorney Elga Goodman can help you make a detailed inventory of your assets and create a plan to preserve more wealth for your loved ones. Call us today at 973-841-5111.

Posted in: Estate Planning, New York Estate Planning