Dick Clark passed away a wealthy man with a fortune estimated to be valued in the hundreds of millions of dollars. Since Clark is generally perceived in a very positive light you may find it possible to empathize with the situation that his family is facing with regard to the estate tax.

Just like everyone else Dick Clark paid taxes throughout his life. When you make a lot of money you pay a lot of taxes, plain and simple. So while it is true that Dick Clark was able to accumulate a considerable amount of wealth, whatever he left behind was the remainder that he had left after paying taxes throughout his life.

The estate tax exclusion is $5.12 million and the maximum rate of the tax is 35% this year, so everything that Clark left behind that exceeds $5.12 million is potentially subject to this 35% federal levy. Depending on the exact size of his estate this would total tens of millions or perhaps even $100 million or more.

You may not be in the same financial company as Dick Clark, but the estate tax is certainly something to be concerned about. If you would like to discuss your situation with an expert, simply take a moment to arrange for a consultation with a licensed and experienced Somerset County NJ estate planning lawyer.

If you were to try to take action to shield assets after you aware of some sort of claim being underway you could be getting yourself into a world of trouble. Improper asset transfers are not an option, but you can protect yourself if you structure your financial profile intelligently in advance of any claims arising.

Exactly how to proceed will depend on the precise nature of your circumstances. Some of the financial planning instruments that are utilized include family limited partnerships, limited liability companies, offshore trusts, and family savings trusts.

The intelligent approach to take would be a comprehensive and holistic one. You are logically going to have different financial concerns as you pass through different stages of life.

Getting your children through college may be a priority for a time, and then planning ahead for your retirement may become your primary focus. And of course, crafting a suitable legacy would be the culmination of your long-term financial plan.

To be able to attain all of your goals you are going to have to protect your assets. Should you be interested in crafting a cogent and effective plan for the future that includes asset protection, right now would be a good time to pick up the phone to arrange for a consultation with a licensed and experienced Central New Jersey financial planning lawyer.

However, there are those who see things in a different way. If you have ample resources you may be able to make your legacy felt for generations to come, and this is something to consider when you are contemplating the future.

There are a number of ways that you can utilize some of your assets to make a difference over the long haul, and this is even true within your own family. For example, it would be possible to set aside resources that can be utilized for the education of future generations of your family, and this is a way to help young people achieve their full potential as individuals.

One could also do a similar thing for students outside of the family by providing scholarships and/or grants, and this is something else to take into consideration.

Of course there are countless charities out there that are always going to be in need of ongoing assistance, and your legacy could be pointed toward philanthropic aims.

These are just a few ideas but the possibilities are virtually endless. If you are interested in learning more about comprehensive legacy planning, don’t hesitate to pick up the phone to arrange for a consultation with a good Central New Jersey estate planning lawyer.

The above may be a rather blunt assertion, and people often times like to dance around the subject of mortality. But the truth is that dying is a fact of life itself and how long you live is going to have everything to do with how much money you will need to be able to finance the latter portion of your life.

At the present time the average life expectancy in the United States is 78.1 years, and of course this figure is going to change slightly virtually every day. When you examine this number you have to understand the fact that it includes people of all ages. In other words, the average life expectancy for a baby born today is 78.1 years.

But as you get older your life expectancy is going to increase above the average that is compiled using mortality figures for people of all ages, and your gender has something to do with it as well. For example, a woman who just celebrated her 70th birthday in April of this year has a total life expectancy of 86.7 years.

If you are interested in gauging your own life expectancy given your current age the Social Security Administration provides a good resource: Social Security life expectancy calculator.

Budgeting for retirement is a slippery slope and you have to err to the side of caution given the way that life expectancies are increasing. If you would like to devise a plan that leads to financial security during the latter stages of your life, the best way to proceed is to discuss the details of your unique situation with a licensed, experienced, and savvy Somerset County NJ retirement planning lawyer.

Before you even get started evaluating your New Jersey tax responsibility you have to be aware of the federal estate tax that is imposed everywhere. Right now the maximum rate of this tax is 35%, and the exclusion amount is $5.12 million. (It should be noted that these parameters are scheduled to change to a $1 million exclusion and a 55% top rate at the end of this year.)

The difference between an inheritance tax and an estate tax is that the estate tax is imposed on the entirety of your assets before they are passed along to your heirs. Once your heirs start receive their portion of the remainder, each one of them must pay the inheritance tax as well.

In New Jersey the exemption amount for the state estate tax is $675,000; there is no inheritance tax exemption except a relatively small one for siblings. However, it should be noted that spouses, children, grandchildren, parents, grandparents and stepchildren are completely exempt from this levy.

This is a lot of taxation to contend with, but there are steps that you can take to reduce your exposure. To explore them in detail, take a moment to arrange for a consultation with a licensed and experienced Central New Jersey estate planning lawyer.

Of course attorneys are entitled to remuneration for their services. But when you plan ahead with the benefit of the experience and expertise of a professional the eventual rewards will certainly outweigh any costs that you incur along the way. One of the advantages that you gain when you develop a good working relationship with a financial planning attorney is that he or she will make you aware of all the resources that are available to you. This in itself can have a dramatic impact on your financial profile.

For example, a lot of people are not aware of a military benefit called the Veterans Aid & Attendance special pension. Veterans who have served for as little as 90 days with even one of these days taking place during wartime can qualify for this benefit should they need living assistance at some point in time. A single veteran can get as much as $1632 monthly and this is all money that you would be leaving on the table if you were qualified but not aware of this benefit.

Depending on your unique situation you may have various resources at your disposal. The best way to make sure that you are taking full advantage of them is to work alongside an experienced Somerset County financial planning lawyer when you are making preparations for the future.

As you may recall, right after the tragic death of the young singer details about her estate were circulated. The newspapers over in Great Britain were saying that Winehouse had planned her estate wisely. This came as a surprise to many observers who assumed that a person who appeared to have lived in the moment such as Winehouse would not have taken such astute steps.

We are now hearing that those who assumed that Amy Winehouse had no estate plan may actually have been correct. The article that is appearing on the Forbes website cites probate records stating that Winehouse died intestate or without a will.

As a result, the estate of the childless, divorced British pop icon was handled under intestacy laws of succession. Her parents were her legal next of kin at the time of her death so they are reportedly the heirs to the Winehouse estate.

It should be noted that the value of the estate wound up being significantly less than original estimates of $16 million. After paying the outstanding debts we are told that the value of the estate was around $4.6 million.

Nobody will ever know exactly what Amy Winehouse would have wanted to do with her resources, and it is possible that more of her legacy could have been preserved with proper planning.

This case underscores why it is important to expect the best while preparing for all eventualities. If you do not currently have an estate plan in place, right now would be a good time to take action to set up a consultation with a good Central New Jersey estate planning lawyer.

Social Security will help, and it is the primary source of income for the majority of people who are receiving their benefit. While it is not wise to be overly reliant on Social Security you paid into it, it’s there for you, and you should know what to expect from it.

People sometimes question how the benefits work for married couples who are both eligible. According to Social Security Administration rules both you and your spouse will receive the benefit that you are each individually entitled to based on your lifetime income. When one partner dies the surviving spouse will receive the larger of the two benefit amounts.

Another thing to note is that if one partner was eligible for a benefit that was less than half as much as his or her spouse this individual’s benefit would be increased to half of what the higher earning spouse was receiving.

The best way to gain an understanding of how to utilize Social Security in conjunction with a comprehensive plan for the future is to seek the advice of a professional. Should you be interested in doing so, right now would be a good time to arrange for a consultation with a licensed Somerset County NJ estate planning lawyer.

This type of Will has nothing to do with financial matters. With a living Will you state your preferences regarding whether or not you would want to be kept alive via the use of artificial life support systems if you were in a terminal condition that was deemed irreversible by physicians.

You make financial provisions for your family because you want to make things easier for them after you pass away. In the same manner, when you execute a living will you are taking an impossible decision out of the hands of your family members by stating your own preferences.

Consider how you would feel if you had to make such a decision without knowing what the individual involved would actually want to do if he or she could communicate. This is a truly excruciating position and if you want to do right by your family you really should not ask them to make this kind of choice for you.

A living Will is a must for everyone who is serious about being prepared for the eventualities of aging and the inevitability of death. To put this important document in place take action right now to arrange for a consultation with a good Central New Jersey estate planning lawyer.

The above being stated you have to make sure that you remember your pets when you are planning your estate.  There are those who fail to do so because they are under the impression that they’ll outlive their pets, but you never know what is around the next twist in the road. We all hear about people passing away unexpectedly all the time and it is certainly sad to think of your pet being left without a home after suffering the loss of its owner.

One way that you can make provisions for your dog or cat would be to create a pet trust for the benefit of the animal. There are some high-profile individuals who have done this, and they have made sure that their pets will be wanting for nothing.

Oprah Winfrey is one of these people, and she has reportedly set aside $30 million for the care of her dogs. The actress Betty White has a beloved golden retriever named Pontiac who stands to inherit $5 million.

You may feel as though this is a bit much, but at the same time providing for your pet within your means is important. If you would like to learn some of the details about pet planning, take a moment to set up an appointment with a licensed and experienced Central New Jersey estate planning attorney to discuss your options.