If you are looking for a local Plainfield, NJ estate planning law firm that understands the needs of people in our community, you have landed in the right place. The attorneys and staff here at the Augulis Law Firm have been helping people in the Plainfield area protect their families for years, and we would be glad to help you as well.
As a resident of this area, you are well aware of the fact that Plainfield, NJ is perfectly situated in the heart of the Garden State. Our town has been growing over recent years, and “The Queen City” is being recognized as a truly special place to live. We have a rich history, but in the present, Plainfield residents have access to countless fantastic restaurants, shops, cultural activities, and nightlife hotspots.
Some Things Plainfield Residents Should Know About Inheritance Planning
You have to understand all of your options if you want to plan your estate in a truly effective manner. Each family is unique, so your estate plan should be constructed to match your situation. There are many ways to go about it, so you should discuss your objectives with a Plainfield estate planning attorney that will put you at ease from the start.
We know that our clients have to open up about sensitive personal subjects when they consult with our firm. This dynamic is something that we take to heart, and we do everything possible to make our clients feel perfectly comfortable from day one.
There are many different factors to weigh when you are devising your estate plan, and taxation is one of them. Most people are not exposed to the federal estate tax, because there is a rather high credit or exclusion that allows you to transfer over $5 million tax-free.
If you are in this financial stratosphere, there are steps that you can take to mitigate your exposure to the federal estate tax. However, if you are not a multimillionaire, death taxes can still be a factor for you if you are a resident of New Jersey.
There are a number of states in the union that impose state-level estate taxes, and New Jersey is one of them. The exclusion on the state level is the lowest state-level exclusion in the entire country. The New Jersey state estate tax exclusion is just $675,000, and the maximum rate of the tax is 16 percent.
When you consider the fact that your home and the value of any life insurance policies that you own are part of your estate for tax purposes, you may be exposed to the New Jersey state estate tax even if you do not consider yourself to be truly wealthy. If you work with our firm, we can help you position your assets in a tax efficient manner so that you can preserve your legacy for the benefit of your loved ones.
We should also point out the fact that there is an inheritance tax in the state of New Jersey. This is a tax that can be imposed on transfers to each nonexempt inheritor. You should understand this tax thoroughly when you are devising your estate plan, and we can help you do just that.
Even if you are not exposed to death taxes on any level, your estate plan should be custom crafted to suit your needs and the needs of each person on your inheritance list. If you take the right steps, you can go forward with the knowledge that everyone that you love will be provided for in the best possible manner.
Medicaid Planning in New Jersey
Long-term care costs can consume everything that you want to leave behind to your loved ones. A year in a Plainfield area nursing home can easily cost you over $100,000, and people often require multiple years of care.
Medicaid is the solution for most people, because Medicare does not pay for nursing home care. It takes careful, informed planning to become eligible without losing anything in the process, because you can’t qualify if you have significant assets in your own name.
Timing is key, because your application will be denied at first if you give assets to your loved ones within five years of applying for Medicaid coverage. We can help if you want to create a plan that leads to Medicaid eligibility at the ideal time.
Schedule a Consultation with an Experienced New Jersey Estate Planning Attorney
If you are ready to take action for the benefit of your loved ones, call us at (908) 222-8803 or send us a message through this page to schedule a consultation: Plainfield, NJ Estate Planning Attorneys.