Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Klenk Law

What is Estate Planning in Burlington County, New Jersey?

Posted on Sat Jan 18, 2014, on Estate Planning

From Our “Ask a Question” mailbag: “What is Estate Planning in Burlington County?”

Most recently updated on June 6th, 2018.

The Possible Types of Wills in Montgomery County, Pennsylvania

Estate Planning Attorney, Tatyana Gleyzer.

“I have lived over 60 years in Burlington County, New Jersey, without a Will.  I guess there is no need for a Will unless you die, right? Just kidding. It is time to put together a Will, but I am not sure if I need a Will or an Estate Plan. Can you tell me the difference? What is Estate Planning in Burlington County?”

What is Estate Planning in Burlington County?

A Will is an important part of an Estate Plan. But, a Will does not address all the issues you face.  Estate planning is the process of developing a plan for the transfer of your property at your death, and it solves your needs during your life if you become incapacitated. An estate plan can be simple or complex. The need for simplicity or a more elaborate plan will depend on your assets, your family dynamics, the possible problems faced by your heirs, tax issues and legal limitations.

For example, if at your death all you are survived by one child and your only asset is a small bank account located in Burlington County, then a simple plan of naming that child as the beneficiary of your bank account will suffice.

Most Of Us Think Our Situation is Simple, But Usually it is Not.

Many people’s estates are not so simple. Second marriages, children facing divorce, an estate that is subject to the New Jersey Estate Tax, are all common complications that require more thought. If your child has a troubled marriage, your Burlington County estate-planning lawyer can draft a protective trust to hold the assets you leave that child so the problematic son-in-law cannot claim ownership over the inheritance. These are examples of more complex needing a plan that is more than just giving your child the money outright.  While it is a bit more work now, your child will bless your memory when your son-in-law serves her the divorce papers.

When developing an estate plan the principal document at the core of your plan will be a Will drafted by a Burlington County estate planning attorney. Your estate planning attorney does not act alone. He or she may seek advice from an accountant, a financial planner and perhaps a life insurance expert. In another example, say you are a Burlington County resident in a second marriage with children from the first marriage. At your death, you may want to give some assets to both your children and your second spouse.

A typical plan would include the purchase of a life insurance policy from your insurance expert. A significant life insurance policy might best be held in a trust drafted by your Burlington County estate attorney that provides your children with a tax-free cash inheritance at your death. In the trust, this asset is sheltered from the children’s spouses and creditors. Your spouse would then inherit the rest of the estate, such as the house, 401k, and investments, tax-free. Your financial advisor would manage this.

The whole family stands to benefit from estate planning.  Therefore it is wise to consult with an experienced, competent estate planning team.

More Planning Questions?

If you have more estate planning questions, please read my more detailed article, Estate Planning, Everything You Need to Know.

In Conclusion: What is Estate Planning in Burlington County.

In this article, I tried to answer the question, What is Estate Planning in Burlington County. Further, I included links to even more detailed information on my website. So, let me know how I did, comments and questions are welcome! I hope it helped! 

If you have more questions about wills and estate planning, let our Burlington County Estate Planning Lawyers help walk you through the confusing process.  Our lawyers are ready to answer your questions. Feel free to contact our office for a free consultation. 

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

Tags:

Burlington County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, New Jersey, Peter Klenk, Tatyana Gleyzer, Wills

What Our clients are saying

Klenk Law Logo
Stars

Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.

Klenk Law Logo
Stars

Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.

Klenk Law Logo
Stars

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

Klenk Law Logo
Stars

You & your staff are the best thank you for everything.

Klenk Law Logo
Stars

Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

Let us put our expertise to work for you.

Free consultation within 24 hours.