You Can Be Worth More Dead Than Alive: Your Estate Value May Be Larger than You Know!
How much are you worth? What is your estate valuation along with directed assets and life insurance worth? These valuations can be very disparate. When you pass, your beneficiaries may receive a large inheritance even though your current wealth is nominal in comparison. In order to protect your beneficiaries, and seeking to mitigate potential tax matters, take an inventory of your assets to determine and assess same, based on the following:
• Life Insurance (term, whole and as to designated beneficiaries)
• Pension and Retirement Accounts
• Bank Accounts; CD’s; POD Accounts; Escrow/Holding Accounts & Titling (joint, authorized representative, etc.)
• Real Estate and Current Deed Titling (joint, tenants in common, life estate, etc.)
• Business (entity form, assets, bylaws/operating agreements, buy-sell agreements, etc.)
Protection of potential estate assets from estate administration or other challenges, taxation, as well as creditors can be addressed with proper planning, titling, retitling, etc. You can start making arrangements as to your assets titling now in a way that will protect, insure coverage, minimize the impact of taxes and other matters. You can also structure your estate to support beneficiaries who are minors as well other classes of beneficiaries, and by also by appointing guardians, trustees, etc., to address same as so determined. Reach out as to your estate and other planning matters as now is a always a prime time to address same.
DiMedio Law is a New Jersey law firm whose practice includes Estate Planning, Administration, Business Services & Succession Planning and related Real Estate and other matters. Contact us at [email protected] or call us at 856-428-5577.
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal advice, and may not be used and relied upon as a substitute for legal advice regarding a specific legal issue or problem. Advice should be obtained from a qualified attorney licensed to practice in the jurisdiction where that advice is sought.