When Should You Start Estate Planning?

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When Should You Start Estate Planning?
For many, estate planning is something they would
rather put off until the last minute. It is
certainly not something most people think about
at a young age. So, when is the right time to
start planning your estate? In truth, there is no
easy answer to that question because at the end
of the day, it is never too early to start
putting things in place for the future. Even
people in their mid-20s can estate planning
attorney nj especially if they have
considerable assets. Although it is something
most people prefer not to think about, anything
can happen in this world. When you spend a little
bit of time planning for the unthinkable, you
can ensure that your loved ones inherit your
assets in an easy, seamless manner.
What if I Have No Assets? Lets say you are a
21-year-old with no home or notable assets to
your name. Should you still consider estate
planning? The answer is a resounding yes, and
here is why There are plenty of important steps
you need to take that do not even involve money
when planning your estate. When you turn 18, your
parents can no longer make financial and medical
decisions for you. This is why you need to set up
power of attorney right away. In doing so, you
will elect someone who has the power to make
these important financial decisions for you when
you are not able to make them. For example, you
might be in a coma or Missing in Action. In
addition, you can also fill out something called
an advance directive (this document may have
different names in other states). An advance
directive lets you plan out certain medical
courses of action so that doctors respect your
wishes even when you are unconscious or
otherwise unable to consent to treatment. At the
end of the day, it is never too early to start
looking into these areas with your attorney, even
as an 18-year-old. What if I am Not Rich?
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Estate planning is not something reserved for the
wealthy. Middle-class and working-class families
also need to consider their estates for a number
of important reasons. The first thing you need to
consider is perhaps the most important asset
of all your children. Estate planning can help
you decide what happens to your kids after the
unthinkable happens. You can work with your
attorney to choose a guardian for your children
if both parents happen to pass away at the same
time. Even if you do not consider yourself a
wealthy person, there are plenty of assets that
may be worth more than you think. Your stock
market investments could skyrocket after your
passing. In addition, your loved ones may feel
that certain items have incredible sentimental
value, even if these items are not worth much in
a financial sense. In both cases, it is important
to plan who receives what. If you never plan out
your estate, your prized assets could fall into
the wrong hands. For example, a loved one might
receive a significant amount of cash, even if
that person is highly irresponsible with
money. Make Things Easier on Your Loved
Ones At the end of the day, estate planning is
not really about you. After all, you will be
gone. Estate planning is all about making life
easier for your loved ones after your passing.
When you carefully plan out your estate with a
qualified attorney, you can save your loved ones
a significant tax bill. Since 2018, the State of
New Jersey has completely removed its estate
tax, but inheritance tax still exists at a rate
of 11. An attorney can help you mitigate the
financial burden on your loved ones when they
inherit your assets. In addition, estate
planning creates a situation in which family
members are not arguing over who receives what.
Everything is laid out in clear, legal
terms. Who Can Help Me With Estate
Planning? If you are ready to take estate
planning seriously, reach out to Giro LLP, a
Elder Law Attorney at New Jersey. Our highly-
qualified family law attorneys have decades of
experience in estate planning, and our firm is
located in Hackensack, New Jersey. Remember, it
is never a bad time to begin planning your
estate, so contact us today and achieve peace of
mind.