The Law Offices of Patrick Accisano, L.L.C.The Law Offices of Patrick Accisano, L.L.C.2024-03-19T16:54:21Zhttps://www.squanlaw.com/feed/atom/WordPressOn Behalf of The Law Offices of Patrick Accisano, L.L.C.https://www.squanlaw.com/?p=470872024-03-11T14:23:01Z2024-03-11T14:23:01ZMaximizing benefits with these common tax-efficient tools
Some tools and strategies individuals commonly use to minimize tax liabilities include the following:
Wills: Many people use wills to minimize tax liabilities by carefully structuring the distribution of their assets upon their death in a way that takes advantage of tax deductions, exemptions and credits. Examples of these strategies are unlimited marital deduction and pour over wills.
Trusts: Trusts can be structured in various ways to minimize estate taxes. For example, a revocable living trust can help its assets avoid probate, while an irrevocable trust can remove assets from the taxable estate.
Gifts: Making gifts during one’s lifetime can reduce their estate size and potentially lower estate taxes. For instance, an annual gift tax exclusion may allow an individual to give a certain amount to as many individuals as they would like without incurring gift tax.
Life insurance: Life insurance proceeds are generally income tax-free to the beneficiary, and with proper planning, they can also be excluded from the taxable estate. This is often possible through a life insurance trust.
Charitable donations: Donating to charity can provide an immediate income tax deduction and reduce an estate’s size, potentially leading to lower estate taxes.
While these strategies do not absolutely guarantee a reduced tax liability, especially since each case is unique and applying state laws differ, it can be beneficial to explore them.
Moreover, to ensure the effectivity of any estate plan tools and strategies, proper research and knowledgeable guidance are vital aspects to include in the process.]]>On Behalf of The Law Offices of Patrick Accisano, L.L.C.https://www.squanlaw.com/?p=470862024-03-05T11:06:41Z2024-03-05T11:06:41ZThis document has a specific function: expressing your preferences and wishes concerning medical care, including a designated person who can make decisions for you in scenarios excluded from the will. This type of will can be helpful in unexpected medical incidents, helping lighten the load on your family members so they can focus on you and your welfare.
Having a functioning living will
A living will can only be functional under specific circumstances. Firstly, you should give or share a copy with trustworthy people, such as family members, health care providers and your attorney. If you fail to take this step, it might have no bearing despite its existence.
Additionally, the document must meet requirements set by state law to become valid. In New Jersey, you would complete a form, sign it and include signatures of two other witnesses. Because of variations in state policies, you can consider adjusting your will or creating different versions that comply with the regulations within the states where you usually reside.
Drafting a living will appropriately
Creating a living will can come with complications, which could be typical for all legal documents. In these situations, seeking legal counsel before drafting the document can be beneficial. Experienced guidance can help you determine what to include in your living will and choose other appropriate legal tools to help you prepare for any uncertainties.]]>On Behalf of The Law Offices of Patrick Accisano, L.L.C.https://www.squanlaw.com/?p=459812020-04-14T14:51:56Z2019-08-09T18:10:32ZWe established this blog to share stories and information about topics relevant to our practice. Our intent is to regularly provide posts highlighting legal issues of local, state and national interest that we think you will find interesting. Check back later for updates.]]>