Estate Planning Is About More Than Taxes

June 26, 2017

Most people assume that estate planning is only for the extremely wealthy but that is not the case. Do you have elderly parents? Assets like a bank account? A home? Grandchildren or children? If you have any of these, it’s important to have a comprehensive estate planning and it goes beyond more than just planning for taxes. estate planning NJ

An estate plan is crucial for protecting your family when you pass away. However, it can also help you articulate your wishes over the course of your life should you become incapacitated. Naming a power of attorney allows an agent to step in and make decisions on your behalf when you become unable to do so. One of the most important components of your estate plan is your last will and testament. A recent Gallup poll identified that only 44% of Americans had a will in 2016.

This crucial document tells everyone of your final wishes and yet over half of Americans certainly have not made one. This leaves much more up to chance and can lead to confusion and potential legal battles for your loved ones. In addition to having a last will and testament, you should also name beneficiaries on tax deferred accounts so that those pass directly to the individuals specified outside of your will. Retirement accounts and life insurance falls into this category. If you have further questions about the estate planning process and how to draft it in a manner that serves your individual needs, contact an experienced estate planning lawyer today.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Choosing the Right Charitable Vehicle: A Strategic Guide for Legacy-Minded Families & Business Owners

Explore key differences between charitable trusts, donor-advised funds, and foundations. Learn how high-net-worth individuals can align giving with tax strategies and long-term legacy planning. How to Select the Right Charitable Structure for Your Legacy Goals For business owners, families post-liquidity ...

<p>The post Choosing the Right Charitable Vehicle: A Strategic Guide for Legacy-Minded Families & Business Owners first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Turning a Windfall Into a Lasting Legacy: Long Term Planning for Generational Wealth

From estate planning to values‑based giving, learn how to transform your windfall into wealth that endures across generations—and aligns with your deepest purpose. Windfalls are rare. Generational wealth is rarer still. For business owners, legacy‑minded families, or anyone who’s recently come into a substantial ...

<p>The post Turning a Windfall Into a Lasting Legacy: Long Term Planning for Generational Wealth first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Common Pitfalls After Unexpected Wealth—and How to Avoid Them

Discover the most frequent mistakes windfall recipients make—overspending, poor tax planning, emotional missteps—and learn how high‑net‑worth individuals can avoid them. A large, unexpected sum of money can feel like unlimited possibility. ...

<p>The post Common Pitfalls After Unexpected Wealth—and How to Avoid Them first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>