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Taxes imposed during probate can diminish estate wealth

When a New Jersey resident passes away, many parties can have interests in the disposition of that decedent's possessions. The financial and tangible items of property that make up his estate can be divided based upon the decedent's wishes or the laws of the state. Whether he has a properly formed estate administration plan can weigh heavily into whether his final wishes are granted.

An effective estate plan can take uncertainty out of some of the issues that arise only after death. It can give a person's heirs a clear picture of what the decedent wanted to do with his wealth and to whom or to what organizations he wished to see that wealth pass. Without an estate plan, an individual's wealth can be forced into probate court where taxes and fees diminish its overall amount.

Not all individuals understand just how heavy of a burden estate taxes can place on a person's wealth. To fully comprehend this complex area of tax law, many people choose to work with legal professionals who specialize in minimizing the impact of estate taxes on their clients' financial portfolios. The Donnelly Ritigstein Law Offices employ two attorneys who hold advanced degrees in taxation and who are prepared to manage the intricacies of their clients' individual estate needs.

Death is an unfortunate certainty for all New Jersey residents. Preparing for it well in advance of its expected occurrence can save a person's loved ones considerable time, overwhelming stress and excessive money. A well-formed estate plan that anticipates taxation issues and addresses the totality of an individual's wealth can help that person bequeath his wealth according to his desires and not the doctrines of the probate courts.

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