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Trusts can be an important part of a personal estate plan

This New Jersey estate planning law blog has strongly advocated that any person, regardless of his personal wealth, can benefit from having an estate plan. But what should a person include in that plan? It can be overwhelming for an individual to work through the creation of his own estate plan, and for that reason many individuals chose to solicit the help of estate planning attorneys to help them create well-crafted estates.

One of the main reasons that individuals create estates is to protect their assets and wealth from taxation and financial loss. Most individuals want their estates to be preserved for the people and causes that are important to them, and many different devices can be used to achieve those ends. In particular, a well-drafted trust can in the right circumstances serve as the foundation of a strong personal estate.

Trusts provide tax protection benefits that are not always available through other testamentary devices. When created in tandem with a will, a trust can help an individual achieve his or her financial goals. Other important considerations, such as choosing the right beneficiaries and converting accounts to tax-protected accounts, can also help a person meet estate planning needs.

Estate planning does not have to be complicated, but it should not be done impulsively. It is, truly, a plan, and like any other type of plan, it should be undertaken with careful consideration. Lawyers who work in the estate planning field know that every individual has a different vision for what his or her estate should provide after his or her death. Readers of this blog may choose to find their own counsel to begin the important process of establishing an estate plan.

Source: U.S. News & World Report, "5 Estate Planning Strategies to Keep Your Money in the Family," Maryalene LaPonsie, Nov. 19, 2015

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