Summit Estate Planning Lawyer

At Dempsey, Dempsey & Sheehan, we believe that a thoughtful and comprehensive estate plan is one of the most valuable gifts you can leave your loved ones. Our team of experienced attorneys in Summit, New Jersey, is here to help you create a plan that reflects your unique goals, values, and legacy. By listening carefully to your needs and working closely with your financial advisors, we ensure that your estate plan is tailored to meet your specific testamentary objectives, helping to protect your assets and provide peace of mind for you and your family. Contact our Summit estate planning lawyers to get started today.

Key Components of a Complete Estate Plan

In our experience, every individual’s estate plan should, at minimum, include three essential documents:

1. Advance Health Care Directive: This critical document allows you to designate a Health Care Representative who will make medical decisions on your behalf if you’re ever unable to do so yourself. By creating an Advance Health Care Directive, you can make your wishes known and ensure that a trusted person is ready to advocate for your health and comfort in a time of need.
2. Durable Power of Attorney: A Durable Power of Attorney authorizes a trusted attorney-in-fact to manage your financial and personal affairs in your absence or if you become incapacitated. This individual can handle tasks like managing your bank accounts, paying bills, and overseeing investments, helping to safeguard your financial well-being when you are unable to do so.
3. Will: Your Will directs the distribution of your assets according to your wishes. It’s essential to work with knowledgeable estate planning attorneys to craft a Will that aligns with your financial situation, protects your family, and minimizes the probate process.

Integrating Estate and Financial Planning With Your Advisors

We understand that estate planning is only one part of a larger financial picture. That’s why we are pleased to collaborate with your financial planner, private banker, or your bank’s trust department to create a unified estate and financial plan that addresses all facets of your future. This integrated approach allows us to maximize your plan’s effectiveness and minimize any potential tax burdens, offering a comprehensive solution tailored to your financial goals.

Advanced Estate Planning Tools and Trusts

While a foundational estate plan is essential, certain strategies can further enhance your plan’s efficiency, especially when it comes to asset protection and tax minimization. We often recommend the following tools for clients with specific needs:

• Disclaimer Trust Wills: A Disclaimer Trust Will provides flexibility in managing estate taxes by allowing a surviving spouse to decide whether to place inherited assets in a trust.
• Irrevocable Minor’s Trusts: An Irrevocable Minor’s Trust is an excellent way to provide for a child’s future needs. By placing assets in this trust, you can ensure funds are responsibly managed for minors until they reach a specified age.
• Irrevocable Life Insurance Trusts (ILITs): By placing life insurance policies in an ILIT, you can effectively remove the policy’s value from your estate, potentially minimizing estate taxes and securing greater wealth for your beneficiaries.

Coordinated Strategies for Enhanced Financial and Estate Planning in Summit

For clients looking to integrate more advanced tools into their estate plan, our firm has the experience to coordinate these options, helping you meet both financial and philanthropic goals. Some advanced options we provide include:

• Private Foundations and Charitable Organizations: If charitable giving is a priority, we can help you set up a private foundation or charitable organization as part of your estate plan. This not only supports causes you care about but also provides tax advantages.
• Qualified Personal Residence Trusts (QPRTs): A QPRT allows you to remove the value of your primary or secondary home from your estate, potentially reducing estate taxes while allowing you to continue living in the home for a specified period.
• Family Limited Partnerships and Limited Liability Companies (LLCs): By transferring assets into a Family Limited Partnership or LLC, you can manage and protect family wealth across generations. These structures can also offer significant tax advantages, especially in complex family or business situations.

Estate Planning with Dempsey, Dempsey & Sheehan: Your Local Summit Law Firm

Serving individuals and families in Summit, New Jersey, since 1929, our team is dedicated to making the estate planning process as smooth and straightforward as possible. We understand that discussing the future can feel overwhelming, but our compassionate, personalized approach helps make the process a positive experience. By choosing Dempsey, Dempsey & Sheehan, you’re choosing trusted Summit estate planning attorneys who are committed to guiding you every step of the way, with a focus on your values, your legacy, and the people who matter most to you.

If you’re in Summit or the surrounding New Jersey area, contact us today at 908-277-0388 to start building your personalized estate plan. Let us help you secure your future and protect what matters. Together, we can craft a plan that offers peace of mind for you and lasting security for your loved ones.