Trust & Estate Planning in Clinton, NJ
When you are working on trust and estate planning, you’ll want a qualified team of professionals to help you with your plan to ensure your estate goes where you want it to and that there will be sufficient funds to achieve goals. When you work with Generations To Come, Inc. in Clinton, NJ, you’ll be able to achieve effective trust planning that allows for long-term security and builds generational wealth and security.
What is trust planning?
In formal terms, a trust is a fiduciary arrangement that permits the trustee (a third party) to hold assets for the benefit of the beneficiary or multiple beneficiaries. It ensures that the funds and assets associated with the trust will most likely not go through probate. This has a two-fold benefit of lowering taxes paid out on the behalf of the deceased individual and keeping the amount of assets private, unlike wills that go through probate.
By lowering the taxes, court fees, and even the time lapse between the death of the individual and the release of assets to beneficiaries, a trust is a popular option for many. There are many ways to plan a trust, so it is important to have a trusted financial advisor working with you to plan your trust to fit your specific goals and needs. During the trust planning process, your financial advisor and planner will help you to construct a trust that protects your assets, prevents the assets from being seized by the beneficiary’s creditors, and more.
What is estate planning?
Estate planning is essentially creating a plan for how your assets and other treasured belongings will be distributed after you die. Frequently, we associate the concept of estate planning with the wealthy. However, you don’t have to be rich to estate plan. If you own anything, from a car to a few hundred dollars in savings to a prized antique collection, estate planning is an important step for you in the end-of-life planning process. Since life circumstances change, you will want to have continual estate planning meetings. A one-time meeting is not enough to ensure that your wishes and preferences are documented and respected after your passing.