Protecting Your Assets For The Next Generation

You’ve worked hard your entire life so you can care for your family and leave an inheritance for your spouse, children and grandchildren. Unfortunately, long-term health care costs and tax laws can make it difficult to accomplish this goal.

At R.C. Shea & Associates, we do more than estate planning; we help people protect their assets and pass their wealth on to the next generation.

Don’t Let Nursing Home Costs Deplete Your Assets

The costs of nursing home care can quickly deplete even large estates. For most Americans, planning is necessary to protect their assets against the high costs of nursing homes.

In New Jersey, the average cost of nursing home care is $80,000 to $120,000 a year.

Our attorneys create Medicaid spend-down plans that use tools such as strategic gifting and irrevocable trusts to transfer assets and wealth out of your estate, protecting these assets for your family.

Minimizing Taxes

If you have a large estate — over $5.4 million for individuals, or $10.8 million for married couples — you will be subject to the federal estate tax. However, New Jersey imposes its own estate and inheritance taxes, separate from the federal tax, on much smaller estates.

  • New Jersey estate tax: Estates over $675,000 are subject to New Jersey estate tax, which can range anywhere from 4.8 to 16 percent of the total value of the estate.
  • New Jersey inheritance tax: This tax applies when decedents leave property, through a will or state intestacy laws, to someone other than a close relative (such as a spouse or parent); however, children are not considered close relatives and can be taxed at 11 to 16 percent on inheritances greater than $25,000.

The good news is that you can greatly reduce, and even eliminate, these taxes through strategic estate planning.

Creating A Clear Plan For The Future

Many people have dual goals: They want to preserve their property and wealth for their children and grandchildren, but they also want to make sure they have enough money to live on. We want you to feel confident about your future.

Our lawyers will explain each strategy to you, and review the benefits and drawbacks of each option. Together, we will create a plan that accomplishes both of these goals.

Asset Protection Techniques

Our lawyers are skilled at asset preservation. We begin with a thorough analysis of your finances, your health needs and your family relationships. Then we build a comprehensive estate plan and asset preservation strategy. Asset preservation tools we commonly use include:

  • Irrevocable trusts
  • Credit shelter trusts
  • Special needs trusts
  • Lifetime gifts
  • Charitable donations
  • Investing money in exempt assets, such as your home
  • Purchasing long-term care insurance and life insurance
  • Establishing limited family partnerships and limited liability corporations
  • Prepayment of funeral expenses

Do Not Wait Until It’s Too Late

Don’t put all your hard work in jeopardy. Contact our firm today to learn more about estate planning and asset preservation. Call 800-556-SHEA (7432), or our Toms River office at 732-505-1212, our Manchester office at (732)408-WILL (9455) or our Brick office at (732)451-0800.

Contact R.C. Shea & Associates, Counsellors at Law