Estate Planning Basics

Law Made Easy Press
www.shenkmaneducation.com

Estate Video – Simon Says: Manage Your Money
Estate Planning Basics

Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.

4 Forest Avenue
Paramus, New Jersey 07652

Estate Planning Basics

Estate Planning is defined as much more than a will, or a
technique to save taxes. It is essentially a ” peace of mind.” To actually
reach this state, a number of different issues may come into play. Most
importantly, it comes down to what your personal goals are, and the importance
of their execution to your exact stipulations. How you go about your estate
planning is extremely important. Here are some tips to ensure the safety of
your estate:

1. Your plan of action on how to execute your estate must
be broad and very descriptive.

– If it is not done this way, there could be drastic
repercussions in the future.

2. Effective estate planning is only done if the tough
issues are addressed.

– These issues include death, unexplained circumstances,
medical emergencies, etc.

– Confronting issues makes planning easier because certain
precautions can be taken when creating your will.

3. Become involved in the fairly simple task of probate
action.

– Most of the paperwork that needs to be completed is done
primarily by the Court.

4. If trusts are established, checks and balances are
needed to ensure safety for your estate.

– Be sure to name someone you are well associated with to
ensure its safety.

– Being proactive in the planning of your estate is
extremely important.

5. Make sure to establish a power of attorney over your
estate.

– The person must be durable, which means they are valid
when you are disabled.

6. Make sure your estate planning is tailored to your
needs and specifications.

– Assess all the angles taken into account when doing any
sort of estate planning.

– This will keep your estate protected from unexpected
burdens and complications which may dramatically affect your family in the
future.

The above is a summary of a TV show episode on Piscataway
Community Television Network in Edison, New Jersey, and his guest Martin M.
Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the video
clip of this segment on www.shenkmaneducation.com for more financial tips.

Disclaimer: Law Made Easy Press® provides practical and
legal, tax, estate and financial information for educational purposes only. The
goal is to help you best work with your professionals to save costs, and to
obtain better service and results as an informed consumer. There is no
assurance that the laws or sample documents are current, that the forms will
achieve the desired goal in all circumstances. Laws change frequently and vary
from location. Therefore, you should always consult with a local attorney,
accountant, or other expert.