Estate and Legacy Planning in Parsippany, NJ
Preserving wealth from one generation to the next can be complex and time-consuming. Guidance from a competent, experienced advisor can go a long way toward helping make sure that your financial success is shared with your family, friends and the charitable organizations you designate, according to your wishes.
We can help you articulate your estate planning goals, and will work closely with your tax and legal advisors to help ensure that your financial strategy reflects your estate planning needs. Or, if you prefer, we can provide a referral to our own team of outside professional advisors, who are adept at the intricacies of estate and tax planning. Whether you use a trust* or another method for accomplishing your long-term estate planning goals, we can assist you in navigating and simplifying today’s complex estate planning landscape.
*LPL Financial representatives offer access to trust services through The Private Trust Company, N.A., an affiliate of LPL Financial.
Tax and legal services are not offered by LPL Financial or affiliated advisors.
We’ve helped generations of families develop wealth-transfer strategies that seek to reduce estate taxes while pursuing specific legacy and charitable giving goals.
Legacy planning often includes many non-monetary considerations that need to be documented or communicated to loved ones.
Philanthropic and charitable giving strategies can provide tax benefits for you and your heirs.
Trusts can help protect assets and ensure that your wishes are followed well into the future.
Frequently Asked Questions About Estate & Legacy Planning
What is estate planning and why is it important?
Estate planning is the process of organizing your assets, legal documents, and financial affairs to help ensure your wishes are carried out during your lifetime and after your death. A well-designed estate plan can help simplify the transfer of assets, provide for loved ones, and support long-term legacy goals.
What is the difference between estate planning and legacy planning?
Estate planning focuses on the legal and financial strategies used to transfer assets, while legacy planning takes a broader view of the values, family goals, charitable intentions, and wealth transfer objectives you hope to leave behind. Together, they help create a comprehensive plan for future generations.
Do I need an estate plan if I don't consider myself wealthy?
Estate planning can benefit individuals and families across a wide range of income and asset levels. Regardless of net worth, an estate plan may help address beneficiary designations, healthcare decisions, guardianship considerations, and the efficient transfer of assets.
What documents are typically included in an estate plan?
Estate plans often include a will, powers of attorney, healthcare directives, beneficiary designations, and, in some cases, trusts. The appropriate documents depend on individual circumstances, family dynamics, and long-term financial objectives.
How often should I review my estate plan?
Estate plans should generally be reviewed following major life events such as marriage, divorce, the birth of a child, retirement, the death of a family member, significant changes in wealth, or changes in tax laws. Periodic reviews can help ensure your plan remains aligned with your goals.
What is wealth transfer planning?
Wealth transfer planning focuses on the efficient transfer of assets to heirs, beneficiaries, or charitable organizations. Strategies may involve trusts, beneficiary designations, gifting techniques, and coordination with legal and tax professionals to support long-term family and legacy objectives.
How can trust planning help protect my legacy?
Trusts may be used for a variety of estate planning purposes, including managing assets, supporting beneficiaries, maintaining privacy, charitable planning, and facilitating wealth transfers. The role of a trust depends on an individual's unique goals and circumstances.
How does estate planning fit into a comprehensive financial plan?
Estate planning works alongside retirement planning, tax strategies, investment management, insurance planning, and charitable giving goals. Taking a coordinated approach can help ensure that financial decisions today support future wealth preservation and legacy objectives.
What estate planning considerations are important for high-net-worth families?
High-net-worth families often evaluate advanced planning strategies involving trusts, charitable giving, family wealth management, tax-efficient wealth transfers, business succession planning, and multigenerational legacy goals. These strategies are typically coordinated as part of a broader wealth management plan.
How can business owners benefit from estate and legacy planning?
Business owners often need to consider succession planning, ownership transitions, tax implications, and wealth transfer objectives when developing an estate plan. Integrating personal and business planning can help create a more comprehensive strategy for the future of both family and business assets.