Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Why An Estate Plan is Important for Married Couples Too
Author: Scarinci Hollenbeck, LLC
Date: June 2, 2014
Key Contacts
Back
Far too many married couples fail to make an estate plan because they imagine that the surviving spouse can deal with passing on their shared possessions.
In reality, proper estate planning should begin long before either spouse passes away, if you hope to minimize your tax liability and accomplish your financial and non-financial goals. We’ve included the most common reasons that married couples create an estate plan.
Minimizing tax liability
If your net worth is higher than the estate tax exemption for the U.S. or for your state, it is important to think about minimizing your tax liability. Often, married couples are able to pay little-to-no taxes on their estates with proper planning, which maximizes the amount of assets that can be passed on to loved ones.
Providing for children
If you have children who are too young to take care of themselves, it is crucial that you and your spouse discuss what should happen to them in the event that both of you meet an untimely end. Part of making an estate plan is putting in writing who will ensure that your children and other dependents are provided for.
Privacy
With no estate plan, the court will appoint an administrator to oversee your estate. This administrator is generally required to post bond and ask permission of the court in order to act on behalf of the estate. This means that anything that you wished to keep private may end up before a court in the event that you die without a will.
Many married couples assume that an estate plan isn’t relevant to them, or that a written will is enough. Shifting laws, assets and family relationships, however, can mean that it is difficult for an amateur to write a will in such a way that the writer’s wishes will be honored. Talking to an estate planner is the best way to ensure that everything will continue running smoothly after you’re gone.
- Practices: Sophisticated Estate Planning & Wealth Preservation, Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Crypto Enforcement: A Former Prosecutor’s Warning to Criminals and the Public
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
Understanding Chattel Paper: A Key Component in Secured Transactions
Using chattel paper to obtain a security interest in personal property is a powerful tool. It can ensure lenders have a legal claim on collateral ranging from inventory to intellectual property. To reduce risk and protect your legal rights, businesses and lenders should understand the legal framework. This framework governs the creation, sale, and enforcement […]
Author: Dan Brecher
Crypto Compliance: A Comprehensive Guide
For years, digital assets operated in a legal gray area, a frontier where innovation outpaced the reach of regulators and law enforcement. In this early “Wild West” phase of finance, crypto startups thrived under minimal oversight. That era, however, is coming to an end. The importance of crypto compliance has become paramount as cryptocurrency has […]
Author: Bryce S. Robins
Supreme Court and Title VII: Implications for Reverse Discrimination
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
SPACs Are Back, What You Need to Know
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Short Form Merger: Streamlining the Process for Businesses
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.