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Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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Accounting for uncertainty is critical in tax planning

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Many New Jersey residents are diligent about preparing for retirement. Between employer-supplemented 401(k) plans and Roth IRA accounts, people take steps to provide financial security for themselves and loved ones for the post-working years. At the same time, however, even taking these steps may not make up for the losses that come without thoughtful tax planning.

Of course, in the wake of the April 15 income tax filing deadline, taxes are on the mind of many people. The reality is, however, that tax codes can change at any time, so it's important to think about developing better tax strategies throughout the calendar year. By consulting with an experienced attorney, individuals can develop a plan that will suit his or her needs now and many years down the road.

Although it may not be easy to think about or imagine, it's helpful to make considerations for the unexpected things in life. For example, a person may establish retirement funds with a tax strategy aimed at providing financial security for a specific number of years. However, if a person lives longer than the expected number of years, then they may wind-up in a tight financial situation. As such, it's important to develop a smart and flexible long-term plan that will help you and your loved ones work through life's curveballs.

One measure worth consideration is creating a trust to help avoid the burden posed by estate taxes. This can directly affect a person's spouse and other families that stand to benefit from an estate. The laws surrounding trusts can be somewhat complicated, but if properly established, they can be a smart financial planning tool.

Source: Marketwatch, "Death & taxes: Planning for the unavoidable," Joe Lucey, April 18, 2013

  • To find out more about the topics discussed in this post, please visit our New Jersey trust planning page.

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