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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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Understanding estate planning needs in the shifting market

Those who follow the stock market and news on changes to federal estate tax laws may be interested in estate planning. In the state of New Jersey, estate tax exemption is $675,000. The federal estate tax exemption is $5 million.

People concerned with what their money will do when they are gone should think carefully about estate planning in order to conserve their hard-earned savings. With enough financial planning, a person can not only have enough to live on, but he or she also help ensure that heirs will benefit with what remains. Taxes can be complicated and can vary depending on the heir's relationship to the decedent.

When considering an estate plan, one must know their own financial situation and also have an idea of what they would like to happen after their death.

Giving to charitable causes not only helps the community, it can also reduce the tax burden on heirs and the estate. It is also a great way to be remembered in the community and make a lasting difference. It is a good idea to consult professionals and learn how to leave money to good causes.

As with any financial matter, estate planning is a task best undertaken with professionals. Seeking the advice of a financial planner, accountant and attorney will help ensure that a person's wishes regarding his or her estate are followed. This huge endeavor should not be done without the help of qualified professionals who understand the complicated process.

Source: Delmarva Now, "Assess goals and options when planning your estate," Aug. 14, 2011; NJ.com, "Must executors report fees as income?" and "Estate planning to benefit heirs," Karin Price Mueller

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