Estate Planning And Elder Law Attorneys

If you have built significant wealth, you want to protect your assets during your life and minimize the loss of value upon transfer to your spouse, domestic partner, children or other heirs. If you have established a successful family-run business, you want to use every means at your disposal to ensure that the business and business assets smoothly transfer to successive generations or business partners as planned.

At the law firm of Witman Stadtmauer, P.A., our attorneys provide sophisticated estate planning services in conjunction with our business law practice, retirement, compensation and benefit planning, and federal and state tax practice. We represent estate planning clients throughout the New Jersey and New York metropolitan area, as well as Florida.

Our experienced attorneys provide legal counsel, and review and draft all documents necessary to implement a well-designed estate plan, including:

• Simple and complex wills
• Revocable and irrevocable trusts
• Special needs trusts
• Conduit and accumulation trusts for retirement assets
• Generation-skipping trusts
• Charitable foundations and trusts
• Powers of attorney
• Advance directives for health care/living wills
• Business succession documents
• Shareholder agreements and operating agreements
• Insurance trusts

We apply our extensive knowledge of tax laws and regulations to our estate planning practice, helping ensure that assets transfer with minimal estate and inheritance tax burdens. We will work closely with your accountant, insurance agent and/or financial adviser to accomplish your goals.

Our attorneys also handle a range of issues for elderly individuals who have specialized legal needs related to a medical illness or disability. Long-term health care can have a devastating effect on family finances. Many families in New York and New Jersey fail to realize that the law lets them arrange their finances so that they don’t have to spend all of their money on long-term health care. We handle all aspects of planning for older and disabled persons, including preparing for catastrophic illness and dealing with elder law issues.

Our elder law practice includes the following:

• Conservatorship and guardianship
• Health and life insurance planning
• Medicaid planning
• Long-term health care planning
• Special/supplemental needs trusts

Estate Planning FAQs

Below, we have answered common questions to help ensure you preserve what matters most.

How often should I review my estate plan?

You should revisit your plan every three to five years at a minimum. Life changes quickly, and your documents need to keep pace with:

• Marriage, divorce or remarriage
• Birth or adoption of children or grandchildren
• Significant changes in your financial situation
• Moving to a different state
• Death or incapacity of beneficiaries or executors
• Changes in tax laws that affect your assets

New Jersey and New York both recognize that outdated plans can create serious complications for your loved ones. Regular reviews help ensure your documents still accomplish what you intend.

What happens to my debts after I die if I have a trust?

Your debts do not disappear when you pass away. Creditors can make claims against your estate, and these must be paid before beneficiaries receive their inheritance.

Your trustee has a legal obligation to pay valid claims from estate assets, like:

• Credit card balances and personal loans
• Outstanding medical bills and health care costs
• Mortgage debt and home equity lines
• Tax obligations owed to state or federal authorities

Revocable living trusts offer no creditor protection while you are alive or after death for debts you incurred. Some assets may pass outside the trust with their own protections:

• Life insurance with named beneficiaries goes directly to recipients
• Retirement accounts follow their beneficiary designations
• Joint accounts may transfer to surviving owners

Understanding how different assets are treated helps you plan more effectively.

Do I need separate wills if I own property in multiple states?

Owning a second home in Florida while residing in New Jersey or New York creates a specific planning consideration. You can use one will to cover all your property. However, your estate may face probate proceedings in each state where you own real estate. This means:

• Florida probate for the vacation home
• New Jersey or New York probate for your primary residence
• Separate court processes with their own timelines and costs
• Additional legal fees and administrative burden on your family

Many families address this by transferring out-of-state property into a trust. The trust owns the Florida home, avoiding that state’s probate process entirely. Benefits include:

• One administration in your home state
• Reduced time and expenses
• Less burden on your loved ones during a difficult period
• Streamlined asset transfer

This approach often saves significant time and reduces complications for your executor and beneficiaries.

Secure Your Future with a Comprehensive, Tax-Efficient Estate Plan

Contact the attorneys at Witman Stadtmauer, P.A., by calling us at 973-822-0220 to schedule a confidential consultation.