ServicesLegacy Planning
Legacy Planning in Rumson
We help you decide who receives your wealth and how, then make sure the paperwork actually says so. Beneficiary forms, account titles and inheritance rules all get checked and explained in plain language before anything is signed.
What legacy planning covers
A will is only part of a legacy. Retirement accounts, life insurance and many brokerage accounts pass by beneficiary designation or account title, and those forms override what a will says. When the forms and the will disagree, the forms usually win.
Our work is to make every piece point the same direction. We review how each account is owned, who is named on it and what the tax and distribution rules will mean for the people who inherit. Then we explain it, item by item, so you know what happens and why.
We are a financial advisory firm, not a law firm. Drafting wills and trusts belongs with your estate attorney, and we work alongside them so the documents and the accounts match.
What we review and set up
Beneficiary audit
We pull the current primary and contingent beneficiaries on every IRA, 401(k), annuity and policy. Outdated names, missing contingents and forms that still list a former spouse are common, and each one is easy to fix once found.
Account titling
Joint, individual, transfer-on-death and trust-owned accounts each pass differently. We map how yours are titled and show where a change would keep an asset out of probate or route it into the trust you intended.
Inherited account rules
Most non-spouse heirs now have to empty an inherited retirement account within ten years. We plan around that rule so your children are not handed a large taxable withdrawal in a single high-income year.
New Jersey inheritance tax
New Jersey taxes some inheritances depending on the heir's relationship to you. Gifts to spouses, children and grandchildren are generally exempt, while siblings, nieces, nephews and friends can owe tax. We show which of your intended heirs fall where, so the numbers are not a surprise.
Lifetime gifting
Giving during your life can be part of a legacy, from education accounts for grandchildren to charitable gifts. We look at timing and which assets make sense to give, with your tax preparer in the loop.
Signs it is time to review your legacy plan
- Your forms predate a big change
- A marriage, divorce, death, birth or adoption since you last signed a beneficiary form is the most common reason an account goes to the wrong person.
- Your will names a trust nobody funded
- Many trusts are drafted, signed and then left empty. If no accounts are titled to it, the trust may control very little.
- You own a business
- Shares in a closely held company need a plan for who takes over, who is bought out and how the value is set. Without one, heirs can inherit a dispute.
- Heirs outside the immediate family
- If you plan to leave money to a sibling, a niece or a close friend, New Jersey inheritance tax may apply and is worth planning for.
- Nobody knows where things are
- If your family could not list your accounts, policies and advisors tomorrow, a plan should start with an organized record they can find.
How we work through it with you
- 1
Introductory meeting
You can sit down with us in person, or meet over a phone or video call. We start with the people you want to provide for and the concerns on your mind, then walk through how we work and how our fees are structured.
- 2
Gather and inventory
We collect statements, policy details, beneficiary forms and any existing will or trust. You get a single inventory showing each asset, its owner and who receives it today.
- 3
Find the gaps
We mark every place the current setup conflicts with your wishes, with the specific rule involved, whether that is the ten-year withdrawal rule, a probate exposure or an inheritance tax class. Nothing is changed without your approval.
- 4
Coordinate and confirm
We prepare the account forms our side handles and send clear notes to your attorney and tax preparer for theirs. Once changes are processed, we confirm each one in writing and keep copies on file.
- 5
Review over time
We revisit the plan when your family or the rules change, and periodically even when nothing seems to have.
What shapes the cost
Legacy planning fees depend on how much there is to organize and how often you want it reviewed. We lay out our fee arrangement during the introductory meeting. Nothing starts until you have agreed to it and understand what it covers.
- Number of accounts and policies
- Ten accounts at four institutions take more work than two accounts in one place.
- Business interests
- Succession and buy-sell planning for a company adds analysis and coordination.
- Trusts and multiple heirs
- Funding a trust, blended families and heirs in different tax situations each add steps.
- Ongoing relationship
- A one-time review differs from a plan we monitor alongside your investment management or wealth management.
Legacy planning questions
- Do I still need an estate attorney?
- Yes. Wills, trusts and powers of attorney are legal documents and should be drafted by an attorney. We handle the financial side, making sure accounts, titles and beneficiaries match what those documents say, and we coordinate with your attorney directly if you like.
- Does a beneficiary form really override my will?
- In most cases, yes. Retirement accounts and life insurance pay the named beneficiary regardless of the will. That is why we check the forms first.
- What licenses do your advisors hold?
- Our firm's licensing includes the SIE, Series 7 and Series 66. Those cover the securities and advisory work involved in retitling accounts, updating beneficiaries and managing assets that are part of your legacy.
- Will my children owe tax on what I leave them?
- Children are generally exempt from New Jersey inheritance tax, but inherited retirement accounts still carry income tax when money is withdrawn. Spreading those withdrawals over the allowed years is often the bigger planning opportunity. Our tax management work goes into that in more detail.
- Can my adult children be part of the meetings?
- If you want them there, yes. Many families in Rumson and Fair Haven find one shared meeting saves confusion later. It is your choice who attends and what is shared.
Start with a clear picture
Bring your statements and any estate documents to an introductory meeting, and we will show you where things stand today and what we would look at first.