ServicesLegacy Planning
Legacy Planning in Holmdel
Your will covers less than you think. Retirement accounts, life insurance and transfer-on-death accounts pass by their own forms. We pull every one, show you what each says today and help you line them up with what you want your family to receive.
What legacy planning actually covers
Legacy planning is the financial side of passing on wealth: who receives each account, in what form, on what timeline and with how much lost to taxes along the way. Much of it is controlled by documents most people signed once and forgot. A beneficiary designation on a 401(k) overrides a will. Joint ownership with rights of survivorship passes an account outside probate entirely. A contingent beneficiary left blank can send an IRA through the estate.
We are not your attorney and we do not draft wills or trusts. Our job is to find out what your accounts would do today, compare that with your intentions, and work with your estate attorney and tax preparer so the paperwork and the money point the same direction. Every finding is documented, with a copy of the form or statement it came from, so you can see the problem for yourself rather than taking our word for it.
What we review and deliver
- 01
Beneficiary designation audit
We collect the current primary and contingent beneficiary on each IRA, 401(k), 403(b), annuity and life insurance policy. You get a copy of each designation next to a note on whether it matches your will and your wishes. Ex-spouses, deceased parents and minors named outright are the usual findings.
- 02
Account titling map
Individual, joint, TOD, POD and trust-owned accounts each transfer differently. We chart every account by title so you can see which assets go through probate and which pass directly.
- 03
New Jersey inheritance tax check
New Jersey repealed its estate tax but kept an inheritance tax. Spouses, children and grandchildren are exempt, while siblings, nieces, nephews and friends can owe it. If your plan leaves money to those heirs, we show the exposure and options to discuss with your attorney.
- 04
Inherited retirement account planning
Most non-spouse heirs must now empty an inherited IRA within ten years, which can push them into higher tax brackets. We model how that would land for your heirs and whether Roth conversions or other moves during your lifetime make sense.
- 05
Coordination with your attorney and CPA
With your permission we send your attorney a written summary of what we found, so trust funding and will language reflect the accounts you actually own.
Questions about Legacy Planning?
Call(732) 719-2097Signs your legacy plan needs a look
You married, divorced or remarried
Beneficiary forms do not update themselves when your life changes. In blended families, an outdated form can leave children from a first marriage out entirely.
You changed jobs more than once
Old 401(k) plans left behind at former employers often carry beneficiaries chosen decades ago. Many people cannot name who is on them.
Your will is older than your accounts
If you opened accounts or bought a policy after signing your will, those assets may follow forms your attorney never saw.
You want to leave money to someone other than a child
Gifts to siblings, nieces, nephews or a partner you are not married to can trigger New Jersey inheritance tax. Planning ahead can change how much they keep.
You own a business
A business interest without a buy-sell agreement or succession plan can stall the company and tie up family wealth. We look at how ownership would pass and how heirs would be paid.
How a legacy review works
- 1
Getting acquainted
The first step is an introductory meeting, held at our office or over a phone or video call, whichever suits you. We cover who is in your family, which accounts you hold and where you want the money to go. Before we finish, you get a written checklist of the statements and forms we will need.
- 2
Document collection
You send statements, beneficiary confirmations and policy summaries, or sign an authorization so we can request them. If a custodian or insurer cannot locate a form, we follow up with them directly and log the date of each request.
- 3
Findings report
We return a written report listing each account, how it is titled, who is named as beneficiary and a copy of the source document. Conflicts and gaps are flagged in plain language, along with why each one matters.
- 4
Corrections and coordination
We help you fill out updated beneficiary forms and retitling paperwork, then share the report with your attorney and tax preparer. When the changes are processed, the new confirmations go into your report next to the originals, so you have before-and-after proof.
What affects the cost of legacy planning
Our fee depends on how much there is to trace and how many people need to be involved. We explain the fee during the introductory meeting, before any work begins, so you know what you are paying for.
- Number of accounts and policies
- Five accounts at one custodian take far less time than twenty spread across old employers, banks and insurers.
- Family structure
- Blended families, heirs with special needs and beneficiaries who are minors require more careful modeling and more discussion.
- Business interests and property
- Closely held businesses, rental property and real estate outside New Jersey add valuation and coordination work.
- One-time review or ongoing monitoring
- Some clients want a single audit. Others prefer we recheck designations whenever life changes, which is part of our wealth management relationship.
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: finding what your accounts would do and making sure they match the documents your attorney prepares.
Does my will control who gets my IRA?
No. An IRA, 401(k) or life insurance policy passes to the beneficiary named on its own form, regardless of what your will says. That is why we pull every designation and put a copy in front of you.
Will my children owe New Jersey inheritance tax?
Children, grandchildren and spouses are Class A beneficiaries and are exempt. Siblings, in-laws, nieces, nephews and unrelated heirs can owe the tax, so the answer depends on who is in your plan.
How often should beneficiaries be reviewed?
At any marriage, divorce, birth, death or job change, and every few years even if nothing has changed. Custodians merge and forms get lost, so a periodic check catches problems you would not otherwise see.
Can you help my heirs after I pass?
We can walk heirs through claiming accounts and the options for inherited IRAs. Having your findings report on file makes that work faster because every account is already identified.
See what your accounts would do today
Most people are surprised by at least one beneficiary form. Start with a conversation about your family and your goals, and we will tell you what we need to check.