Those creating their estate plans or those dealing with executing a loved one's plan should understand how New Jersey handles estate taxes and what to expect. Many heirs may not be aware that they may have to pay taxes on their inheritances, and how this is handled depends on the way the estate plan was set up.
Creating a trust can be an important part of the estate planning process. Unlike wills, trusts do not have to go through probate, meaning the estate receives more privacy, and they can be more easily tailored to the needs of the individuals. There are several different types of trusts, but two of the most common are revocable and irrevocable trusts