Serving the needs of Princeton, New Jersey residents for more than 15 years
Attorneys at The Pollock Firm LLC have been counseling our Princeton, New Jersey clients on Wills, Trusts and Estates work since 2002. As part of our practice, we routinely assist clients with Special Needs Planning, Philanthropic Planning, Business Succession Planning, and Asset Protection Planning. We have a dedicated team of three attorneys and three office support staff members who are happy to handle any estate planning or estate administration questions that you may have.
Residents of Princeton, New Jersey enjoy a wonderfully cosmopolitan culture, great restaurants, and convenient shopping. Unfortunately, we also have high real estate taxes. However, Princetonians do receive fantastic services for their tax dollars. There are numerous elder care facilities, special needs centers, and our Surrogate’s Courts are second to none, regardless of whether you are technically domiciled in Mercer County or Middlesex County.
Nevertheless, many of our clients seek out advice from us on how to minimize the high state and local taxes in Princeton, New Jersey. Accordingly, we frequently discuss issues ranging from basic Tax Planning and minimization strategies, to retirement planning, to relocating to other jurisdictions. However, care must be taken before simply following a tax savings tactic you find online.
Every tactic implemented to minimize taxes can have unintended consequences for your estate plan, so a comprehensive customized strategy is required. For example, let’s say a husband and wife want to buy a second house in Boca Raton, Florida and they want to keep their place in Princeton, New Jersey because it is close to their grandchildren. Relocating to Florida can certainly save money on income taxes, particularly if the couple has significant retirement money. However, unless the couple has set up a revocable trust and has put the two homes into the trust, upon the death of the surviving spouse, the executors will be forced to manage two probate proceedings, one in Princeton, New Jersey and one in Boca Raton, Florida.
Another issue that frequently arises with our Princeton clients in how to plan for the succession of a business when only one child works in the business, but other children do not. Planning for this type of takeover often requires reorganizing the business into different classes of interests in the entity (such as voting shares and non-voting shares), the purchase of life insurance policies, setting up asset protection trusts. Simply putting together a Will and saying you want the business to all go to the child working in the business can leave the other children angry and bitter if the business makes up the majority of the owner’s wealth.
Regardless of whether you need a Princeton Attorney to prepare a simple Will package or Revocable Trust package, a more complex asset protection trust, special needs trust planning, a guardianship or business planning, the lawyers at The Pollock Firm can assist you.
Our Lawrenceville, New Jersey office is located just minutes away from Princeton, NJ. It is easy to get to, parking is free and convenient, and it is handicapped accessible. Our Princeton area law firm is conveniently located just off of Exit 71A of Route 295, the Federal City Road South Exit.