Tatum Sherman - Estate Planning for Successful Young Adults

Tatum Sherman has been very successful. Her financial rewards have been increasing exponentially as her staffing business, Resource Referral, rises to greater and greater heights. The accumulation of wealth is obviously a very good thing, and you pay a lot of taxes when you are financially successful. At some point, you have to start to be concerned about federal and state level estate taxes. In New Jersey, there is a state-level estate tax, and it is applicable on transfers that exceed $675,000.

As a mother of young children, estate planning is something that is very important to a successful woman like Tatum Sherman, and estate tax planning is part of this equation. There are steps that can be taken to mitigate estate tax exposure, on the state level or the federal level. Fortunately, most people are not exposed to the federal estate tax, because you can transfer over $5 million before this tax would be applicable.

There is also a state level inheritance tax in New Jersey. This tax can be applied on smaller transfers depending on the relationship that the decedent has with the person who is receiving an inheritance. As a forward thinking person, Tatum Sherman has done the right things to protect her wealth for the benefit of her children. Even though she is still a young adult, you never know what the future holds, and an ounce of prevention is worth a pound of cure. If you are currently unprepared, you may want to follow Tatum Sherman's lead and discuss your legacy with an estate planning attorney.