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Trusts Archives

With trusts, is a testamentary trust right for me?

For many New Jersey residents who are estate planning, a will in and of itself is not sufficient for their purposes. There are other instruments they would like to use as part of the comprehensive estate plan. A will determines what property will go to whom after the settlor's death. Some people want to have a trust too. There are types of trusts that will become effective at the time of the settlor's death. This is known as a testamentary trust.

What are important points about irrevocable living trusts?

The number of options for New Jersey residents considering a trust can lead to rampant confusion. When the decision is made to use a living trust, there are still alternatives available such as whether to make it a revocable or irrevocable living trust. It is not necessary to be wealthy to have a living trust of any kind. But the type of trust that the person picks will have a significant influence on the future. The individual situation is the key to deciding which trust is preferable.

What should I know about special needs trusts?

New Jersey residents who have a loved one whose care is a concern after they have died will often be unsure of what to do. These people should consider a special needs trust. With a special needs trust, a person who is disabled or unable to care for him or herself will be cared for and still be able to get government assistance through Medicaid, Supplemental Security Income (SSI) and other programs. With the trust, there will be a trustee to oversee it. It can be a family member or a third party who the court will appoint. The trustee is an important part of a special needs trust because it must be remembered that the contents of the trust are for the care of the disabled person and must be used accordingly.

What trust can one use to transfer assets growing in value?

People in New Jersey who are considering their estate planning options will want to ensure that their most valuable assets are protected. There are certain properties such as business shares, homes, stocks and more that can be reasonably be expected to appreciate. These can be placed into a trust to pass them along to the heirs. One trust that can be used for this purpose is the grantor retained annuity trust (GRAT). Knowing how a GRAT works is essential for those who are considering their alternatives with these types of assets.

Actor's death shows how trusts can provide privacy

When a New Jersey resident is moving forward with estate planning, there will be many different aspects of the process that will take precedence. One that they might forget about is how a trust can provide privacy that wills do not. A will is a public document that can be seen by anyone when probate starts. That is not the case with a trust. People who are concerned about their privacy should think about the case of the late actor Jerry Lewis and how his estate plan is now part of the public record and rife for discussion among people who did not know him and are questioning decisions he made that are not their concern.

Considering a trust in New Jersey? Make sure to get legal help

Estate planning in New Jersey is not an easy thing to think about, especially since it involves the inevitable future when the testator is no longer here. However, protecting loved ones and making certain that assets and other properties are doled out as desired and shielded is also important. Therefore, it is imperative to understand how to formulate a trust and what kind is ideal for the individual.

A special needs trust can help loved one who is disabled

A common concern for New Jersey parents is what will happen to their children after they have passed on. This issue is magnified if there is an adult child with a disability or health issue. Estate planning can address these matters and make sure that the adult child is cared for. It is important to know what steps to take to ensure that this is the case.

Make the right choice when it comes to trust planning

Why do New Jersey residents make the choice to include a trust in their estate plan? Well, for starters, as previous posts here have mentioned, a trust can be a great way to make sure that your assets are passed on in the most efficient way. For some, the main goal is to avoid probate court. For others, it is to minimize tax exposure. Whatever the reason, in many cases trusts can be a great tool to include in an estate plan.

An overview of the "cy-pres doctrine" and charitable trusts

Many people in New Jersey are finding out that it can be very beneficial to establish a charitable trust as part of an estate plan. These types of trusts allow a person or family to make sure that a significant part of their assets are designated to help a cause in which they believe deeply. However, as with many things in life, sometimes the purpose of these trusts can be frustrated in some way. In estate planning law, issues with charitable trusts can sometimes invoke what is known as the "cy-pres doctrine."

What do you need to know about charitable trusts?

The overall benefits of establishing a trust as part of an estate plan have been discussed in previous posts here. But, as has also been mentioned previously, there are a wide variety of different types of trusts that New Jersey residents can consider. Charitable trusts, for instance, are gaining in popularity. So, what do our readers need to know about charitable trusts?

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