Trust Creation
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Trust Creation Attorneys in New Jersey
Creating a trust can offer multiple benefits within a well-developed, effective estate planning strategy, though many people assume this structure is only for the wealthy. There is also a common misconception that a trust only offers advantages upon your passing. The truth is that trusts are useful for estates of all sizes, and they can deliver considerable protections during your lifetime.
Creating a Trust as Part of Your Estate Plan
Revocable Trust
As grantor, you can change beneficiaries or other terms, or cancel this type of trust during your lifetime. A revocable trust is useful for:- Disability Planning: If you become incapacitated, your trust assets are managed by the person you designate as trustee for your benefit during your lifetime. There is no need to go to court to appoint a guardian to manage your assets.
- Avoiding Probate: You title assets in the name of the trust, not your own. Property held by the trust is distributed to beneficiaries according to its terms, so there is no need to go through the River Edge, NJ probate process.
- Privacy: A trust is a private document, so the information does not become part of the public record as it would for a will in probate.
Creating a Trust as Part of Your Estate Plan
There are different types of trust structures that offer distinct advantages depending upon your circumstances. Our attorneys can provide advice and counsel on creating:
Revocable Trust
As grantor, you can change beneficiaries or other terms, or cancel this type of trust during your lifetime. A revocable trust is useful for:
- Disability Planning: If you become incapacitated, your trust assets are managed by the person you designate as trustee for your benefit during your lifetime. There is no need to go to court to appoint a guardian to manage your assets.
- Avoiding Probate: You title assets in the name of the trust, not your own. Property held by the trust is distributed to beneficiaries according to its terms, so there is no need to go through the Hackensack, New Jersey probate process.
- Privacy: A trust is a private document, so the information does not become part of the public record as it would for a will in probate.
Irrevocable Trust
This type of trust cannot be modified, as you transfer assets to the trust and relinquish all ownership and control. However, there are considerable benefits for estate tax purposes because the trust assets are not legally your own. In addition, the assets may not be considered as a resource for purposes of qualifying for Medicaid benefits and similar programs during your lifetime.
Special Needs Trust
You may consider a special needs trust if you want to provide for a disabled individual, and still allow him or her to qualify for government programs. Note that there are limitations on how the trust funds can be used.
Spendthrift Trust
If you want to prevent your beneficiaries from squandering the legacy you leave them, a spendthrift trust is a way to protect your assets. The trust may contain strict rules on how the funds can be used, which is useful for younger individuals and those who make questionable financial decisions.
Talk to a Knowledgeable Lawyer About Trust Creation in River Edge, New Jersey
A trust can only offer the benefits described above if it is uniquely tailored to your needs and circumstances, so it is important to discuss your situation with an experienced trust creation attorney. If you would like to hear more about trust arrangements or schedule an estate planning consultation, please contact Giro Attorneys at Law, LLC in River Edge, New Jersey.
Our Attorneys
Maurice Giro
Managing Member
Mr. Giro takes a compassionate approach to estate planning and elder lawmatters and takes the time to truly understand his clients’ situation and goals…
Andrea M. Beckford
Attorney
Andrea M. Beckford, Esq. is an alumna of Le Moyne College in Syracuse, New York, where she graduated cum laude with a Bachelor’s in Psychology and a Minor in Legal Studies…
Lawrence D. Eichen
Attorney
Andrea M. Beckford, Esq. is an alumna of Le Moyne College in Syracuse, New York, where she graduated cum laude with a Bachelor’s in Psychology and a Minor in Legal Studies…
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