Protecting New Jersey Inheritance for LGBT Partner
From our “Ask a Question” Mailbag: Protecting New Jersey Inheritance for LGBT Partner
Most Recently Updated July 21, 2018.
“I love my partner, but she is terrible with money. If I leave her an inheritance, it will be spent quickly and she will be left with nothing. How do I leave her an inheritance but protect it for her?”
Protecting New Jersey Inheritance for LGBT Partner
Protecting New Jersey Inheritance for LGBT Partner
Recognizing your partner’s inability to handle money allows you to set up an estate plan that can help make sure that your partner will always have enough money. There are many ways to set up a trust for his benefit. The best option will depend on what type of assets you have and how much flexibility you wish to give the Trustee.
The Trust – A Simple Solution
The simplest plan is to set up a trust in your will that gives your partner a set monthly allowance, based either on a set dollar amount or on a percentage of the trust assets. This makes your Trustee’s job easier as there is no discretion, only a check to write. The Trustee, who can be a professional, friend or family member, will manage the trust assets.
I suggest that we have a free consultation where I can review your assets and goals and then give you some suggestions as to trust terms that will satisfy your given situation.
More Planning Questions?
The trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Protecting New Jersey Inheritance for LGBT Partner
I hope that this article was helpful in explaining a trust. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!
Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, New Jersey, Trusts
