Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Protecting New Jersey Inheritance for LGBT Partner

Posted on Sat Sep 26, 2015, on LGBT Estate Planning

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

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Maggie K

Peter Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.

Klenk Law Logo
Stars

A Google User

Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel

Klenk Law Logo
Stars

Linda F.

I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.

Klenk Law Logo
Stars

Susan W.

Tremendous firm with bright, kind and tenacious people. Great representation for our family.

Klenk Law Logo
Stars

A Google User

Peter Klenk was great in leading us in the estate planning process.He was clear in describing the various steps and what they would accomplish. We were well satisfied and pleased that we had Peter to guide us.

Let us put our expertise to work for you.

Free consultation within 24 hours.