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Tag: Estate Planning

What is a Spendthrift Trust in Gloucester County, New Jersey?

Posted on Mon Sep 7, 2015, on Trusts

From our “Ask a Question” mailbag: I was told that I should make the Irrevocable Trusts I am setting up for my children “Spendthrift” Trusts. What does that mean, and what is the advantage of a Spendthrift Trust?

A Spendthrift Trust refers to an Irrevocable Trust created for a beneficiary that does not give the beneficiary the right to assign his or her interest in the trust to a third person, so that the trust assets are not subject to the beneficiary’s liabilities or creditor claims.

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Can I change my Uncle’s Gloucester County Will with his consent?

Posted on Mon Sep 7, 2015, on Estate Planning

From our “Ask a Question” mailbag: I am the executor under my Uncle’s will (he is alive and living in Gloucester County). I would like to make a minor change to his will. My uncle agrees to the change. Do I need a lawyer to change the will?

Each competent person over the age of 18 can have a will, but only that person can change or modify the will. Your uncle is free to change the Will if he is still competent. The Executor is the person who carries out the terms of the Will after death, so right now you have no power to do anything, especially make changes.

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How do I keep my children from evicting my second husband from the house?

Posted on Fri Sep 4, 2015, on Trusts

From our “Ask a Question” mailbag: My second husband and I live in a house that I own outright. If I die, I want him to be able to live in the house as long as he chooses, but I want my children to inherit the house when he moves out or dies. How do I keep them from evicting him from the house?

Avoiding conflict between children from the first marriage and the second spouse can be challenging, but if you are honest about the personalities involved, there is usually a way to satisfy everyone. One option in your case is to form a trust in your will that holds your house.

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What is a Pour Over Will and should I get one in Philadelphia?

Posted on Wed Sep 2, 2015, on Estate Planning

From our “Ask a Question” mailbag: I had a Revocable Trust formed years ago, which I thought replaced my will. Now I hear I also need a “pour over will.” What is a pour over will?

A Pour Over Will is a will that simply states that if you have any asset in your name at death, it should “pour over” into the Revocable Trust and names the executor who will have this power. If you have moved all assets into your Revocable Living Trust or have your assets pour into the trust at your death, then there is likely no need for a Will…but there is still a chance you will need a will filed.

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Trust Options to Protect Against Future Creditor Claims

Posted on Wed Sep 2, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I have been diagnosed with the early stages of Alzheimer’s and need to create a way to have my son assist me as the disease progresses. Can a Revocable Living Trust help my son assist me with my diminished capacity and against any creditors that may arise in the future?

You are wise to start planning now to address your Alzheimer’s. Most people put off this planning, and that rarely ends well.

Creating a Revocable Living Trust that names both you and your son as co-trustees, each able to act independently, is a good system to help prepare for the future.

Klenk Law

How do I shelter money I will leave my son from my future daughter-in-law in Florida?

Posted on Mon Aug 31, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: My son refuses to get a prenuptial agreement, how do I shelter the money I will leave him from my future daughter-in-law?

If your son refuses to protect himself, you have other options to protect the money you leave him. Instead of leaving him his inheritance outright, through your will or Revocable Living Trust you can form a protective trust to hold his inheritance.

Klenk Law

Who inherits my father’s pacemaker?

Posted on Thu Aug 20, 2015, on Estate Planning

From our “Ask a Question” mailbag: Who inherits my father’s pacemaker? My father was cremated, but the attendants first removed his pacemaker for safety purposes. My sister says she wants it so her son can take it apart, as he likes gadgets. After doing some snooping around, I think that she wants it to sell on the black market. Who has a right to the pacemaker? I don’t want my sister to sell my dad’s pacemaker on the black market.

I have to admit, this is a new one to me. Some research has shown me that there are no pacemakers approved by the FDA for multiple use in the USA. So, without more information about the specific pacemaker, I cannot tell you if a sale is even possible (legally). Let’s address your question about who owns the pacemaker.

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Funding New Jersey Trusts with Jewelry

Posted on Thu Aug 20, 2015, on Trusts

From our “Ask a Question” mailbag: I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?

Yes, in your will, you can form a trust to hold almost anything. In the past, I have formed trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

Klenk Law

Who inherits my Phillies baseball tickets?

Posted on Mon Aug 17, 2015, on Estate Planning

From our “Ask a Question” mailbag: Who will get my Phillies baseball tickets at my death? I have season tickets and I go to most games. So, if I died during the season, I would have all the remaining tickets for that season. But, who would be able to buy the seats the following year? My will does not specifically say who gets the tickets. All my assets are divided between my two children, but they do not get along and they both would like the tickets. (But only one can really afford to pay for them each year.)

If your will says that all assets are divided equally between your children, then your remaining Phillies seasons Tickets would be part of that calculation. Your kids could split them equally, or one child could take them and the other some other asset of equal value.

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Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.

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