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Tag: Revocable Trust

Which kind of trust is the best to avoid probate in New Jersey?

Posted on Sun Oct 18, 2015, on Trusts

From our “Ask a Question” mailbag: There seem to be many different types of trusts. Which one is the best to avoid probate?

Trusts are very flexible estate planning tools. They can be used to avoid creditors, shelter assets from divorce, reduce taxes, and to avoid probate. To avoid probate in New Jersey, you could use a Revocable Living Trust or you could use any number of different Irrevocable Trusts.

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Philadelphia Revocable vs. Irrevocable Trusts – What You Need to Know

Posted on Fri Sep 11, 2015, on Trusts

From our “Ask a Question” mailbag: I am worried about having someone sue me in the future and would like to shelter my assets from creditors. I have read about Irrevocable Trusts and Revocable Trusts, do they both help avoid creditors and lawsuits?

A Revocable Living Trust is a wonderful tool with many uses, but it does nothing to help you avoid your creditors. Because a Revocable Living Trust is “Revocable.” That means you can take the assets back into your name at any time. Because you can take the assets back, any future creditor you have or any future lawsuit judgement against you can be enforced against the trust.

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Do I have to move my Gloucester County house into my Revocable Living Trust?

Posted on Wed Sep 9, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I had a Revocable Living Trust created several years ago, but I have not put anything into it. I own my Philadelphia home, a few bank accounts and investment accounts. I want everything to pass to my daughter at my death, but she lives in California, so I want the transfer to be easy. Should I move my house from my name into the Revocable Trust?

The goal you have stated in forming your Revocable Living Trust was to make things easier on your daughter who lives in California. Though your intentions are good, without moving the house into the trust you really have done nothing to help her.

The basic idea surrounding a Revocable Living Trust is that during your lifetime you either move your assets into the trust or you set things up so that at your death, they pour into the trust.

Klenk Law

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

Changes to New York Revocable Living Trusts – Trustees

Posted on Thu Jul 16, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I formed a Revocable Living Trust to avoid New York probate and named my two sons as the co-successor trustees. It seemed a good idea at the time, but now they are not speaking to one another. Should I change the trust?

Many New Yorkers have formed Revocable Living Trusts to avoid the expensive New York probate process. For the trust to work properly, after your death, you need a successor trustee to step in to pay your final bills, taxes and to then distribute the trust assets to your heirs.

Klenk Law

Revocable Living Trusts in PA to Protect Grandchildren Inheritance

Posted on Wed Jul 15, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: How do I make sure the inheritance that I leave my daughter passes to my grandchildren at her death?

If you leave your daughter an inheritance outright, then-at her death-it will be available to satisfy any creditors or law suits she might have. It might even end up in her husband’s name, rather than passing to your grandchildren.

Klenk Law

LGBT Revocable Trust and Probate Concerns in Bucks County

Posted on Tue Jun 9, 2015, on LGBT Estate Planning

From our “Ask a Question” mailbag: In preparation for my upcoming death, I have formed a Revocable Living Trust to make easier the transfer of my assets to my partner. I wish to avoid probate in Bucks County, Pennsylvania. I do have some legal claims against people who owe me money that may not be resolved before my death. Do I need a will?

If properly formed and funded with all of your assets that would otherwise be probate assets, your thoughtfully planned Revocable Living Trust can avoid probate in Bucks County. However, if you have a legal claim at your death, that claim must be pursued by your Executor. Although it is possible to transfer your claim into the Revocable Trust, this is often problematic.

Klenk Law

If I have a Trust in New Jersey, do I also need a Will?

Posted on Tue Mar 31, 2015, on Revocable Trusts and Living Trusts

I am a resident of Atlantic County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a Will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

Klenk Law

If I have a Revocable Living Trust, Do I need a Will?

Posted on Fri Feb 27, 2015, on Trusts

I am a resident of Burlington County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a Will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

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Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

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Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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