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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.
Posted on Wed Aug 12, 2015, on Trusts
From our “Ask a Question” mailbag: My son is getting married this fall and his fiancé refuses to sign a prenuptial agreement. I am worried that if I die, his share of my estate will end up going to her in a divorce. What can I do?
As part of your estate plan, we could incorporate in your will a trust to hold your son’s share of the estate. Simply put, if your money pours into a properly drafted trust rather than into your son’s hands, then your future daughter-in-law will have no claims to the assets in a divorce.
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.
Posted on Fri Mar 20, 2015, on Trusts
I am a resident of Camden 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 Revocable 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.
I am a resident of Gloucester 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.
In New Jersey, a disclaimer is an heir’s legal refusal to accept a gift or a bequest. In other words, you can’t force someone to accept a gift. If a Will names someone an heir or if a life insurance policy names a beneficiary, that heir or beneficiary cannot be “forced” to accept the gift.
Periodically reviewing your Pennsylvania estate plan is critical. Significant life events including marriages, children and moving can dramatically affect how your assets are distributed. Other issues such as changes in state and federal laws can also affect your intended estate plan. In addition to your plan failing, old and unreviseddocuments can delay probate, and in some cases end up in litigation. These are some of the many reasons reasons to periodically review your estate plan to ensure it still reflects your intentions.
Posted on Thu Jan 1, 2015, on Trusts
Ensuring the financial well being of family after death is a fundamental concern for clients when estate planning. By Trust or by Will, various strategies exist to satisfy that concern. Keeping up to date on real cases helps ensure our strategies are appropriately tailored to your needs.
The Orphans’ Court of Common Pleas of Montgomery County, Pennsylvania recently ruled on one family’s strategy in Zucker Estate. This case provides insight into how accurate trust drafting can achieve your financial support goals. The court focuses on the marital trust and critical difference between exclusive and non-exclusive powers of appointment. A factual background will serve as a point of reference for the key takeaways in Zucker.
Posted on Wed Nov 19, 2014, on Trusts
Pennsylvania allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and Bucks County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Bucks County Register of Wills.
In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.
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