As a trust lawyer Cherry Hill NJ clients trust can explain, a will is one of the first steps in securing your financial, proprietary, and real estate assets for your family. However, it is not always enough. More planning is essential when your beneficiaries are minors, have special needs, or your estate includes significant unique assets or large wealth. When this is the situation, it might be a good idea to talk with a Cherry Hill trust lawyer.
At Klenk Law, we understand that every family has its own unique needs and circumstances. Our trust lawyers will work with you to plan and create a trust that ensures your beneficiaries are taken care of in a way that is practical and meaningful, while also taking into account both yours and their needs. To learn more about trusts, and whether or not you would be suited to one, please call 609-270-4306.
Most of the time, the general public becomes familiar with the legal tool, commonly known as a “trust” in one of two ways. First, individuals hear the term “trust fund” applied to children and grandchildren of wealthy families. Second, individuals hear the word “trust” tacked on to names of benefactors who sponsor programming on PBS and throughout the community. Yes, trusts can serve as vehicles to pass wealth down in families and can serve as efficient charitable mechanisms. But trusts are also so much more than that. Far from serving as a tool only relevant to the wealthy, trusts can benefit families, individuals, and even businesses who occupy virtually any point on the wealth distribution scale. If you are curious about trusts, you and your family may benefit from speaking with an experienced Cherry Hill, New Jersey trust lawyer about how this legal and financial tool may benefit you.
At their most basic, trusts function in the following way: A “grantor” donates income, property or other intangible assets to the trust with the assistance of an experienced Cherry Hill, NJ trust lawyer. A “trustee” then manages the terms of the trust and the assets it holds for the benefit of a named “beneficiary.” What does this mean practically? When you set up a trust, you allow some of your assets to be held and managed by a trustee. When the terms of the trust are fulfilled, the person named as the beneficiary of the trust gets to use those assets.
Why are trusts a beneficial legal and financial tool? Trusts allow individuals to place conditions on how their wealth is passed down. The assets of a trust may be structured to be enjoyed either during a grantor’s lifetime or only after the grantor has passed away. The distribution of these assets may also be subject to conditions of the grantor’s choosing. For example, an individual can set aside money in a trust for a grandchild and insist that those funds only be used for college tuition. Finally, trusts have significant taxation benefits.
While many kinds of trusts exist to serve various purposes, all trusts are either revocable or irrevocable. Both of these kinds of trusts are living trusts, which means that you, as the grantor, set them up during your lifetime. Learn more about revocable and irrevocable trusts, and then talk with a trust lawyer in Cherry Hill, NJ, about which one suits your situation best. Klenek Law is here to help.
The grantor who creates a revocable trust can change it at any time. Often, the grantor serves as the trustee as well. The grantor retains ownership of the trust, so the assets are subject to tax reporting requirements. When you use a revocable trust, you keep greater control of your assets and your options related to beneficiaries. This kind of trust converts to irrevocable at the death of the grantor.
One significant advantage of a revocable trust is that it keeps the assets available if you become physically or mentally unable to manage them. The trustee can handle things according to your wishes. Without this flexibility, courts decide what can and cannot happen to the assets. One caveat is that if you are acting as your own trustee and are incapacitated, you lose the benefit of this feature of revocable trusts.
The grantor who creates an irrevocable trust cannot change it or revoke it unless the beneficiaries agree. The grantor no longer owns the assets within an irrevocable trust; they are no longer part of the creator’s personal estate. While this loss of control may seem unappealing, irrevocable trusts have some tax advantages and offer some protection for the assets. The financial implications are significant, so consult a trust lawyer in Cherry Hill, NJ, for advice on whether an irrevocable trust meets your needs.
Setting up a trust to protect the assets you work a lifetime to develop is a responsible thing to do for your family. It’s the best way to ensure those assets go to the people or organizations you want to receive them upon your death.
Revocable and irrevocable trusts share some benefits in common. Here are a few, but you should consult a trust lawyer in Cherry Hill, NJ, to determine how each fits your unique situation. Klenek Law is happy to answer all your question.
If you have questions about trusts, please do not hesitate to schedule a consultation with an experienced Cherry Hill, NJ trust lawyer today. When properly and thoughtfully constructed, trusts can serve as valuable estate planning tools. Whether you are looking to donate a sizeable amount of assets to a non-profit you are passionate about, desire to help send a loved one to college or want to legally avoid unnecessary taxation, setting up a trust may significantly help you to achieve your goals. Working with an experienced Cherry Hill, NJ trust lawyer will help to ensure that the terms of your trust meet your needs and are properly enforceable. The legal team at Klenk Law has years of experience drafting successful trusts and both small and large estate plans. Please consider giving us a call today so that we can help you to explore your legal options.
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While it is true that many wealthy people set up trusts for their assets, people with average incomes can also benefit. If you have minor children, a living trust can be used to ensure that those children are provided for if you die. Trusts may also help avoid disputes among family members after you die. Talk to a trust lawyer in Cherry Hill, NJ about how a living trust may benefit you.
Assets in a living trust usually don’t go through probate; however, assets that were not placed in the trust may. Consult with a trust lawyer in Cherry Hill, NJ to make sure all of the assets that should be placed in your trust are.
The primary motivation to create a living trust for many people is to make sure their assets are distributed to their heirs. However, a living trust can also benefit the grantors, because it makes it easier to manage the grantors’ affairs if they become incapacitated. The team at Klenk Law can help you understand what benefits you may receive from setting up a living trust.
You can set up your living trust so that the assets in it remain accessible to you, or to anyone else you designate, until your death. You can also specify people you do not want to be able to access the assets in your trust. A trust lawyer at Klenk Law can help you with this process.
Setting up a trust may cost more than writing a will; however, it does not have to be overly complex or expensive. Additionally, while setting up a trust may be initially more expensive, it may save you money in the long run.
Trusts can hold many types of assets, such as art or real estate. Putting an asset in your trust removes it from your probate estate and helps ensure that it is distributed the way you want after you die.
Wills can be contested and do not provide as much assurance that your wishes will be carried out after you die as a trust. Additionally, wills do not avoid probate.
Although every state has its regulations, laws, and rules encompassing trusts, there are basic guidelines to follow. In general, you will be required to name a beneficiary who will receive your financial and physical assets in addition to a trustee who will oversee the distribution of these assets. The latter can be beneficial when:
Another significant benefit of a trust is that it can help to ward off the probate process or avoidable taxes. Every trust is inherently different which means you need to have an individualized plan that caters to your lifestyle and situation. When you work with a trust lawyer Cherry Hill NJ residents go to; we will take time to listen to your objectives. Guided by this knowledge and our own experience we can tailor make a trust that is legal, smart, and beneficial.
As a trust law firm, we offer confidential and practical legal advice for a broad range of options. When you are ready, we draft a trust instrument that is perfect for you and your beneficiaries. These options might include:
We understand that you might have an abundance of options for choosing a trust lawyer in Cherry Hill NJ to take care of the financial well being of your loved ones. We also know that you want to feel confident in the ability of your trust lawyer Cherry Hill NJ families rely on to plan and draft a trust as well as his honesty and availability. Rest assured as a respected law firm; we are ready to properly plan your future and that of your family.
If you would like to schedule a complimentary appointment with a trust lawyer Cherry Hill NJ provides to discuss your trust needs, please call Klenk Law at 609-270-4306.
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