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.
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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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.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
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.