What exactly is a trust? Too few Americans bother to contemplate this question, perhaps because a misperception problem has long-plagued this particular estate planning tool. Many pop culture references to “trust fund kids” have perpetuated the idea that trusts are only relevant to super-wealthy Americans. In truth, these estate planning tools can be used in a number of ways. Trusts benefit individuals and families from virtually any economic background. Use may legally avoid certain burdensome taxation regulations. Trusts can help earmark money for educational expenses. Trusts can even ensure that funds exclusive use is medical care. Trust themselves need protection, so best to retain a seasoned attorney to protect your trust.
Have been curious about trusts in the past but thought that this tool did not apply to you? Consider taking a second look at this legal resource. An experienced Cherry Hill, New Jersey trust litigation lawyer can help you navigate whether a trust may benefit you and your family.
There are many kinds of trusts available, and each one serves a different purpose. It is partially for this reason that it is a good idea to speak with a Cherry Hill, NJ trust litigation lawyer. Do this before committing to an estate planning strategy. Experienced professionals understand what kinds of tools are available. Further, we can help determine whether they would or would not benefit your situation uniquely.
For example, your primary interest might be ensuring that a child is taken care of in the event of your death. Or perhaps you are primarily concerned with setting aside college tuition money for a grandchild. Maybe you envision specific conditions upon those funds. Your unique needs and priorities will help to determine whether it makes sense to set up a testamentary or a living trust.
At its most basic, a trust serves as a contractual arrangement wherein a “trustee” manages the assets affected by the terms of the trust for the benefit of a “beneficiary.” Depending on the kind of trust in question, you may be able to serve as the trustee of a trust you create. Although this is not always an advisable arrangement. As a Cherry Hill, NJ trust litigation lawyer can explain in greater detail, the selection of an appropriate trustee is critically essential. Consult with us over the options, pros, and cons.
When a trust is testamentary, the assets affected by the trust are only passed along to the beneficiary (or beneficiaries) in the event of the trust creator’s death. At that time, the assets may be passed along without conditions or may only be passed along subject to terms. For example, if you wish to pass along college tuition money to a grandchild, you may work with a Cherry Hill, NJ trust litigation lawyer to ensure that the money you have set aside is only used for tuition-related purposes. By contrast, a living trust transfers assets (with or without conditions) during the trust creator’s lifetime.
Trusts are sophisticated legal tools. Please do not hesitate to schedule a consultation with Klenk Law today. We can help you make an informed decision about whether setting up a trust is the right choice for you and your family.
People who are planning to create a trust often turn to a seasoned trust litigation lawyer Cherry Hill, NJ locals recommend from Klenk Law for assistance. By setting up a trust, you can protect your estate. Further, trusts can also reduce taxes, avoid probate costs, and manage how your estate’s distribution to your beneficiaries. Our law firm is proud to offer legal services to those who want to leave a minimal amount of stress and maximum assets. A trust litigation lawyer in Cherry Hill, NJ from our firm can help you establish a trust that will allow you to have a peace of mind.
Trusts can match your desires and goals. A Cherry Hill trust litigation lawyer from Klenk Law can create a trust that reflects your and your family’s wishes. If you would like to plan your estate, a trust litigation lawyer Cherry Hill, NJ individuals choose from our law firm can address your questions and concerns. Your Klenk Law attorney can guide you through the legal process make sure your estate is appropriately protected.
Once you have completed the above five steps, you are ready to write your trust. With the help of a trust litigation lawyer Cherry Hill, NJ community members turn to from our first.
We can review your goals for a trust and can provide reliable legal advice. We hope to hear from you soon and how we can be of service as you complete an essential document. Your legacy can live on through trust well last past the length of your lifetime. We serve as the Attorney to Protect Your Trust.
Call us today at 609-270-4306 to reach a member of our legal team. Your first consultation with a trust attorney at Klenk Law is free. Schedule an appointment to come into our offices and discuss your trust in the person with a trust litigation lawyer Cherry Hill, NJ.
I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.
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.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.