There are many types of trusts, but the main categories are testamentary trusts, which go into effect upon the grantor's death, and living trusts, which go into effect while the grantor is still alive. Among living trusts, there are another two main subcategories: revocable trusts and irrevocable trusts. As its name implies, an irrevocable trust usually cannot be modified after it is executed. However, there are always exceptions to the rule, and irrevocable trusts are no different.
Parents of special needs children in New Jersey may have concerns about how their child will be cared, especially after the child is an adult and the parents pass away. While parents may want to ensure that their adult special needs child receives the government benefits they need, such as Medicaid and Supplemental Security Income, they may also want to leave some of their assets to their child for the child's care. However, this can be complicated, as most government benefits have low thresholds for the income a disabled adult can have to qualify for benefits. For this reason, some parents choose to execute a special needs trust for the care of their child.
The late fashion designer Karl Lagerfeld was known not just for his creative genius, but also for the love he had for his cat, "Choupette." In an April 2018 interview, Lagerfeld stated he wanted to be cremated, rather than have a burial. He also stated that his ashes should be dispersed with those of his mother and his beloved Choupette, if the cat passed on before he did. And, while it is not clear what accommodations he made for Choupette, his death does bring up the important fact that sometimes a pet owner passes on before his or her pet does.
A trust is a complex legal tool, but it is one that many people in New Jersey find to be extremely valuable. After all, a trust allows a person to pass assets on to loved ones without having to go through the expensive and time-consuming probate process. However, do not make the mistake of assuming trust planning is one-and-done.
When a person in New Jersey executes a trust, they will need to select a trustee. The trustee's role is very important, as it is their duty to oversee the management and distribution of trust assets, acting in the best interests of the trust beneficiaries with no self-dealing. People might initially think that they should choose a close relative or friend to fulfill this role, but it is important to understand that there are other options as well.
While many people in New Jersey anticipate that, however much loved, they will outlive their pets, the fact of the matter is that sometimes our pets outlive us. Pets are often beloved members of the family, so it only makes sense to make plans as to who will care for your pet if you die before your pet does.
Many people in New Jersey wishing to avoid probate may have taken the step of executing a revocable trust. Doing so means that the assets in the trust will not go through the lengthy and expensive probate process. Moreover, trusts are not made public, which may also make them attractive to many. However, it is important to avoid these estate planning mistakes that could render one's trust ineffective.
People in Parsippany have many choices when it comes to estate planning. They can choose who they want to make health care and financial decisions on their behalf should they become incapacitated. They can dictate what end-of-life medical care they want. Finally, they can dictate what they want done with their property after they pass away. With regards to this last point, many people choose to execute a trust that determines how their assets are distributed to their chosen beneficiaries.
Many residents of Parsippany may think that trusts are not for them. They may think only millionaires need such documents. However, even those of more modest means can still find a trust to be useful.
As 2017 comes to a close and 2018 is almost here, many people in New Jersey are making New Year's resolutions. Some people may be aiming to get into shape, save more money or kick a bad habit, like smoking. However, a resolution that many might not initially think of, but is very important in the long-run, is executing an estate plan.