Trust Administration

102, 2023

What Are the Benefits of Having a Testamentary Trust?

There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan. What Is a Testamentary Trust? A testamentary trust allows a testator to manage [...]

1006, 2018

Removing a Trustee in New Jersey         

The grantor of a living trust often serves as trustee during his or her lifetime, appointing a successor trustee to step into that role when the grantor dies or becomes incapacitated. The grantor of a [...]

1810, 2017

Avoid These 8 Common Estate Planning Mistakes

The most common and most significant estate planning error is failing to plan at all. About half of U.S. adults don’t even have a will, arguably the most basic estate planning document. Unfortunately, many of [...]

2109, 2017

Tips for Choosing a Trustee

Trusts can be a powerful tool for protecting assets, passing property to loved ones after your death, or providing for a loved one who is disabled or incapacitated. You can work with your trust attorney [...]

1209, 2017

How A Living Trust Helps Your Family

There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members [...]

1608, 2017

Living Trust Maintenance is Key

Many people opt for a living trust over more traditional means of estate planning because of benefits such as: A smoother, shorter transition after death Lower costs of administration after death Flexibility during the grantor’s [...]

2507, 2017

Do You Really Need a Trust?

Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning [...]

707, 2017

Are Trusts Still Useful If the Estate Tax Is Repealed?

With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax.  In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of [...]

1705, 2017

Will v. Living Trust: What’s the Difference?

People often ask whether a will or a living trust is “better.” The answer is that there is no one-size-fits-all answer. The right structure for your estate plan depends on the size of your estate, [...]

1104, 2017

Does a Dynasty Trust Make Sense for Your Family?

Earlier this year, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, [...]

2802, 2017

Who Should Be Your Successor Trustee?

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you [...]

2802, 2017

How to Choose a Trustee

If you create an irrevocable trust, you will need a separate person or institution, called a trustee, to manage the trust either now or in the future. Choosing the right trustee is crucial to making sure [...]

812, 2016

Why a Trust Is the Best Option for Avoiding Probate

As Ambrose Bierce once darkly observed, “Death is not the end. There remains the litigation over the estate.” Obviously, ideally, when someone passes away, the paperwork and material concerns associated with the estate are so [...]

2910, 2016

An Overview of the IRC Section 2704 Proposal

Section 2704 of the Internal Revenue Code (IRC) pertains to family-controlled corporations and partnerships, specifically dealing with gratuitous transfers between family members in connection with the family owned business. According to IRC, the IRS can [...]

2208, 2016

Transferring a Mortgaged Property into a Living Trust

Estimates from online real estate search firm Zillow indicate that nearly one-third of homeowners own their home free and clear. For the unlucky two-thirds who have either one or multiple mortgages on their home and [...]

1908, 2016

Stepped-Up Basis in Inherited Assets

When considering leaving property to beneficiaries, tax considerations factor heavily in estate planning. Since one is hard pressed to find any aspect of our life (and death) that is not subject to some form of [...]

1908, 2016

Why Most Estate Plans Do Not Work

Estate planning can be a tedious and complicated process, which if not conducted properly can result in assets being wasted due to being placed in expensive probate proceedings or unduly subjected to creditor claims and [...]

1408, 2016

Do You Need to Avoid Probate?

Probate is the legal process of presenting your Will to the Court after your death to authenticate it, and appoint your Executor. Your Executor must be appointed by the Court in order to collect and [...]

1108, 2016

Who Needs Estate Planning?

Estate planning isn’t about how much money you have, it's about protecting what you have for you, during your lifetime and for those you love after you’re gone. It ensures what you have gets to [...]

1607, 2016

Keeping Control of Your Trust

Every different form of trust contains its unique benefits and drawbacks that depend on an individual’s estate planning needs. One particular example involves the choice between irrevocable and revocable trusts. As the name implies, an [...]

1804, 2016

Irrevocable Trust Decanting in 4 Steps

We all need a “do over” from time to time. Life changes, the law changes, and professionals learn to do things in better ways. Change is a fact of life - and the law. Unfortunately, [...]

2902, 2016

Wills, Trusts & Dying Intestate: How They Differ

Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place [...]

2902, 2016

Wills vs. Trusts: A Quick & Simple Reference Guide

Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference [...]

2902, 2016

10 Types of Trusts: A Quick Look

Considering the myriad of trusts available, creating an estate plan that works can seem daunting. However, that’s what we, as estate planning attorneys, do every day. We know the laws and will design a plan [...]

107, 2015

5 Reasons Why Uncle Bill May Not Make a Good Trustee

If you have created a dynasty trust that you intend to last for decades into the future, choosing the right trustee is critical to the trust’s longevity and ultimate success. Initially you may think that [...]

104, 2015

Is a Revocable Living Trust Right for You?

Revocable Living Trusts have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations. But for some, a Revocable Living Trust may not be necessary to achieve [...]

101, 2015

How Powers of Appointment Can Improve Your Trust

Today many estate plans contain trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is [...]

101, 2015

3 Powers to Consider Giving to a Trust Protector

Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it [...]

101, 2015

The Wrong Successor Trustee Can Derail Your Final Wishes

Today many estate plans contain irrevocable trusts that will continue for the benefit of a surviving spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, [...]

112, 2014

4 Tips for Avoiding a Will or Trust Contest

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or [...]

109, 2014

Lifetime QTIP Trusts – The Gift That Keeps Giving

Estate planning for married couples can be tricky when one spouse is significantly wealthier than the other and each spouse wants different beneficiaries to ultimately inherit their estate. One solution to this problem is the [...]

107, 2014

Will Your Revocable Living Trust Avoid Probate? It Depends.

If you’ve set up a Revocable Living Trust, congratulations! You’re definitely on the right track. But…you’re only half way there. Many believe because they took the time to create a Trust, their estate will automatically [...]

106, 2014

AB Trusts – Do You Need to Get Rid of Yours?

Are you married and is the last time you and your spouse updated your estate plan more than a few years ago? Then chances are your estate plan contains good old “AB Trust” planning (also [...]