Trusts Attorney Serving Bergen County
A comprehensive estate plan is much more than just a will. While trusts used to be reserved for the ultra-wealthy, they are often used today for numerous reasons, from providing for disabled loved ones to protecting family assets after remarriage.
Michael J. Beatrice has been practicing law for more than 45 years and assists New Jersey individuals and families from offices in both Mahwah and Hackensack with their estate planning needs, including the creation of trusts.
Types Of Trusts
Trusts are versatile tools that are designed to both protect and manage assets according to the grantor’s wishes. There are many different kinds of trusts, each with their distinct characteristics and advantages, such as:
- Revocable trusts: Also called “living trusts,” these allow the grantor to retain control over the trust until their death, only becoming irrevocable upon their passing.
- Irrevocable trusts: These trusts cannot be easily revoked or modified after creation, which makes them superior for asset protection against creditors and lawsuits.
- Charitable trusts: These can be designed to both provide the grantor or beneficiaries with an income and create a lasting legacy of philanthropy with the remaining assets.
- Special needs trusts: Trusts like these are used to preserve a disabled beneficiary’s entitlement to needs-based assistance, such as Medicaid or Supplemental Security Income.
- Testamentary trusts: These are created as part of a person’s last will and testament, only going into effect after the testator’s death.
As your attorney, Michael J. Beatrice can help you explore all the variations of trusts out there and help you find the one that can be customized to your goals.
Benefits Of Creating A Trust
There are numerous benefits to the use of a trust, depending on how they are structured. Under the right circumstances, a trust can:
- Bypass the probate process
- Preserve a family’s financial privacy
- Shield beneficiaries from their own bad habits
- Protect against creditor lawsuits or division in divorce
- Maintain a beneficiary’s entitlement to government benefits
- Ensure inheritances for children from former marriages
Finally, some trusts can reduce estate taxes, which can be important if your estate is valuable and you want more of your hard-won earnings to go to those you love, not the government.
Protect Your Wishes
If you are interested in exploring the benefits of a trust, talk to an experienced lawyer today. Call Michael J. Beatrice, P.C., Attorney at Law, at 201-897-3570 or reach out online to schedule your free initial consultation today.