New Jersey Trusts Lawyer
Get Help From an Experienced Trust Planning Lawyer in New Jersey
At Scott Counsel, P.C., our New Jersey trusts attorneys have the professional skills and estate planning knowledge that you and your family can rely on. With a commitment to asset protection and wealth preservation, our legal team helps clients set up trusts that effectively achieve their goals. If you have any questions about trusts, we are here to protect your financial interests. For a strictly confidential consultation with a New Jersey trust planning attorney, please contact us today.
What are Trusts and Why are They Used in Estate Planning?
When we say the word “trust,” it may conjure up several images in our minds—some good and some bad. Perhaps the first pinky promise we ever made with our best friend, the first time we ever broke a promise to someone or someone did that to us, or maybe even a spoiled rich kid who coasts through life on their good looks and bank accounts that are much too big. No matter what, though, the point is that there are many different things that can come to mind.
However, a trust can also be something entirely different. A trust is something that may be used to store any money or property that we want to pass along to someone else when we pass away. In the context of estate planning, a trust is essentially a legal relationship between three parties—the party who created it (settlor), the party who oversees it (trustee), and the party who benefits from it (beneficiary). A trust can be an effective way to manage and distribute property and assets.
We Help People and Families Set Up the Full Range of Trusts in New Jersey
There are a number of different types of trusts in New Jersey. What type of trust is best suited for your situation depends on many factors, including your financial position and your goals. At Scott Counsel, P.C., our New Jersey estate planning lawyers have the skills and experience to help clients set up the full range of trusts, including:
- Revocable Living Trust: The most popular and common type of trust, a revocable living trust stays in the control of the person who created it. It allows for assets to avoid probate.
- Irrevocable Trust: In some circumstances, an irrevocable trust may be the best estate planning tool. While the creator will lose control of their assets, an irrevocable trust can obtain certain goals.
- Special Needs Trust (SNT): Leaving money or property directly to a special needs loved one could render them eligible for public benefits, including Medicaid. You can get around this problem through the use of a properly-crafted special needs trust.
- Qualified Income Trusts (QIT): A qualified income trust (QIT) is a specialized estate planning tool that is generally used as part of a long-term care planning strategy. It helps people and families preserve their eligibility for long-term care benefits.
- Charitable Trust(s): Charitable trusts are often the most financially advantageous way to leave money, property, or other assets to the benefit of a good cause.
A New Jersey Estate Planning Lawyer Can Answer Your Questions About Trusts
Trusts are complicated. While most people have a general familiarity with trusts, far fewer understand the nuts and bolts. If you are considering using a trust as part of your estate plan, it is crucial that you consult with an experienced attorney. You likely have a lot of questions about exactly how trusts work. You might have known that much already, but have you ever considered the following questions:
- What kinds of things can be put into a trust?
- What are the two main types of trusts?
- How many different kinds of trusts are there?
- Do I still own any of the assets I put into the trust?
- Is a revocable trust useful for protecting assets?
- Can a revocable trust avoid the probate process?
- Am I able to take assets out of an irrevocable trust?
- What is the main purpose of a charitable trust?
- What is a special needs trust?
The questions could go on and on, but those are some to get you started. No matter the subject of your questions—be they related to trusts, power of attorney, probate, or any number of other things we cover—we want you to be able to find the answers you are looking for. If your question isn’t covered here, you can always call us or set up an appointment to meet with us. We would be happy to take as much time as is needed to help you.
How Our New Jersey Living Trust Lawyers Can Help
Trusts are complicated. We can help. While Scott Counsel is indeed a law firm, our focus is not simply on the law itself, but also people. It isn’t the law that walks through our doors every day, but people—people who need help and answers they have searched for to the questions that have lingered in the backs of their minds. Elder care and elder law and everything under that umbrella is a lot to handle and too much for anyone to deal with on their own. It can often feel like wandering around in the dark groping for the light switch.
We don’t just want to be a light switch at Scott Counsel; we want to be a lighthouse that illuminates not just one particular section of elder law and elder care, but the entire ocean of it. Doing so can start simply by helping you figure out one thing, like trusts, for example, and that can lead to another and another. Elder care and all the laws associated with them are tough to figure out at times, and we want you to know that you do not have to try and do it on your own.
Contact Our New Jersey Trust Planning Attorney Today
At Scott Counsel, P.C., our New Jersey trust planning lawyers are diligent, solutions-driven advocates for people and families. If you are considering setting up a trust, we are here to help. Call us at (856) 281-3131 or send us a direct message to arrange your strictly confidential consultation. Our law firm has offices in Cherry Hills, Moorestown, Princeton, Hammonton, and Mullica Hills and we provide comprehensive estate planning services throughout all of New Jersey.
– When my son, who has Cystic Fibrosis and CF related diabetes, was suddenly and unexpectedly removed from his Medicaid program, we were devastated and frightened not knowing where we would get the resources to pay for his extremely high priced prescriptions. Justin was the attorney who handled our case. From the very beginning, he proved to be very thorough and experienced with navigating the process of reversing the Medicaid decision. However, it was his apparent kind, caring nature that made us feel the most at ease. Justin was successful in securing a continuation of benefits for my son, and we are extremely grateful for having his expertise during this most stressful ongoing process. Thank you, Justin!
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