How a Trust Can Make a Private Loan to Save a Marriage
Recently, I wrote an article about how to use debt as a tool in estate planning. Today, I will provide you with a specific example of how to accomplish that by discussing how a trust can make a private loan to the beneficiary of the trust. Imagine this scenario. Mom and Dad die, leaving their […]
Estate Planning and Trusts – Should I put all my assets into a Trust?
I am happy to announce that we have completed our fourth video on Wills, Trusts & Estates. In this clip, Kevin A. Pollock, Esq., LLM, the head of the estate planning and estate tax department, is being interviewed by Pierson W. Backes, Esq., regarding whether you should put all of your assets into a trust. Part […]
What to Think About Before Meeting With an Estate Planning Lawyer
I am happy to announce that we have finally finished creating a series of short videos regarding the estate planning and estate administration process. Here is our third video in which Kevin A. Pollock, Esq., LLM is being interviewed by Pierson W. Backes, Esq., the head of our estate litigation department, regarding the things a […]
NJ Special Needs Trusts: Can the Trustee Buy Clothing?
Although the federal government clearly changed the rules in 2005 to allow a Trustee of a First Party Special Needs Trust to buy an unlimited amount of clothing for person receiving Medicaid and SSI, there is still a lot of confusion regarding this issue in New Jersey. New Jersey Administrative Code Section 10:71-4.11, which was […]
Why Titling Of Assets Is So Important In Second Marriages
I was talking to another estate planning recently and discussing how much of our work involves assisting clients who have blended families. Blended families generally refers to clients who are married but at least one of the spouses has a child from a previous relationship. In comparing stories and ways that we can assist clients, we discovered […]
Income Taxation of Trusts – Determining Which State Can Tax the Trust
Determining the situs of a trust (i.e. the residence of a trust) is not always an easy matter. Each state has its own rules regarding whether a trust is a “Resident Trust”. These rules are oftentimes different from the tax rules. In some states these rules have been challenged in Court as unconstitutional, where the […]
Reasons to Value a Trust
Recently I gave a lecture on the valuation of trusts. While I am not an accountant nor am I a valuation expert, I live and breathe trusts… and frequently the question comes up, what is value of a particular beneficiary’s interest in a trust. Keep in mind, just because a trust is worth $1M, it […]
New Jersey Enacts Uniform Trust Code into Law
While this may not sound like big news, it is actually very exciting that New Jersey has finally enacted the Uniform Trust Code (UTC) into law. The new law will go into effect on July 17, 2016. When it does, New Jersey will join Pennsylvania, Florida and a majority of other states in adopting most […]
Calculating Trustee Commissions in NJ
From time to time, people ask me how executor’s commissions and trustee’s commissions should be calculated. I have already written a post on calculating executor and administrator commissions, so this post will focus on Trustee commissions. New Jersey statutes on trustee commissions are very difficult to interpret because they use the term fiduciary to apply […]