Trustee Duties in Settling and Closing Out a Trust
In New Jersey, a trustee may close out and finalize a trust by filing an Action for the Settlement of Accounts with the Superior …
Are Beneficiaries Entitled to Economic Damages When a Trustee Breaches an Obligation(s) of the Trust
Under N.J.S.A. 3B:31-72(a), [a] trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) the amount …
Can I Compel a Trustee to Make Distributions of Income During the Winding Up of a Trust?
The general answer is no, unless the trust agreements compels the trustee to make partial distributions during the winding up of the trust and …
When Can NJ Tax the Income of a Trust?
I just finished reading statutes which address Tax Nexus and trusts, especially when a trustee administers a NJ trust for out-of-state beneficiaries. I always …
Understanding the Role of a Trustee(s) in a Family Trust That Owns a Family Corporation
I read an interesting trust litigation case which was decided in the Federal District Court of New Jersey. The case involves the New Jersey …
Health: The Use of Discretionary Trusts to Protect Assets From Creditors and the IRS
No one wants their life savings seized by creditors, but can you leave an inheritance to a child or loved one who has spending …
Trust Decanting in Estate Planning is a Great Strategy to Change an Irrevocable Trust
Irrevocable trusts are beneficial for estate tax purposes. They allow you to place your assets into a trust, potentially avoiding additional estate tax when …
Have You Selected the Right Person as Your Trustee? Caution: Your Decision Matters
When creating an estate plan, an important decision is selecting your fiduciary. By fiduciary, I mean the trustee under your revocable or irrevocable trust. …
Choosing the Right Trustee for Your Living Trust
Your living trust is much more than just a document that says which heirs get what percentage of your estate or what items of …
How Do You Handle a Disclaimer When a Trust is Involved?
A trust for the sole benefit of a disabled adult child who lacked capacity was created by a NJ Superior Court order. The trust …
Must You Pay a Realty Transfer Fee (Tax!) When Transferring Real Estate to a Trust
Recently, an out of state client wanted to transfer two NJ properties into a revocable living trust. Both properties were subject to mortgages. The …
Siblings Can Demand a Financial Accounting and Visitation from a Fiduciary
Siblings can demand a financial account and visitation from another sibling(s) who is a fiduciary (trusted agent) for their parent(s) or a disabled person …
Does a Revocable Trust Require an Employee ID or Social Security Number?
I was recently asked about my thoughts as to the use of an EIN vs. social security number for a revocable trust. Under Treas. …
Can a Trustee of a New Jersey Trust Just Quit or Resign?
You may be wondering what the procedure is for relinquishing duties as a trustee and appointing a replacement trustee. In short, the requirements for …
WHAT IS A REVOCABLE TRUST IN NEW JERSEY?
First, let’s begin with a short and simple discussion of what is a trust and how it works: A trust is a form of …
Factors to consider when choosing the right Trustee for Your New Jersey Living Trust
Your revocable living trust is much more than just a document that says who gets what percentage of your estate or which specific items …
Picking the Right Executor as Your Estate Fiduciary Under Your Last Will and Testament? Beware: A Wrong Decision Does Matter
When creating your last will and testament as part of estate planning, an important decision you will have to make is who to name …
Don’t Make These Five Common Trust Mistakes
It’s easy for trustees to make mistakes. Use this simple guide to avoid the common pitfalls. Trust administration often comes down to a few …
Revocable Trusts vs. Irrevocable Trusts
Knowing the basic difference between trusts can make all the difference in paying for your long-term healthcare. In New Jersey, only irrevocable trusts can …