A Refresher Blog About the NJ Prudent Investor Act
In a recent NJ case, a plaintiff claims the trial court erred by failing to find defendant violated The Prudent Investor Act (the Act) …
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 …
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. …
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 …