Trusts can be an invaluable tool that clients may utilize for a variety of reasons such as protecting the interest of the client and their loved ones with the potential of reducing liabilities toward federal estate taxes and New Jersey death taxes. A Revocable Trust, also known a living trust, is legal document created during one’s lifetime that gives a person the availability of transferring assets to the Trustee of a trust whereby holding the authority and power to amend or revoke during their life. In comparison to a Revocable Trust, an Irrevocable Trust is a legal document in which your assets are no longer held in your name whereby disabling your ability to essential amend of revoke the trust. However, you hold control over how trust principal and trust income of your Irrevocable Trust are to be distributed and transferred in the future.
All initial consultations and further communication with your attorney through the life of your matter will be held of utmost importance and confidential so that we may discuss your matter and any issues of concern in an open and candid, professional environment. Contact your New Jersey Estate Planning Attorney today.