There are different types of trust structures that offer distinct advantages depending upon your circumstances. Our attorneys can provide advice and counsel on creating:

Revocable Trust

As grantor, you can change beneficiaries or other terms, or cancel this type of trust during your lifetime. A revocable trust is useful for:

• Disability Planning: If you become incapacitated, your trust assets are managed by the person you designate as trustee for your benefit during your lifetime. There is no need to go to court to appoint a guardian to manage your assets.
• Avoiding Probate: You title assets in the name of the trust, not your own. Property held by the trust is distributed to beneficiaries according to its terms, so there is no need to go through the Hackensack, New Jersey probate process.
• Privacy: A trust is a private document, so the information does not become part of the public record as it would for a will in probate.

Irrevocable Trust

This type of trust cannot be modified, as you transfer assets to the trust and relinquish all ownership and control. However, there are considerable benefits for estate tax purposes because the trust assets are not legally your own. In addition, the assets may not be considered as a resource for purposes of qualifying for Medicaid benefits and similar programs during your lifetime.

Special Needs Trust

You may consider a special needs trust if you want to provide for a disabled individual, and still allow him or her to qualify for government programs. Note that there are limitations on how the trust funds can be used.

Spendthrift Trust

If you want to prevent your beneficiaries from squandering the legacy you leave them, a spendthrift trust is a way to protect your assets. The trust may contain strict rules on how the funds can be used, which is useful for younger individuals and those who make questionable financial decisions.