What Are Some Of The Protections That A Trust Will Offer?

It depends on the type of trust. There is what is called a spendthrift trust, where a creditor of a beneficiary cannot get into the trust in order to obtain payment for a debt that might be owed by a beneficiary. The other main reason that people use trusts is to try to avoid inheritance taxes. By putting money in a trust, you can delay the payment of some inheritance taxes.

How Do You Fund A Trust?

It’s really up to you. You can liquidate personal assets and put them in a trust; you can set up a trust in your will where a certain portion of your assets might go into a trust or maybe to your children. If you don’t fund the trust, then there’s no trust, so there is no advantage to having one.

For more information on Estate Planning In New Jersey, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (732) 733-2830 today.