Summit Trusts Lawyer

At Dempsey, Dempsey & Sheehan, we understand that estate planning can be one of the most important steps you take to safeguard your assets and provide for your loved ones. Trusts are a powerful tool that can be customized to your unique goals, helping you reduce tax burdens, avoid probate, and manage your assets effectively. With decades of experience in estate planning law, our Summit trusts lawyers are committed to guiding clients in creating tailored trust solutions, no matter how complex your estate seems.

What Is a Trust?

A trust is a legal arrangement where one party (the “trustor” or “grantor”) transfers assets to another party (the “trustee”) to be held for the benefit of designated beneficiaries. The trustee, who can be an individual or a corporate entity, manages the trust assets according to the terms set forth by the trustor. Trusts can be set up for various purposes, such as asset protection, tax planning, and providing for minors or individuals with special needs.

Common Types of Trusts We Offer

Each type of trust has specific benefits and is designed to meet particular needs. At Dempsey, Dempsey & Sheehan, we offer comprehensive services for establishing and managing several types of trusts. Some of the most popular trusts we see in our Summit, New Jersey, estate planning practice include:

1. Revocable Living Trusts

• A revocable living trust allows the trustor to retain control of their assets during their lifetime, with the flexibility to modify or dissolve the trust as needed. This type of trust can also help your estate avoid the probate process, ensuring a smooth transition of assets to your beneficiaries.

2. Irrevocable Trusts

• Unlike revocable trusts, irrevocable trusts cannot be easily altered or terminated once established. This type of trust is often used for tax planning and asset protection purposes. By transferring assets into an irrevocable trust, the trustor can potentially reduce estate taxes and shield assets from creditors.

3. Testamentary Trusts

• Testamentary trusts are created through a will and come into effect after the trustor’s death. This trust is commonly used to manage and distribute assets to minor children or other beneficiaries who may need financial oversight. Testamentary trusts provide flexibility in controlling how assets are distributed over time.

4. Special Needs Trusts

• Special needs trusts are specifically designed for individuals with disabilities, allowing them to receive assets without jeopardizing eligibility for government benefits. Our team is experienced in crafting special needs trusts that comply with New Jersey and federal laws, ensuring the beneficiary’s long-term care and financial stability.

5. Charitable Trusts

• A charitable trust is an excellent option for those looking to make a lasting impact through philanthropic giving. Charitable trusts offer tax advantages and can be structured to benefit both the charity and the trustor’s heirs.

Benefits of Establishing a Trust

Creating a trust with the guidance of an experienced estate planning attorney offers several key benefits, and chief among them tends to be avoiding probate. Many types of trusts allow assets to pass directly to beneficiaries without going through probate, saving time and costs for your loved ones. Asset protection is another key reason people look to trusts as part of their comprehensive estate plan. Certain trusts, like irrevocable trusts, protect assets from creditors and legal claims, which can be invaluable in preserving wealth for future generations. Trusts can also offer tax-saving opportunities, including reductions in estate taxes and, in some cases, income tax benefits for beneficiaries. Moreover, trusts allow you to specify how and when your assets will be distributed, which can be helpful for beneficiaries who may need financial guidance.

For those concerned with keeping the details of their estate out of the public eye, trusts offer a level of privacy that wills do not. Unlike wills, which go through probate and become public records, trusts are generally private documents, allowing your financial matters to remain confidential.

How We Can Help with Your Trust Needs in Summit, New Jersey

The attorneys at Dempsey, Dempsey & Sheehan have extensive experience in the formation, administration, and management of trusts. We provide personalized counsel, helping you determine the type of trust that best suits your goals. In our initial consultation, we discuss your objectives, financial situation, and family circumstances to identify the trust options that align with your needs. Your attorney will meticulously draft trust documents that meet legal standards in New Jersey and ensure your intentions are clearly expressed.

As needed, we offer ongoing trust administration and support for trustees in managing trust assets, ensuring compliance with legal and fiduciary duties. Our firm is also available for review and adjustment of trust documents as needed. Like your overall estate plan, trusts should be reviewed periodically to adapt to life changes and new legal developments. We help clients keep their trusts up to date, safeguarding their assets and the future of their beneficiaries.

Frequently Asked Questions About Trusts

1. Do I need a trust if I already have a will?
While a will and a trust are both valuable estate planning tools, they serve different functions. A will governs how assets are distributed after death and typically requires probate. A trust, on the other hand, can hold assets during your lifetime, providing flexibility in management and helping beneficiaries avoid probate.

2. Can I be the trustee of my own trust?
Yes, with a revocable living trust, you can act as both the trustor and trustee, maintaining full control over your assets. However, it’s advisable to appoint a successor trustee who can manage the trust if you become incapacitated or pass away.

3. What assets should I place in a trust?
Commonly included assets are real estate, financial accounts, investments, and valuable personal property. However, certain retirement accounts and life insurance policies may require special planning considerations. We help clients determine which assets are best suited for trust inclusion.

Contact Dempsey, Dempsey & Sheehan for Trusted Trust Guidance in Summit

Whether you’re considering a revocable living trust to avoid probate or a special needs trust for a loved one, our Summit, New Jersey, estate planning attorneys at Dempsey, Dempsey & Sheehan are here to assist you. Contact us today at 908-277-0388 to schedule a consultation, and take the first step toward a secure future for you and your family.