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In New Jersey, there are several types of trusts that individuals can establish depending on their financial goals, family situation, and estate planning needs. Here are some common types of trusts used:
A trust is a legal arrangement that allows a third party, known as a trustee, to hold assets on behalf of beneficiaries. Trusts are commonly used in estate planning to ensure the proper management and distribution of assets according to the wishes of the trust creator, also known as the...
A will, also known as a last will and testament, is a legal document that allows an individual to outline their wishes regarding the distribution of their assets and the care of any minor children after their death. It serves as a crucial tool in estate...
Estate planning is a crucial aspect of financial management that ensures your assets are managed and distributed according to your wishes after your passing. Two common legal instruments used in estate planning are Wills and Trusts...
A revocable trust, also known as a living trust, is a legal entity created during the grantor's lifetime to hold assets such as property, investments, or cash. One of the key features of a revocable trust is that the grantor retains control over the trust and...
An irrevocable trust is a fundamental component of estate planning that serves as a legal arrangement where assets are transferred by the grantor (the individual creating the trust) to a trustee. Once established, the terms...
A special needs trust, also known as a supplemental needs trust, is a legal arrangement created for the benefit of individuals with disabilities. The primary purpose of a special needs trust in estate planning is to provide financial support and care for a...
A Medicaid Asset Protection Trust (MAPT) is a legal arrangement designed to protect assets from being counted towards an individual's eligibility for Medicaid benefits. This type of trust allows individuals to transfer assets into...