Cherry Hill Trusts Lawyer
Cherry Hill Trust Planning Lawyers Serving Clients Throughout South Jersey
At Scott Counsel, P.C., our Cherry Hill trusts lawyers have the skills, knowledge, and real world legal experience to protect the financial interests of you and your family. A trust may be the best estate planning tool to achieve your goals. If you have any questions about setting up a trust, we can help. To set up your fully confidential initial appointment with a top-rated New Jersey estate planning lawyer, please call our Cherry Hill office at (856) 925-7281 or connect with us online.
Know the Basics: What are Trusts and Why are They Useful?
A trust is a legal relationship between three parties: 1) The person who created it (Settlor), 2) The person, institution, or entity who is in charge of managing it (Trustee), and 3) The person or organization for which property or assets are being held (Beneficiary). When used properly, trusts can be among the most effective estate planning tools. They offer a number of potential advantages over using a will to handle the distribution of all property and assets, including:
- Avoidance of the probate process;
- Additional privacy (confidential terms);
- The possibility of tax advantages;
- More extensive control over property; and
- Flexibility needed to achieve specific goals.
We Help Clients With the Full Range of Trusts in Cherry Hill, New Jersey
There is not simply one type of trust. Quite the contrary trusts come in a wide array of different forms. If you are considering using a trust as part of your estate plan in South Jersey, it is imperative that you have the right trust documents in place for your needs and your goals. Setting up the wrong type of trust could cause significant problems—potentially even undermining your core goals. At Scott Counsel, P.C., our Cherry Hill trusts lawyers help clients in New Jersey with all types of trusts. Some of the most common examples of trusts include:
- Revocable Living Trust: One of the most frequently used types of trusts in South Jersey, a revocable living trust is an efficient, efficient, and flexible estate planning vehicle. You can use it to access certain key benefits of trusts—such as avoiding probate—while also retaining complete control over the property or assets placed within it. This type of trust can be changed or revoked outright at any time.
- Irrevocable Trust: As the name suggests, an irrevocable trust cannot be altered. The settler will lose control over their asset with an irrevocable trust. For this reason, it is used less frequently. However, in certain circumstances, an irrevocable trust is the best estate planning option.
- Special Needs Trust (SNT): Do you have a special needs child, grandchild, or other loved one? If so, it is essential that you consider their unique circumstances when creating your estate plan. In general, you should not give money/assets directly to a special needs child through a will—as doing so could render them ineligible for means-tested government benefits and government programs, such as Medicaid and Supplemental Security Income (SSI). A special needs trust is an estate planning tool that resolves this issue. Call our Cherry Hill special needs planning lawyers today to learn more about special needs trusts.
- Qualified Income Trusts (QIT): Also often called a ‘Miller Trust’ or a ‘Utah Gap Trust’, a qualified income trust (QIT) is a unique type of trust that is used as a long-term care planning strategy. Considering the extraordinary cost of nursing home cases and long-term care, it is important to have a proper plan in place. With a QIT, people can better preserve their assets.
- Charitable Trust(s): If you are considering leaving money or property for a charitable organization and/or to support an important cause, a trust may be the best option to do so. For obvious reasons, you want to be able to get the most out of your generous gift. Through well-structured charitable trusts—such as a charitable remainder trust (CRT) or charitable lead trust (CLT)—you will be in the best position to get the most “bang for your buck”—both for your family and for the cause you are supporting.
- Funeral Trust: In some circumstances, trusts can be the most effective estate planning tool to provide financial resources towards funeral and burial costs. You may want to consider a funeral trust. To learn more about this option, please contact our Cherry Hill trust planning lawyers.
How Our Cherry Hill Trusts Lawyers Can Help
Trusts are complicated. To ensure that a trust meets all of the legal requirements necessary to achieve your goals, it is crucial that you consult with an experienced professional. At Scott Counsel, P.C., we help clients set up the full range of trusts. When you reach out to our law firm, you will have a chance to consult with a Cherry Hill trusts lawyers who can:
- Identify your goals and answer your questions during a comprehensive consultation;
- Determine the type of trust that works best for your specific situation; and
- Set up all of the trust documents that you will need to move forward.
Trusts are most effectively utilized as part of a comprehensive, well-tailored estate plan. Our Cherry Hill, NJ estate planning lawyers will put in the time, effort, and legal resources to make sure that you have the proper trust planning documents for your specific needs. With a record of client testimonials, you can rely on our New Jersey trust planning attorneys for top quality representation.
Contact Our Cherry Hill Trust Planning Attorneys for Immediate Assistance
At Scott Counsel, P.C., our Cherry Hill trust planning lawyers are experienced, reliable advocates for people who need legal guidance. If you have any questions about a specific type of trust, we are more than happy to help. Contact us at (856) 925-7281 to arrange your strictly confidential initial case evaluation. With a law office in Cherry Hill, we provide trust planning services throughout South Jersey, including in Camden, Moorestown, Voorhees Township, Hammonton, and Deptford.