Everyone has an estate, even those who do not consider themselves wealthy. An estate is comprised of anything someone owns including their home, vehicle, bank accounts, life insurance policies and other personal possessions like jewelry. Estate planning is the process of determining what will be given to whom (individuals and organizations), when an untimely death occurs. Top estate law attorneys emphasize the critical nature of estate planning. Here are some of the most common questions they receive regarding this topic.
You know you’re getting older when you start to think about socking away some money for retirement instead of enjoying that second cup of latte every day. Sure, that foamy cup of wonder gets you through a long afternoon at work, but foregoing that second treat and putting the money toward a retirement account and watching that account grow, will also give you a warm feeling inside.
When it comes to a property management company in NJ people seem to think that this is an easy job. But, just like any other authoritative figure, a company that manages properties such as apartments, condos, homes or even business buildings does have legal obligations and they need to be not only aware of those obligations, but also aware of state and local laws when it comes to property management regulations. When it comes to property management companies in any state, there are certain laws that need to be followed. Here are a few you might want to consider or should be aware of.
There are many different types of trusts that are created for a wide variety of purposes. One of the most common trusts is a Testamentary Trust which is typically set up for a young child, a relative with a disability, or any other person who inherits a large sum of money upon the death of a testator. This type of trust is commonly contained in a will which provides how the estate or part of an estate is to be distributed. Sometimes it is preceded and enacted by a life insurance policy that was held by the person who is establishing the trust. Sometimes there is more than just one testamentary trust set up with one will. Many times this type of trust is set up when there are large amounts of money that are to be distributed to minor children or young adults. The trust will be set up so that the child(ren) have someone else who will be responsible for handling the money until the child becomes mature enough to handle it responsibly.
Trusts are all very similar in nature whether they are created to protect assets, develop estate planning, or provide private benefits. However, trusts do not have to deal with the same type of property and they are not all created for the same purpose or in the same manner. There are many different types of trusts that can be created partly because of the wide variety of purposes and individual needs. A trust can be created by almost anyone and they have different time periods, and they may have any amount of money or property involved. Until recent years, trusts were limited to only the wealthiest; and used for the sole purpose of being able to pass their wealth on to the next generations in a private manner. Today, families can use trusts to protect the equity in a family home or some savings that have been accrued for retirement or college. This ensures that the assets are protected. Trusts are very flexible therefore it is beneficial to speak with a legal expert when developing a trust for any purpose. There are three basic ways to classify trusts: by its purpose, as living or testamentary, or as revocable or irrevocable.
A trust is a legal arrangement which can be a very important tool for either a business or an individual. There are several different types of trusts that can be formed and they each have their own benefit. In order to understand the benefits of a trust, it is important to first understand exactly what it means legally. It is also important to know precisely how a trust works.