ESSEX COUNTY TRUSTS ATTORNEY
Comprehensive Estate Planning Using Trusts
Many people are under the false impression that trusts are only used by the very wealthy. While trusts are highly important for those with significant assets, the truth is most people can benefit from creating a trust, including those who do not view themselves as wealthy.
At A. Schancupp & Associates, L.L.C., our experienced attorneys draft detailed, comprehensive trusts for purposes ranging from estate tax minimization to providing for a developmentally disabled loved one. We take the time to learn about each client’s unique circumstances, and then we create a strategic approach to estate planning that includes trusts, wills and any other documents that would be beneficial.
Handling All Types of Trusts for New Jersey Clients
Crafting a trust requires an experienced attorney who, based on accurate financial analysis, is capable of evaluating the appropriate type of trust, along with incorporating terms and conditions that satisfy particular client needs. Our firm’s founder, Essex County trusts lawyer Arnold Schancupp, has an extensive accounting and business background. His deep experience serves our clients well when creating trusts and other estate planningdocuments.
At our Fairfield office, we help clients create all types of trusts available in New Jersey, including:
- Grantor trust/living trust: These trusts give you full control of your assets during your lifetime and let you dictate how those assets will be distributed at death. Your beneficiaries will receive the property without the need to go through probate. By avoiding probate, your family avoids many expenses and retains privacy.
- Irrevocable asset protection trust: These trusts are a very effective way to protect assets from creditors, bankruptcy and lawsuits.
- Qualified personal residence trust: This trust gives you the use of a residence during the term of the trust, then transfers the title to someone else when the trust terminates. Essentially, you can use this trust as a way to remove your residence from your estate for estate tax purposes.
- Special needs trust: These trusts are a very useful and practical way to ensure that a disabled loved one is properly cared for.
- Irrevocable life insurance trust: These trusts keep insurance proceeds out of your estate, thus reducing estate taxes.
- Charitable trust: You can use this trust to make charitable donations at death, while retaining use of the assets during life.