TRUSTS

New Jersey Trust Attorney

Trusts are commonly associated with the wealthy or prosperous individuals. But the reality is that a trust can be an efficient and valuable method of managing your assets. A New Jersey trust attorney can help you set up a trust for your loved ones. Any type of asset can be held in a trust. A trust can be created and put into practice while a person is alive or it can be imposed through a will after death. The person who devises the trust is the grantor, trustor, donor, or settlor. The individual or entity that will supervise or administer the trust is the trustee. The owner of the trust is the beneficiary, the beneficial or equitable owner of the trust. The beneficiary can be one or more people or an entity. The beneficiary will collect the income or assets from the trust immediately or at a future time, or a trust can be structured to deliver payments at intervals like a structured settlement. If multiple beneficiaries are to receive assets from a trust, the distribution can be structured independently.

Do you have questions about how to structure a trust? Contact Gary H. Lomanno, a New Jersey trust attorney, with the experience needed to secure your wishes through a trust!   

A trust can be structured in many different ways and can be used by anyyone, from individuals and governments to corporate entities and charities.

The benefits of a trust can include:

• Asset Protection – A discretionary trust can provide protection from creditors in case of financial hardship. It does this by separating the individual form the assets in the trust, even if the individual is forced to file bankruptcy. This type of trust also serves to save a substantial amount in inheritance tax.
  
  
• Charities – Different jurisdictions have differing regulations for use of trusts in charities but regardless of the local laws, trusts are a simple and effective way for philanthropists to ensure their legacy will continue to provide for their causes of concern.
  
  
• Corporate Structures –Insurance agreements and large financial agreements are usually organized as structured settlement trusts to ensure a payment plan or a business arrangement.
  
  
• Pension Plans – Are configured as trusts to use the structured payments model from the grantor (employer) to the beneficiary (employee).
  
  
• Privacy – A trust can afford the grantor and the beneficiary more privacy than a will. Whereas wills are public information, trusts are not.
  
  
• Self-control – An inter-vivos trust is a way for some people to ensure they don’t misuse assets allotted to them. This trust is used to distribute funds only for reason articulated in the trust agreement.
  
  
• Unit Trust – Is a form of cooperative investment contained in a trust deed. The idea behind this form of trust is to make it so flexible that it can be used as an investment vehicle.
  
  
• Wills or Estate Planning –The most widespread use of trusts are in wills for estate planning and the distribution of assets. The assets can be held until the beneficiary is of a certain age or until certain stipulations are met.

Gary H. Lomanno can set up a trust to satisfy your individual needs for stable and systematic allotment of your assets to those that matter most to you.

Do you have questions about how to structure a trust? Contact Gary H. Lomanno, a New Jersey trust attorney, with the experience needed to secure your wishes through a trust!