Trusts

Retirement Accounts and Second Marriages

Are you on spouse number 2 or 3 and you have a retirement account?  If so, there are certain things to keep in mind.  First of all, if you have had your estate planning completed by an estate planner or have a financial advisor/planner, you have most likely addressed this issue. But if you are […]

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Duties of a Trustee

You have completed your estate planning and have created a trust.  Do you know what the duties of your named trustee are? You are probably thinking – the trustee has to take care of the assets, pay any related bills, file any required income tax returns and make distributions.  Am I on the right track […]

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Benefitting a Charity Through Your Estate or Trust

You would like to benefit your favorite charity through your Estate or Trust, but is leaving a specific bequest in your Last Will and Testament or Trust the only option?  Simply, the answer is NO.  You have options.  Here’s one for you to consider. You have an IRA or retirement-type account for which you can […]

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The Problem Heir

Let’s face it – there is always a family member who causes concern, disappointments or heartache.  Embarrassing, isn’t it?  But you are getting ready to do your estate planning or thought you had it done until something comes up that causes you to think about the situation. So, what do you do?  How do you […]

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So Do I Still Need a Trust in NJ?

For New Jersey residents, the New Year delivered the scheduled increase in the New Jersey Estate Tax exemption from $675,000 to $2,000,000. Absent a change in the law over the coming year, the tax will be eliminated altogether at the outset of 2018. So many are likely asking the question, “Do I still need a […]

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Will a Special Needs Trust Affect My Child’s Government Benefits?

“Will the trust affect my child’s benefits?” In over 25 years of practicing law, this question is constantly asked. The irony of the question is that the client is coming to the office with the understanding that they will be receiving an affirmative response to that concern. The purpose of a special needs trust is […]

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Court Establishes That Special Needs Trust Is Set In Stone

In 2010, Claude Newsome, who was already legally blind due to macular degeneration, became a quadriplegic as a result of an automobile accident.  After a personal injury action was filed on his behalf, he received a settlement which netted nearly $4 million.  His attorney recommended that he establish a special needs trust with these funds.  […]

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Conflict of Interest Renders Trustee Liable For Losses

In 1992, Ann Mark created two irrevocable trusts for the benefit of her three children. An attorney, Jared Scharf, assumed the role of trustee of these trusts in 1997. In 2008, Scharf established three separate trusts – one for each child – from assets held by one of these trusts. In April 2010, Scharf invested […]

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Courts Disqualify Special Needs Trusts

In two recent cases, courts in Alabama and New York have deemed that the assets in Special Needs Trust which they have reviewed are available resources and must be spent down entirely prior to the beneficiaries of same receiving Medicaid or other needs based government benefits. In  Alabama Medicaid Agency v. Hardy (Ala. Civ. App., No. […]

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Fiduciaries Must Account, or Else…

When someone serves as an executor, trustee, guardian or agent under a Power of Attorney, they are known as a fiduciary.  By law, all fiduciaries must account for their actions.  Over the years, this duty has often been ignored.  However, there is an increasing trend in litigation to sue fiduciaries for alleged financial abuse.  Many […]

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