Our legal team can assist with the maze of filing requirements and details to be accomplished in order to ensure that the assets reach their intended goal.
Since estate planning represents a large portion of our practice, we are aptly suited to assist in the probate and trust administration process. A well devised estate plan will not eliminate the emotional aspect of the estate administration process; however, our legal team can assist with the maze of filing requirements and details to be accomplished in order to ensure that the assets reach their intended goal thus accomplishing the wishes of the testator without undue expense.
Estate Administration
In New Jersey, the “probate” system is not Court supervised. The term “probate” simply means the process by which State law controls disposition of assets out of a decedent’s individual’s name and into the name of the rightful heir. Under the New Jersey practice, the process of “probate” is handled by the decedent’s family without the necessity of Court intervention. Each county has an elected official, the “Surrogate”, and the Surrogate and their staff in each of the counties are well equipped to provide the necessary documentation in order to assist the family with the transfer of a decedent’s assets. However, in the event of complexity or contest, the Surrogate’s Court in New Jersey will lose jurisdiction over a matter, meaning the dispute must be settled by a Court.
Trusts Administration
Our staff members are also very familiar with the administration requirements for all types of trusts. Trusts can be either revocable or irrevocable, charitable or non-charitable or, in tax jargon – “simple” or “complex”. In each circumstance, our attorneys and staff members are familiar with the steps necessary to administer a trust at its various stages and, depending upon the need, we can either assist with the tax filing requirements or assist the client’s accountant with the necessary tax and reporting obligations depending upon the nature and purpose of any given trust.
In 2016, New Jersey adopted a version of the Uniform Trust Code, a law that governs and regulates trust administration. This law protects beneficiaries by imposing duties and obligations on Trustees. Our attorneys are well versed in the intricacies of these rules.
Tax implications to trusts
In an ever-changing tax world, the income tax concerns, as well as estate and gift and generation skipping tax, require careful attention to managing trusts, both as to long term and short term benefits. Considerations on how to proceed in trust administration has become an increasingly difficult area of the law, requiring not only knowledge of the law but also experience from specialization and years of practice.
