For many people, inheritance taxes can impose a substantial burden during a time of grief where there is enough stress and change to navigate already. They can seriously impact one's ability to ensure that one's heirs and beneficiaries are well provided for, and they...
Trusts
Decision in estate of James Brown a sign that charitable trusts are to be respected
On behalf of Michael A. Manna & Associates | Mar 9, 2013 | Trusts
More than six years after the death of legendary soul singer James Brown, the South Carolina Supreme Court issued a critical ruling that may finally allow a legal dispute to wind down. At his 2006 death, Brown left a detailed will and trust indicating that he wanted...
Living trust has benefits
On behalf of Michael A. Manna & Associates | Feb 22, 2013 | Trusts
Establishing a revocable living trust can prove wise, according to one estate planning attorney. What is a revocable living trust? It's a living trust established with your own assets and under your terms. It can be changed or terminated at any time before your...
Some issues to consider with respect to special needs planning
On behalf of Michael A. Manna & Associates | Nov 9, 2012 | Estate Planning, Medicaid Planning / Nursing Home Planning, Trusts
Caring for a child with special needs is something that is close to the heart of a good number of Americans. This is a particularly important issue dealt with in estate planning. Many parents facing this issue aren't sure where to begin, though. While there are...
Discretionary trusts: useful for protecting vulnerable beneficiary’s inheritance
On behalf of Michael A. Manna & Associates | Nov 3, 2012 | Estate Planning, Trusts
Our New Jersey readers may have heard of the troubles regarding Whitney Houston's estate, particularly with respect to her daughter Bobbi Kristina. Houston left a total of $20 million in trust to her now 19-year-old daughter, and this has been a source of contention...
Ways to avoid probate in estate planning, P.2
On behalf of Michael A. Manna & Associates | Nov 2, 2012 | Trusts
In our last post, we began speaking about specific ways to keep your estate out of probate. Probate, depending on the state one is in, can be a time-consuming process and expose one's family affairs to legal battles open to the public eye.Some prefer to avoid such...
It pays to be savvy when setting up a trust
On behalf of Michael A. Manna & Associates | Oct 6, 2012 | Trusts
Even as we age, we never stop filling out paperwork. This is especially true for parents of children with disabilities seeking to set up a trust for their child. Decisions about this process may affect the parent's own eligibility for Medicaid. To qualify for Medicaid...
Is there a payoff to establishing a living trust?
On behalf of Michael A. Manna & Associates | Oct 5, 2012 | Trusts
Establishing a living trust has its benefits, but not necessarily all those typically hoped for. While some people may want to avoid probate court by having a living will in place, this may not be the best reason. In New Jersey, the costs of probate relate directly to...
What to consider in selecting a trustee, P.2
On behalf of Michael A. Manna & Associates | Sep 19, 2012 | Trusts
In our previous post, we began looking at some things to take into consideration when selecting a person to manage trust assets. As we've already mentioned, the size and complexity of trust assets can be a large factor in determining who will be the best selection....
What to consider in selecting a trustee, P.1
On behalf of Michael A. Manna & Associates | Sep 14, 2012 | Trusts
Trusts are a common instrument used in estate planning, and are very versatile. Trusts can be used for businesses, protecting children, and tax planning benefits, but regardless of the reason a trust is set up for, a trustee will have to be selected to be in charge of...
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