Protect your estate planning goals with experienced and compassionate trustee services
A thoughtfully structured trust can help you or a loved one qualify for Medicaid, ensure that your special needs loved one has access to care and support, or provide valuable tax-planning benefits.
But administering trusts can be time-consuming, requiring insight and experience with legal and financial processes. Your family members may not have the time or resources to manage the trust you’ve created in the event that you pass away or become incapacitated.
How Our Trustee Services Can Help You
When you set up trusts as part of your estate plan, you articulate your wishes for how your beneficiaries will receive trust assets in the event of your death or incapacitation.
But your beneficiaries don’t automatically receive the assets. A trustee is responsible for managing a trust and ensuring that it serves the best interests of its beneficiaries (those who receive or benefit from the assets in the trust) per the wishes of the trust’s creator, also known as the grantor.
Although this may seem like a simple goal, serving as a trustee involves careful financial planning, distribution of assets, filing taxes, recordkeeping, coordination with beneficiaries and care providers, and more.
At NJELC, we have the legal knowledge, experience, and resources to manage your trust and help you ensure it serves the needs of your beneficiaries. When serving as trustee, our attorneys and staff provide all of the following services:
- Payment of bills and other distributions
- Liaison with accountants, financial planners, and healthcare professionals
- Collaboration with clients and beneficiaries on spending plans that balance payment for current needs and preservation of assets for
anticipated future needs
- Investment supervision
- Supervision of tax return preparation
- Annual meetings
- Provision of annual accountings to the court
Our approach to trustee services
At New Jersey Elder Law Center, respect and empathy are central to everything we do. We will collaborate with you on creating a trust that serves your needs and the needs of those you love—and as trustees, we work diligently to ensure that your trust continues to serve the best interests of your beneficiaries.
Our Trustee Services
Trusts are flexible estate planning tools that can help you preserve your assets and provide for your loved ones in various ways. The team at NJELC provides trustee services for each of the following trusts.
Revocable living trusts
A popular estate planning strategy, revocable living trusts are most commonly used to avoid probate. Probate is a time-consuming, costly, and public process. Assets placed in a revocable living trust can be passed on to beneficiaries without going through probate first.
A revocable living trust can also allow you to make provisions for how your assets should be managed if you become incapacitated. Unlike an irrevocable trust, a revocable living trust can be changed at any time if you decide you want to alter your estate plan.
An irrevocable trust is less flexible than a living trust. As soon as your assets are placed in one of these trusts, your ownership of the assets passes to the trust. Under certain circumstances, you may still have access to trust assets through your trustees and lifetime beneficiaries. Depending on your needs, an irrevocable trust can provide a number of estate planning benefits.
As a trustee, New Jersey Elder Law Center can manage your irrevocable trust to help ensure that it serves the best interests of your beneficiaries.
Special needs trusts
If you have a loved one with special needs, a special needs trust can allow you to provide ongoing care and financial security while also protecting eligibility for benefits such as Medicaid and Supplemental Security Income.
We’re proud to work closely with families and caregivers to manage Special Needs Trusts. Our goal is to prioritize the needs of your loved one and ensure that your trust can continue to provide for them in years to come.
Work with Our Experienced Legal Team
If you’re looking to use a trust to preserve your assets and provide for your loved ones, the team and NJELC can serve as experienced, compassionate trustees.
We have the legal knowledge and the hands-on experience to help you ensure that your trust will continue to serve the needs of its beneficiaries. We can help you gain peace of mind knowing that a team with experience and empathy will steward your assets.
Schedule a free consultation today and a member of our team will be happy to guide you through your options.
Serving New Jersey, New York, Pennsylvania, and Colorado