E598 1. What is a Testamentary Trust in a Will for minor children or children with problems with money 2. Have a Power of Attorney prepared for your college children and children traveling out of state 3. Handling Criminal Misdemeanor and Traffic Cases: New Ideas to Expand and Excel Your Practice Podcast 4. Additional informational YouTube videos added for the public 5. Join us for Outdoorfun, inexpensive outdoor concerts& August events
1. What is a Testamentary Trust in a Will for minor children or children with problems with moneyThe Testamentary Trust in a Will is recommended when you have minor children, or children that cant handle money.
A testamentary trust is a Trust set up inside your Will
A regular trust is funded during your lifetime with your assets.
A Testamentary Trust in a Will is not funded until you pass away.
A regular trust costs between $2,500- $4,000 to set up.
A Will with Testamentary Trust costs approx $500 each.
A testamentary trust in a Will (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in his or her will.
Testamentary trusts are distinguished from inter vivos trusts, which are created during the settlor's lifetime and funded with money.
There are four parties involved in a testamentary trust:
the person who specifies that the trust be created, usually as a part of his or her will, but it may be set up in abeyance during the person's lifetime. This person may be called the grantor or trustor, but is usually referred to as the settlor;
the trustee, whose duty is to carry out the terms of the will. He or she may be named in the will, or may be appointed by the probate court that handles the will;
the beneficiary(s), who will receive the benefits of the trust;
Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust.
A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that person. It is created to address any estate accumulated during that person's lifetime or generated as a result of a postmortem lawsuit, such as a settlement in a survival claim, or the proceeds from a life insurance policy held on the settlor. A trust can be created to oversee such assets. A trustee is appointed to direct the trust until a set time when the trust expires, such as when minor beneficiaries reach a specified age or accomplish a deed such as completing a set educational goal or achieving a specified matrimonial status.
For a testamentary trust, as the settlor is deceased, he or she will generally not have any influence over the trustee's exercise of discretion, although in some jurisdictions it is common for the testator to leave a letter of wishes for the trustee. In practical terms testamentary trusts tend to be driven more by the needs of the beneficiaries (particularly infant beneficiaries) than by tax considerations, which are the usual considerations in inter vivos trusts.
Using a Testamentary Spendthrift Trust in a Will for children with substance abuse issues
A spendthrift trust in a Will is one of the best options when estate planning for addicts. There are several forms of this trust a parent can consider, and each has pros and cons. At its most basic, the spendthrift trust enables a parent to put spending authority in the hands of a trustee, or a trusted person who will control the reckless spending of the child. This can prevent them from wasting funds and can prevent them from using funds to purchase drugs.
Spendthrift clauses in trusts are also valuable because a parent can use them to provide necessary funds such as food, clothing, cab fare and shelter to the beneficiary, without allowing them to spend anything else. This enables a parent to offer support, even after a parent are deceased.
Finally, spendthrift clauses typically protect the funds in the estate from creditors. So long as the funds are in the trust, creditors cannot reach them. This is ideal in instances where the child may have to declare bankruptcy due to poor financial decisions while under the influence of drugs or alcohol, has a large amount of debt, or is likely to accrue a large amount of debt. However, once funds are taken out of the trust, they can be garnished by creditors. Creditors include child support, alimony, taxes, Medicaid.
In some cases, a parent may be able to set up a discretionary spendthrift supplementary needs trust, which enables the child to qualify for needs-based government benefits (SSI, Medicaid, housing, SNAP, etc.), while offering the other benefits of the trust.
The best way to set this up is to create a Testamentary Discretionary Trust with a spendthrift clause, which will come into effect after a parent are deceased. Then, the funds will be moved into trust and spending will be controlled by the trustee for the benefit of the child (the beneficiary). Source https://beginningstreatment.com/estate-planning-for-addicts/
N.J.S.A. 3B:31-38 Discretionary Trusts
N.J.S.A. 3B:31-68 Discretionary Powers
Originally drafted by one of NJ's top attorneys Glenn A. Henkel, also a past great Wrestler at St. Thomas Bishop Ahr High School Edison with Ken V on wrestling team
2.Have a Power of Attorney prepared for your college children and children traveling out of stateThere are many good reasons to consider getting a Power of Attorney and Medical Directive for your adult "child". A prominent Monmouth County Law office wrote while you made certain decision for your child before he or she turned 18, you have no authority to take action now. In the event your child becomes ill or has a serious accident while they are away, you do not have legal right to withhold Power of Attorney, it is important to have a plan in place to deal with their health, financial, educational and legal needs.
Durable Power of Attorney to handle finances will enable you to take care of tasks for your child. This includes: registering their car; communicating with their college about issues which fall under HIPAA, like grades and disciplinary actions; completing financial transactions at their bank, their college, etc. If your child runs in to an issue with their passport while they are overseas, you can be assured that you have the authority to help.
Living Will or Health Care Directive is important in the event of an accident or illness. You will be able to talk to medical staff and make decisions on your child's behalf, if necessary.
While you may never need to use these documents, it is better to be safe than sorry!
See also NJ teachers add updating Wills to back-to-school to-do list amid pandemic
3. Handling Criminal Misdemeanor and Traffic Cases: New Ideas to Expand and Excel Your Practice PodcastFree for ABA members
The panelists will discuss how to best represent clients from the first phone call to resolving the case in court. Detailed instruction and valuable insights are offered beginning with the initial contact with the client, to walking into the courthouse, and managing the steps that follow.
Speakers Kenneth Vercammen & Jeffrey C Robinson
4. Additional informational YouTube videos added for the publicWhat is the Probate process?PM.mov
Probate of Wills and handling estates where no will during covid.mov
Probate process while the Surrogate's physical office is closed.mov
Why you don't usually need to set up a Revocable Living Trusts in NJ and spend $3,000-$6,000.mov
Metlife Hyatt Legal Plan Wills, Power of Attorney, Living Wills and estate-planning services online.mov
New expungement law started June 15, 2020.mov
Court Order to start DWI and hearings again.mov
5. Join us for Outdoorfun, inexpensive outdoor concerts& August eventsFree Woodbridge Summer concerts are on for 2020! All concerts will take place on the lawn at Woodbridge High School to allow for social distancing http://woodbridgeartsnj.org.
If you are going to any events email Ken V
TRIBUTE TUESDAYS Woodbridge High School (all start at 7:30 p.m.)
Sept. 1: BStreet Band (Bruce Springsteen tribute)
Sept. 8: Starman (David Bowie tribute)
COUNTRY SUNDAYS (Woodbridge High School all start at 7 p.m.)
Aug 23 THE BAND Band's tribute to Bob Dylan in Woodbridge
Aug. 30: Ronnie Penque's Panama Dead (music of New Riders of the Purple Sage)
GOLDEN OLDIES MONDAYS (all start at 7 p.m.) Ken V usually swims in Long Branch Monday night
Aug. 24: The Cameos
Aug. 31: The Infernos
Sept. 14: The Happenings featuring Bob Miranda
Outside of Woodbridge
Monday nights Long Branch open water swim 6pm
Aug 20 Edison Elks Thirsty Thursday with outdoor band
Aug 21 RAINBOW FULL of SOUND / Terrapin Station Album OUTDOORS FRIDAY @ 7:00PM The BierGarten @ the German - American Society of Trenton / Hamilton NJ
Aug 22 Marine Corps Run For Freedom Freehold, 5K Run starts at 0930 Race after party at iPlay America at the Gametime Bar & Grill https://www.marinecorpsrunforfreedom5k.org
Aug 25 Rainbow Full of Sound Donavan's Reef Sea Bright beach Tuesday
Aug 25 Sensational Soul Cruisers Public · Hosted by Asbury Park Music Foundation
Asbury Park Springwood Park
AUG 26 Motor City Revue, Brick Township Recreation at Traders Cove
AUG 28 No Way Out Band live at Cooper's Riverview Public · Hosted by Coopers Riverview and No Way Out Band
August 29, 2020 Eagle First Responders 5K
https://runsignup.com/Race/NJ/Jackson/EagleFirstResponders5K Sat Jackson, NJ US 08527 Johnson Park
AUG 31 Standing On The Moon live from Seaside Park Public · Hosted by JP LaStella and Company Monday, 7:30 PM 6Th Ave Seaside Park Seaside Park, NJ 08752
Raritan Valley Road Runner RVRR club runs are back. Join the club and run [distancing per Murphy]
WEDNESDAY NIGHT RUNWednesday night runs starting in June-August are usually held at 6:30 pm, Grove 5, Johnson Park in Piscataway. When parking at Grove 5 is closed or the entire section is closed, they will meet at Grove 2.
SATURDAY MORNING RUN 8:00 AM Grove #5 in Summer, Johnson Park in Piscataway. Out and back on the Delaware-Raritan Towpath or a loop through the Rutgers campus. There are mile markers posted on the river side of the towpath.
Rumson Hash House Harrier HHH Every Saturday 10:17 different places in Monmouth County on-on
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