Legal Question in Wills and Trusts in New Jersey

Re: living trust

As someone who has been doing this for decades, I strongly recommend the creation of a living trust, with irrevocable provisions, for good tax planning. Having in excess of a million dollar estate (and maybe more if life insurance is involved), as you have, at least, an exposure to NJ inheritance/estate taxes of not less than 15% rate, and maybe higher depending upon to whom and their relationship to you, if any, your assets will be left. There are significant potential tax savings that a trust can provide, as well as minimizing the administration costs of probate and handling your estate. If you need more information contact me directly. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.

Re: living trust

Because you own real estate in NJ and CA, a revocable living trust may be a good choice for you. A living trust can help to avoid probate in your state of domicile, and also avoid the second or "ancillary" probate in your secondary state of residence.

Please call or send me an email if you are interested in discussing this fruther.