Legal Question in Legal Malpractice in New Jersey

Re: Protecting Assets with Trust

Some accuracy in what you write, and some missing information, so an accrate answer requires more facts. Was the trust revocable or irrevocable? If only revocable, it would avoid probate (not very expensive in NJ as cost depends upon number of pages in the Will, not the size of the estate). To serve to reduce possible death taxes (Federal and/or State) it had to be irrevocable and be properly drawn, plus have multiple trustees. What does the document say about this? Having drawn hundreds of trusts for clients, and even, on occasion, acting as co-trustee with them, I can tell you that despite all that I have told my clients, some are reluctant to actually fund them and are fearful of the word "irrevocable". Many do not put all assets in the trust, and some assets (like retirement plans) should not be placed in a trust because of income tax consequences. I would be happy to more accurately reply, but need much more information than you provided. You can contact me directly about this.