Legal Question in Wills and Trusts in New Jersey

Whether or not you have significant assets, you should be consulting a lawyer to help you carefully analyze all of your assets so as to help you with achieving your needs and goals.

Probate is not so difficult or expensive in NJ to warrant setting up a living trust. There are also costs and administrative paperwork required when you have a trust.

Whatever the laws of India, the trust may be administered in NJ, but it is unlikely that the property in India would be.

Creating trusts without having complete legal and tax advice leads many people to create more problems than they thought they were avoiding.

I strongly encourage you to consult with a lawyer who specializes in that area, and caution you against companies that try to convince you that you should have a living trust, or that they can prepare a set of documents for you. Those companies are in business primarily to make profit by selling a product to people, and do not give considered advice tailored to the need of an individual.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

Setting up a Family Trust or other entity has many legal and tax implications if the assets are in the U.S. When you add the additional concerns of property in India, the issue is more difficult. Even though there is no estate tax in India, the U.S. taxes worldwide income and estates of U.S. citizens. Congress has failed in its duty to revise the Estate and Gift Tax section of the Internal Refenue Code, which makes planning even trickier. Remember just setting up a trust is not suficient. You must FUND the trust by transferring the assets. This would require counsel in the US and India.

Frankly, this should be part of your entire Estate and Financial Plan. I have more information about asset protection and estate planning at my web sites:

http://www.SaveYourEstate.com

http://www.TaxEsq.com

I hope this helps!

Ron Cappuccio

856-665-2121