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Probate & Trusts
Probate is the
legal process for gathering a decedent's assets, paying
taxes and claims, and distributing assets to the
beneficiaries. Generally probate is only necessary when a
person dies with assets in his or her own name alone.
The Law Office of Stuart R. Morris represents individual
fiduciaries, personal representatives, trustees and other fiduciaries in
connection with the administration of probate estates and trusts. We
prepare federal and state estate, inheritance, generation-skipping and
gift tax returns for fiduciaries, and represent fiduciaries in tax audits
and controversies. Assets that
are jointly held, in trust for someone, or
in a living trust avoid probate. Trusts can be
flexible and very useful. The Law Office of Stuart R.
Morris is customized to meet clients' specific goals. A
variety of trusts can be created depending on each unique
situation.
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A Living Trusts
also known as a "revocable trust," is an alternative to a
will for the distribution and/or use of one's assets
during his or her lifetime and after death. During the
owner's lifetime, the trust is revocable, meaning property
can transferred into and out of the trust by the owner. At
the time of the owner's death, the trust becomes
irrevocable, with the property owned by the trust not
subject to probate. A carefully prepared living trust and
a carefully prepared will can both serve to reduce federal
estate taxes. However, a will is subject to probate and a
living trust is not. |
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A
Special Needs Trust is an excellent vehicle to
provide the assets to care for and protect the
elderly and handicapped in addition to and in
conjunction with government benefits. The Law Office
of Stuart R. Morris is expertly prepared to handle
pre and post settlement needs as well as all proper
planning for their future with regard to disabled
individuals. Special Needs Trusts may be created
with the proceeds from a judgment or settlement or
by a loved one with concerns for a disabled
beneficiary. They are highly successful and provide
the following benefits:
- Continue eligibility for
public benefits.
- Provide funds to pay for
"extras," e.g. home, automobiles and prescription
drugs.
- Protect a case settlement
from being immediately depleted due to the high
cost of care.
- Keep assets in the family
bloodline.
- Give family members much
needed peace of mind by providing funds to care
for their disable love one.
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The
Generation Spanning Trust, created by Stuart R.
Morris, Esq., provides significant reduction in
estate taxes from generation to generation and
provides creditor and divorce protection for a
client's beneficiaries specifically from the
generation skipping transfer tax. The generation
skipping transfer tax (GST tax) is a tax imposed, in
addition to estate tax, on transfers passing to
grandchildren or more remote descendants. All
taxpayers possess a GST tax exemption ($1,060,000 in
2001) to be used during their lives, or at death, to
exempt a transfer or trust from the GST tax. However
proper GST tax planning necessitates placing assets
in trusts, as opposed to making outright
distributions to beneficiaries. |
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