When someone passes away, their money and other assets have to be transferred to their heirs and surviving family members. This can often cause disputes to arise between those family members, especially regarding how much they should have to pay in taxes.
It is a popular myth that estate planning is only for the rich, with millions and mansions to bequeath to their heirs. In fact, making an estate plan is an incredibly valuable way for New Jersey residents of even moderate means to ensure that their material assets are distributed exactly as they want. Trusts are a form of estate planning that can serve the needs of a variety of people. Different types of trusts are available.