The Importance of Special Purpose Trusts in Estate Planning

December 17, 2015New Jersey Law JournalAttorneys: Mary W. Browning and Lori I. Wolf

Trusts are a commonly used tool in estate planning's tool box. Traditionally, trusts have been primarily used to delay the time for distributions of assets to young children. These trusts provide for staggered distributions of principal to children at certain ages, such as one-third principal distributions at ages 30, 35 and 40, with discretion given to trustees to make earlier distributions to a child for his or her health, education, maintenance and support purposes.

Trusts can also be used to better ensure that assets remain in a child's bloodline and to provide for children or other family member with unique needs. Special purpose trusts are frequently used...

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