Jump to Navigation
Subscribe to this blog’s feed Are You in Need of Expert Legal Representation? Contact Us For A Consultation. (201) 467-4180

McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
Kearny Law Office Map
email firm here

Bold labels are required.

Please note that First AND/OR Last Name, and Email AND/OR Phone are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Celebrity decisions help reveal myths about legal trusts

What do musician Sting and actor Philip Seymour Hoffman have in common? They both never wanted their children to become trust fund kids. As such, neither of them tackled what many view as a crucial portion of effective estate planning. It's too late for Hoffman, who tragically died in February of this year, but Sting still has a chance to remedy what could be a mistake.

According to a piece in Forbes, these celebrities and many other people have fallen victim to some common negative myths about creating trusts during estate planning. In truth, you can still leave your family cared for after your death without creating spoiled or lazy children. The first step is education and recognizing false myths about trusts.

For instance, many people believe trusts are only suitable for those with a lot of wealth. Both the rich and the not-so-rich can benefit from a living trust. You can assign assets, leave instructions about managing your belongings if you become ill and take care of any number of other issues through a living trust.

People also think they won't need to worry about a trust if they already have a will in place. While true in a way, trusts are much easier for survivors to manage than a will is. For example, before a will can begin to do its work, it must pass through probate court. This is not the case with trusts, and they can provide big tax benefits.

Some people think if they choose to leave a trust behind, they must give their entire estate to its benefactors, but this is not true. In fact, you can get as creative as you like when creating a trust, even going so far as to require certain actions before any money is released. You can also create trusts that assign your assets to multiple entities. With help from a legal professional, you can create a sound trust and still do whatever you like with your assets.

Source: Forbes, "Philip Seymour Hoffman and Sting Highlight Five Myths About Trusts" Danielle and Andrew Mayoras, Jul. 28, 2014

No Comments

Leave a comment
Comment Information