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Will a living trust help with probate and inheritance taxes?

Will a living trust help with probate and inheritance taxes? Updated Jan 11, 2021; Planning A. We’re glad you’re trying to plan ahead to make sure your wishes are followed. A living trust is a trust that is created during a person’s lifetime. New Jersey’s Uniform Trust Code, N.J.S.A. 3B:31-1, et seq., governs the creation and validity of trusts, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park. She said assets in a trust are not subject to the probate process. But, she said, the probate process in New Jersey is simple and therefore, most people in New Jersey do not have a need for a living trust.

How much tax will we owe on this inherited home s sale?

What can we buy for mom so she stays eligible for Medicaid?

What can we buy for mom so she stays eligible for Medicaid? Updated Dec 23, 2020; Q. My mother is in a local nursing home receiving Medicaid benefits. Her personal cash account has grown to the point that the facility has urged us to spend $1,000 on clothing to avoid problems with Medicaid. It is a challenge to spend that much money for a 93-year-old’s wardrobe. Any suggestions? Trying to help A. The nursing home was correct to warn you about possible problems with Medicaid. A Medicaid recipient in a nursing home cannot have more than $2,000 of assets, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

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