New Jersey:
My wife and I are looking to setup revocable trusts. We live in NJ as our primary residence, are over 65 and qualify for the NJ Homestead Rebate, the NJ Senior Tax Freeze Program and a county-based Senior Tax Rebate of $250, we also have a second vacation home in Florida. We have some questions that we hope someone can help answer:
1. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, what is the process that is followed under these circumstances?
2. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, who has the ability to make the decision for the liquidation under situations where the grantors are capable of making said decisions?
3. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, who has the ability to make the decision for the liquidation under situations where the grantors are not capable of making said decisions?
4. With any deed changes for the primary residence in NJ, will this effect eligibility for the NJ Senior Tax Freeze and county-based Senior Tax Rebate of $250 and NJ Homestead rebate?
5. What complications can arise from a title insurance perspective given the revocable trust is setup and real estate assets are transferred into the revocable trust given deed changes?
6. In a situation where the beneficiaries of the revocable trust for a real estate asset are two separate parties and the instructions \ directions are that the real estate is to be split 50-50, who enforces this 50-50 split including the definition \ means of and execution of the 50-50 split in cases where the we have both died have died?
My wife and I are looking to setup revocable trusts. We live in NJ as our primary residence, are over 65 and qualify for the NJ Homestead Rebate, the NJ Senior Tax Freeze Program and a county-based Senior Tax Rebate of $250, we also have a second vacation home in Florida. We have some questions that we hope someone can help answer:
1. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, what is the process that is followed under these circumstances?
2. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, who has the ability to make the decision for the liquidation under situations where the grantors are capable of making said decisions?
3. If the revocable trust is setup and the NJ and FL home are placed into the revocable trust, and if there is a need to sell \ liquidate any assets before death, who has the ability to make the decision for the liquidation under situations where the grantors are not capable of making said decisions?
4. With any deed changes for the primary residence in NJ, will this effect eligibility for the NJ Senior Tax Freeze and county-based Senior Tax Rebate of $250 and NJ Homestead rebate?
5. What complications can arise from a title insurance perspective given the revocable trust is setup and real estate assets are transferred into the revocable trust given deed changes?
6. In a situation where the beneficiaries of the revocable trust for a real estate asset are two separate parties and the instructions \ directions are that the real estate is to be split 50-50, who enforces this 50-50 split including the definition \ means of and execution of the 50-50 split in cases where the we have both died have died?