This question is for my neighbor who is not on the internet.
My first resp0onse to their question was that they need an attorney, but they wold like to know what too ask for and I said that I would inquire.
They have a son who is almost 30 years of age and has lolly-gagged his way through school pursuing a degree.
Let us not get into the enabling aspect of things.
They have come to realize that he would blow thru the $ if there were no constraints beyond his control.
They own a house [300K +-] and some $$ so they CAN afford an atty.
They asked me if they could set up a trust where on their passing they would leave him their assets but have things set up that he is advanced a sum of $ every month or year [or what is best].
Hopefully the $ would last for a good long time.
So, is this a "spendthrift trust" in NJ?
What type vehicle should they ask for?
Are these things easily contestable?
Many thanks.
RowZ
My first resp0onse to their question was that they need an attorney, but they wold like to know what too ask for and I said that I would inquire.
They have a son who is almost 30 years of age and has lolly-gagged his way through school pursuing a degree.
Let us not get into the enabling aspect of things.
They have come to realize that he would blow thru the $ if there were no constraints beyond his control.
They own a house [300K +-] and some $$ so they CAN afford an atty.
They asked me if they could set up a trust where on their passing they would leave him their assets but have things set up that he is advanced a sum of $ every month or year [or what is best].
Hopefully the $ would last for a good long time.
So, is this a "spendthrift trust" in NJ?
What type vehicle should they ask for?
Are these things easily contestable?
Many thanks.
RowZ