If an elderly couple wants to set up a Trust for asset protection against state inheritance taxes, how long must it be done before death?
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If an elderly couple wants to set up a Trust for asset protection against state inheritance taxes, how long must it be done before death?
Asked on May 30, 2014 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You are doing a little estate planning and that is great. There are no statutory time limitations to creating a Trust or Will. The closer in time to death could give rise to issues in those that are elderly such as competency, undue influence, etc. Generally a Will is also done contemporaneously and there are those requirements as well (remember that line in a Will "being of sound mind"?). Speak with a competent estate planner. Good luck.
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