Category: Financial Planning

Do I Need a Trust Attorney?

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Do I Need a Trust Attorney?

Often, we hear the term “trust” in regard to estate planning but don’t really know what it means? If you are thinking about setting up a trust, a trust attorney will help you do that. Read on to learn more about how you may benefit from a trust or estate attorney’s expertise.

Entrusting a Trust Attorney for Your Personal Affairs

A trust is a legal relationship where the grantor (the person who has the funds) gives the asset to a trustee to hold, manage, and disburse the assets for the benefit of the beneficiary. A trust attorney drafts a legal document that sets forth the parameters of the trust and assists you (the grantor) with the legal aspects of setting up the trust. A trust attorney can assist you in designating a trustee (the person you want to administer the trust), or in some cases, the trust attorney can also act as the trustee. Often, a person chooses the trust attorney to be the trustee as he or she is an impartial third party who can administer the trust objectively.

It is important to note, a trustee has a fiduciary duty to administer the trust for the benefit of the trustee. He or she must act in good faith and with loyalty and impartiality. If this duty is breached, the trustee can be removed. Under the NJ Uniform Trust Code (NJUTC), trustees are responsible for keeping the beneficiary informed regarding the administration of the trust, disbursement of the trust assets, and protection of the trust assets. In addition, the trustee must provide the beneficiary with the trust document whenever asked. Under the NJUTC, a trustee can delegate aspects of trust administration to agents but must provide reasonable written notice to the qualified beneficiaries each time the trustee delegates his or her duties.

Trust the Team at Lyons & Associates

Due to all the intricacies attached to drafting and establishing a trust, it is important to have a trust attorney assist you. If you are unsure as to whether you need a trust or if you need assistance establishing a trust, contact the Law Offices of Lyons & Associates, P.C. For a free consultation, please email us, visit our website, or call us at (908) 575-9777.

What Do I Need to Know About Gray Divorces and Finances?

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What Do I Need to Know About Gray Divorces and Finances?

Divorce can and does happen to people at any age. In fact, gray divorces, or divorces between people in their 60s, 70’s or sometimes older, are occurring at higher rates. Because these types of divorces usually come near or after retirement, they can affect household finances in unique ways.

Gray divorce may be between Baby Boomers at this point, but it will eventually affect members of Generation X, the Millennials, and even Gen Z. According to statistics, gray divorcees tend to have less money than their peers, even if their peers are widowed or unmarried. As of today, 10 percent of senior citizens are divorced.

How Gray Divorce Affects Social Security Benefits

Plenty of gray divorces occur between couples where one member of the household worked and the other took care of the home. If the marriage lasted longer than a decade, the spouse who did not work should still be able to receive social security benefits based on the work history of the other spouse. However, some marriages that end in a gray divorce have lasted less than 10 years. This leaves the partner who has never worked unable to collect any social security income. Facing the loss of expected income at age 62 or older can be devastating. It can also lead one of the ex-spouses into a lifetime of poverty or dependence on relatives and the government.

How Gray Divorce Affects Savings

Couples who have been married for years may have amassed retirement and other savings for later in life. When they decide to end their marriage, they must determine how best to divvy up their various savings. At the same time, they may be faced with the reality that the amount they saved to live on together is not enough for them to live comfortably when apart.

For example, many married people own property that one of them could not pay for alone. A gray divorce often necessitates that both parties sell the residence where they lived and purchase or rent other property. Not only can this drive down their savings, but it can force them to work longer than they expected or enter back into the workforce after retirement.

How Gray Divorce Affects Future Nursing Care

As individuals age, they routinely consider how they will pay for nursing care or hospitalization if needed. Usually, one party agrees to help if possible. After a gray divorce, the ex-spouses may be left without their previous nest egg, as well as without a feeling of support. It may be difficult to pay for healthcare beyond Medicare or expensive medicines.

Preparing for a Gray Divorce

Despite the financial realities of getting a gray divorce, couples should make the decision to part ways based on what makes sense for them as individuals. With the help of a compassionate divorce lawyer, both parties can navigate the confusing financial outcomes related to ending a marriage. Ultimately, both parties should feel confident that leaving will be more positive and allow them to move forward with their lives and dreams.

Bridgewater Divorce Lawyers at Lyons & Associates, P.C. Help Clients Facing Gray Divorce Anticipate Financial Considerations

If you are wondering how a gray divorce would affect your financial situation, contact a Bridgewater divorce lawyer at Lyons & Associates, P.C. Call us at 908-575-9777 or contact us online for a free consultation. Located in Somerville and Morristown, New Jersey, we serve clients throughout Randolph, Parsippany, Morris Plains, Woodbridge, Madison, Morristown, Somerset, Rockaway, and Short Hills.

The Snyder Group – Empowering You to Make Confident Financial Decisions

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The Snyder Group - Empowering You to Make Confident Financial Decisions

Somerville family law attorneys at Lyons Associates partner with others to be certain you make confident financial decisions.The Snyder Group – Michael William Snyder, CRPC®

When so much is at stake and you only have one chance to get it right, it is imperative to make informed choices during your divorce. At The Snyder Group, our financial advisors use their 50 years of combined experience to provide you with powerful data to support your case by integrating the methodology of financial planning into the divorce process. We strive to help our clients informed and beneficial decisions such as whether to keep your marital home, how to split up retirement savings or taking a lump sum instead of monthly support payments.

Showing You How To Secure Your Assets and Your Financial Future

Your financial future does not need to be a surprise because of your divorce. Our clients are accomplished individuals and include professionals and business owners who have worked hard to create significant assets. If you are like them, you will want to preserve your wealth and your income, as well as secure your financial future. Our highly qualified financials advisors will first, listen to you, then educate and collaborate with you to custom design a financial plan to help you reach your short and long-term goals.

Specializing in Divorce Financial Planning

Several of our advisors have expertise as a CERTIFIED FINANCIAL PLANNERand have the skills and experience to assess your settlement options. We have handled many financially complex and high net-worth divorces and offer seminars for attorneys & CPAs. Through our years of experience, we have assembled a team of hand-picked divorce professionals who can help you address legal, financial and emotional issues.

Teamwork with Your Divorce Attorney

You can benefit from your divorce attorney’s legal advice and our financial experience. We work with divorce attorneys such as Lyons & Associates, PC regularly. As your financial advocate we will examine and analyze your financial issues and provide your attorney with financial data so he or she may negotiate or litigate from a position of strength. Attorneys understand the law, we understand the finances.

A Small Practice’s Personal Touch with a Large Firm’s Resources

Our financial advisors are passionate about making a difference in the lives of our clients going through a divorce. Our private wealth advisors have enhanced support and training from Ameriprise Financial Services, Inc.

Complimentary Consultation followed by a Flat Fee for Out Services

Contact us for a complimentary initial consultation. Experience the difference we make at your first meeting and learn how we can help empower you to divorce with financial confidence. If you wish to work with our team, we charge a flat fee for our services based on the complexity of your case.

I’m honored to have been named a Forbes Best-in-State Wealth Advisor for 2019, an award for advisors who provide clients with a high-quality experience and lead the way in the industry. Thank you to my clients for your trust and the continued opportunity to work with you. To learn more, please visit my website.

Michael William Snyder, CRPC®
Managing Director
The Snyder Group
A private wealth advisory practice of Ameriprise Financial Services, Inc.
Chairman’s Advisory Council 2016 – Present