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 7 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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