Innovative legal, business and regulatory advisors
Edward A. Gramigna, Jr. assists clients in all areas of taxatio n with a particular emphasis on estate planning, estate administration and probate litigation matters. He is a former managing partner of the firm and a former partner in charge of the Florham Park office.
Ed has extensive experience in the preparation of wills, trust s and other estate planning documents, including sophisticated wills, insurance trusts, living trusts, grantor retained annuity trusts, charitable trusts, qualified personal residence trusts and asset protection trusts. He is routinely involved in tax analysi s regarding complex issues in federal estate, gift and generation-skipping transfer tax and inc ome tax planning for trusts and estates.
Ed also advises individuals and corporate fiduciaries with respect to probate matters, as well as the ongoing administration of trusts and estates. He counsels fiduciaries extensively on the interpretation of wills and trusts, as wel l as post-mortem tax planning and income-tax planning. He has extensive experience representing i ndividuals and fiduciaries in Internal Revenue Service audits of estate tax and gi ft tax returns.
What is a trust?
In simplest terms, it ’ s a legal agreement between three parties:
The trustmaker: This is the individual who creates the trust agreement, also commonly referred to as the grantor, trustor or settlor.
The trustee: This person or entity is responsible for managing the prop erty the trustmaker titles in the name of the trust.
The beneficiary or beneficiaries: These people or entities receive the benefits of the property titled in the name of the trust.
Top Ten Reasons to Have a Will
- You decide how your estate will be distributed.
- You decide who will take care of your minor children.
- To avoid a lengthy probate process.
- Minimize estate taxes.
- You decide who will wind up the affairs of your estate.
- You can disinherit individuals who would otherwise stand to inherit.
- Make gifts and donations.
- Avoid greater legal challenges.
- Because you can change your mind if your life circumstanc es change.
- Because tomorrow is not promised.