There are a number of options for protecting your inheritance during a New Jersey bankruptcy. For instance, if you don’t have a valid will, you may want to consider leaving your assets in a trust. This will prevent your son’s new wife from being able to access them if you die. You can also decide how much of the income and principal you want to leave to your son’s wife. You can also choose to leave all of your assets to someone else. Resource – scura.com
Handle The Sale Or Liquidation Of These Non-exempt Assets
One way to protect your inheritance is to make sure you notify the trustee of the inheritance before the bankruptcy is filed. If the trustee discovers that you do have an inheritance, he or she can reopen the case and demand that you give it to the estate. Alternatively, the trustee can seek to revoke your discharge, which means that you will still be liable for your old debts. In addition, not telling the trustee of your inheritance can lead to charges of bankruptcy fraud.
The amount of inheritance in a New Jersey bankruptcy depends on how much your estate is worth. It is best to create a trust if the value is less than $250,000. A living trust can also be an option if you have a small estate. In addition to protecting your assets, a living trust allows your family to avoid the hassle and expense of going through the formalities of probate. A living trust can also provide for minor children or relatives with disabilities.