People of all ages can benefit from creating an estate plan. If you are helping your elderly parents document their wishes, it is important to consider the documents that may be most relevant for doing this. A knowledgeable estate planning attorney can help you to discuss these. Estate Plan Basics: Trusts One option is a… Read More »
Posts Categorized: Trusts
Created A Will? Good! Don’t Stop There.
A will is a basic and very important component of your estate plan, but it is only the foundation. You may need other documents and strategies in place to help accomplish each of your estate planning goals. You probably created a will to ensure that guardianship of your minor children is addressed if applicable, or… Read More »
Is Your House Protected from a MassHealth Lien or Estate Recovery?
Proper estate planning can help you accomplish multiple different goals within your estate and elder law plan but only when you are clear about what this looks like and have a comprehensive plan crafted by a knowledgeable Massachusetts estate planning lawyer. Being under the impression that just because your house is in a trust it… Read More »
Can I Avoid Adult Guardianship by Establishing a Trust?
One of the most powerful ways to avoid a court supervised guardianship if you were to become mentally incapacitated is to create and fund a revocable living trust. It’s important to recognize that the person installed in the role of guardian is not the same as a guardian although a person who is mentally incapacitated… Read More »
Reasons to Use a Memorandum of Trust
If you’ve chosen to create a revocable living trust as part of your estate plan, this affords a great deal of privacy, which can be amplified by creating a memorandum of trust. This memorandum is a synopsis of the entire trust document which allows assets to be transferred inside the trust while also preserving the… Read More »
Concerned About Passing Down a Substantial IRA? Here’s a Tip to Use Trusts
Charitable remainder trusts might give you more options to pass down a big IRA and enable you to exert more control over how those heirs inherit these assets. The stretch IRA is now gone but saving in a tax deferred employer sponsored retirement plan has always been an easy way to save for retirement while… Read More »
What Does it Mean to Fund a Trust?
If you’re reading this article, it’s because you already know that a trust can be a great tool for accomplishing the transfer of assets and supporting your estate plan. But setting up the trust in and of itself is only the first step- your trust can only execute your goals if it’s properly funded. A… Read More »
Why Is A Trust Important for Your Massachusetts Estate Plan?
Trusts are critical to be used when a person intends to pass on property or money to another party by leveraging existing control and moving it outside of their existing estate. By setting up a trust in Massachusetts you can control how money will be used and distributed to another person. This can be especially… Read More »
Are You Leaving a Legacy with Your Massachusetts Estate Plan?
It’s difficult to talk about what will happen to your loved ones after you are gone. This sensitive and difficult subject leads to many people avoiding the topic of estate planning at all. However, this can unnecessarily expose your family to feeling caught off guard, confused or even mired in conflict if an unexpected tragedy,… Read More »
How to Avoid Family Conflicts When Planning an Inheritance
Approximately 1.7 million households in the United States receive an inheritance on an annual basis. But additional research has found that almost 75% of those beneficiaries have lost their inheritance within just a few years. What might seem like a financial blessing and important gift from you could come with strings attached, especially as it… Read More »