When most people hear the term “trust,” they immediately picture wealthy families with vast estates and complex financial portfolios. This common misconception leads many to dismiss trusts as irrelevant to their own financial planning. However, revocable living trusts offer significant benefits for people across all income levels and life situations. What Is a Revocable Trust?...
As you plan for your family’s financial future, trusts can be powerful tools to efficiently protect and transfer wealth. Using a Trust to hold inheritances for children or grandchildren can allow you to leverage annual gifting and potentially reduce estate taxes. 1. Trusts as Inheritance Vehicles Setting up a trust to hold assets for your...
A question we receive frequently is “Can I name more than one person to serve as a co-trustee of my trust?” The answer is yes, you can, but it may cause some complications. There are a couple of things for you to consider: Financial institutions. A trustee’s job is to manage and distribute assets based...
The estate tax applies to the estates of individuals who passed away with a taxable estate exceeding a certain threshold. In August, Massachusetts increased its estate tax “threshold” to $2,000,000 for the estates of all decedents who died on or after January 1, 2023. This doubles the estate tax exemption (from $1,000,000) that had been...
Medicaid (called “MassHealth” in Massachusetts) can help pay for long term care either at home or in a nursing home. If you think MassHealth’s assistance will be needed in your or your loved one’s future, it’s always best to plan in advance. Five Year Look-back If you apply for MassHealth benefits, the state has the...
When a client is in the process of creating a trust, one of the first questions that comes up is “How should I choose my successor trustee?”. (Find out our answer in the previous article “How to Choose a Trustee” ). The follow-up question is usually if they should name co-Trustees to manage their revocable...
Understanding the types of trust that are available and discussing your goals and wishes with your estate planning attorney should be accomplished before you settle on which type of trust is best for you. A Guide to Some Common Types of Trusts As discussed in our blog, “Trusts, not Just for the Rich and Famous”,...
Becoming a grandparent is a major milestone for many. We often hear clients describe the incredible joy that they experience holding their grandchild for the first time. Whether you’re a rookie grandparent, or a seasoned pro, you’re most likely considering taking a new direction and setting new goals with respect to your estate plan. Perhaps...
As we wrap up estate plan document signings, there is often a sigh of relief from clients who say, “I’m so glad that is taken care of!” But before you check off your to-do list, there are a few steps you should take to ensure that your estate plan is ready for future action. 1....
The loss of a loved one is one of the most difficult things to go through in life. After the grief subsides, deciding if the person’s estate must be probated is confusing, time consuming and expensive. Avoiding probate will move the estate distribution much faster to the heirs, so many often wonder if probate is...
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