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Wakefield Massachusetts Estate Planning & Elder Law Blog

Child support and your estate plan

We understand that parents who are struggling with child support may be facing numerous challenges in their daily lives, from a financial and even an emotional point of view. While it can be difficult to work through these matters, especially for someone who already feels too stressed out with daily life, it is crucial to prevent additional complications from arising. For example, someone may need to take a second look at their estate plan as a result of child support issues.

If you recently split up with your spouse and will be required to pay child support, this could impact decisions that you have made with regard to the distribution of your estate’s assets. Moreover, you could find that child support payments have created certain financial concerns and brought changes to your life, such as prompting you to sell property, which could also necessitate making revisions to your will or trust. Aside from child support, there are other topics that have to do with family law which could push you to go over your estate plan again.

Different ways an auto crash can affect your estate

When it comes to estate planning, many different factors may need to be considered, such as the way your assets will be divided between your loved ones and the type of estate plan that suits your needs best. It is also important to bear in mind that unexpected life events, such as the end of a marriage or the birth of a child, can have a significant impact on an estate plan. Moreover, if you are involved in an auto accident, there are a multitude of reasons why you may need to go over your estate plan and make changes.

For starters, auto accidents can result in major changes with respect to your health or the well-being of one of your loved ones if they were involved in a crash. With rehabilitation, medical costs, and other issues, the financial consequences of an accident can impact an estate plan as well. Moreover, you may be awarded a significant amount of money if you were hit by a reckless driver, for example. This could necessitate taking a closer look at your estate plan. Furthermore, auto accidents can result in lost wages and an inability to continue employment within a certain field. Losing your ability to work could also prompt you to revise your estate plan.

Setting up a trust as a single parent

If your marriage recently came to an end or you are in the early stages of the divorce process, a wide variety of legal issues may be on your mind, from how your property will be divided to how you will adjust to life without your spouse. If you have children, this can be an especially challenging time. Moreover, there are a number of financial concerns you may have, such as how you can help protect your child’s financial future as a single parent. For some, setting up a trust is an excellent way to accomplish this.

When it comes to trusts, there are many options, so it is important to review the different types of trusts and move forward with one that will suit your circumstances most appropriately. By creating a trust, you can help make sure that your child has the resources they need, even if you pass away. You can appoint a trustee to oversee the distribution of your estate’s assets and you can put time restrictions in place to ensure that funds are disbursed in accordance with your wishes.

Going over some benefits of charitable trusts

When it comes to trusts, a number of options may be on the table. From special needs trusts to revocable trusts, it is important to carefully analyze your options and move forward with an estate plan that best suits your needs. For some people, a charitable trust is a great way to ensure that their assets are distributed in accordance with their wishes. Moreover, there are a variety of advantages that many people who set up these type of trusts appreciate.

Essentially, charitable trusts are set up for charitable purposes. These trusts, which are irrevocable, offer a variety of advantages. For example, those who set up a charitable trust may be able to take advantage of tax benefits, such as a tax deduction. Moreover, people often find a sense of contentment through the goodwill that creating a charitable trust provides. For some people, charitable trusts are the ideal way to distribute their assets once they pass away, ensuring that a cause they support is able to utilize the property they leave behind. If you are considering a charitable trust, it is essential to go over the ins and outs of this option and make sure it is right for you before setting one up.

Finding LGBTQ-friendly financial, legal professionals

Gay-friendly professionals can help members of the LGBT community weave their way through the nuances of estate and financial planning. How can they best do so? By simply gaining your trust because they understand the challenges faced by LGBTs.

Obtaining advice about your investments or creating a will or trust should never be taken lightly. That’s why it’s so important to work with a financial planner or estate planning lawyer who understands the challenges faced by the LGBT community.

Reviewing some advantages of special needs trusts

There are many options when it comes to trusts, from revocable to irrevocable trusts and spendthrift trusts. However, it is crucial to pinpoint which type of trust will best suit your individual circumstances and the unique needs of your loved one, especially if they are struggling with a disability. For example, some people set up a special needs trust, which can be highly advantageous for beneficiaries, in certain circumstances. Regardless of the type of trust you decide will work best for you and those you love, it is crucial to carefully weigh your options and make the smartest decision.

Sometimes, special needs trusts can be particularly beneficial from a financial point of view. For example, someone who is disabled may find that a trust disqualifies them for government assistance programs such as Medicaid and SSI. However, a special needs trust may help some people who are struggling with a disability avoid these complications. Moreover, those who are struggling with a disability may find that a special needs trusts suits their individual needs better. There are many different types of disabilities that people struggle with and it is important for their needs to be taken into consideration when someone intends to name them as a beneficiary when creating a trust.

Divorce and irrevocable trusts

When it comes to trusts, there are all sorts of relevant issues to take into consideration, such as how the end of marriage could affect the distribution of an estate following someone’s death. Whether you have a revocable or an irrevocable trust, it is important to take a closer look at your estate plan if you are planning on filing for a divorce or have already brought your marriage to an end. Moreover, if you have an irrevocable trust, there are special considerations that apply to your circumstances.

Setting up an irrevocable trust may be a good idea for various reasons, such as protecting assets from property division in the event that you split up with your spouse. If you have done this beforehand and are now looking at a divorce, you may be glad that you decided to plan ahead. However, it is important to bear in mind that irrevocable trusts are permanent, which is why some people opt for a revocable trust.

Estate plans and preventing family drama

Our law firm has addressed some of the challenges that may arise with regard to estate planning, from reviewing your estate plan after a divorce to deciding which one is right in the first place. With that said, there are far more issues to take into consideration if you are setting up an estate plan, some of which may be unique to your personal circumstances and those involving your loved ones. For example, decisions that are made regarding a will or a trust could lead to hostility and arguments within a family.

Sometimes, family members are able to peacefully accept the decisions of their loved one, but others may be upset about a decision to name one person executor of the estate. Moreover, a family could experience disagreements or bitterness because of the way that someone decided to split up their estate. If you are making decisions related to your estate plan, you may want to keep these factors in mind. With that said, you should also make key estate-related decisions without feeling pressured by others in your family.

Creating a living trust

If you are approaching the idea of an estate plan for the first time, you may have various questions and be unsure of which plan is best for you. Some people decide to move forward with a will, while others opt for a trust. Moreover, there are different kinds of trusts. In this write-up, we will look at living trusts and review some of the advantages that come with this type of estate plan. It is important for you to identify which type of estate plan will work best given your personal circumstances beforehand.

Also known as an inter vivos trust, a living trust provides a number of benefits. With these trusts, assets are put into a trust while the person who created it is still alive. Once they pass away, a successor trustee will distribute the assets among beneficiaries. One of the major advantages of a living trust is the ability to avoid the probate process, which can be very time-consuming. Furthermore, this type of estate plan offers more privacy, which is very important for those who do not want the distribution of their estate made public. Moreover, if you become incapacitated for one reason or another, your trustee will alerady be able to make important decisions related to your financial affairs.

Challenging a will can prove difficult, costly

Your father has died, his will has been read, and most everyone in the family is not satisfied with the results. What do you do? Challenging your father’s will is an option, but it can prove costly and often be unsuccessful.

Still you want to move forward with this decision. You believe there are unanswered questions, and your family questions the validity of the will. When contesting a will, there are a few reasons in which you can do so.