Establishing a special needs trust for a family member who requires help will add to the benefits he or she receives from the government.There are three types of special needs trusts to consider in first-party, third-party and pooled trust formats. First-party...
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Trusts
Don’t believe what movies say about trusts
Movies and TV shows like to vilify characters with trust funds, portraying them as spoiled, entitled and averse to any kind of hard work. This repeated characterization has helped shape society's view of trusts. Most people think that trusts are only useful to the...
Trusts and how they can aid estate planning
The language of estate planning can be confusing to some and can serve as a deterrent to putting a plan in place in Massachusetts. This need not be the case. Two terms that are tossed about a lot in the estate planning world are wills and trusts. Both can be very...
Do you have a pet trust?
While you may use your will to provide for your heirs by distributing your assets among them, Massachusetts law does not allow you to leave money to your pets as a gift. However, you may still ensure that there are resources to care for your pets by creating a trust....
Creating a trust can pave a smoother path for heirs
Creating an estate plan now can help ease your family's pain after you pass. Failing to decide how you want your affairs handled upon your death may lead to years of fighting and difficulties for those you left behind.Attorneys who handle estate plans have many tools...
Can I put out-of-state property in a Massachusetts will?
If your family is from a state other than Massachusetts, or if you simply like to get away from it all every once in a while, you may have out-of-state real estate in the form of a vacation property, condo, timeshares and so on. These and other types of out-of-state...
Setting up a trust as a business owner
There are a number of advantages when it comes to trust, and this is especially true for those who own a business. Whether you run a large corporation or a smaller local business, you may benefit from a trust in many ways. For example, a trust can help ensure that...
2 key methods of reducing estate tax
When you work on your Massachusetts estate plan, you may do so with the intention of leaving as much of what you have behind for your family or loved ones as possible, but estate taxes can throw a wrench in the works. Depending on where, exactly, you live, estate...
What is the purpose of your life insurance policy?
If you are considering whether or not to implement a life insurance policy into your estate plan, you are probably busy comparing the pros and cons of your decision. While your investment in a policy would undoubtedly provide a measure of financial security for your...
What are the benefits of a testamentary irrevocable trust?
A testamentary irrevocable trust is a trust that a representative creates after the grantor's death based on the terms of the grantor's will. Because the only person who can change the terms upon which the trust is created is the creator him or herself, the trust...