Menu ${site.data.firmName}${SEMFirmNameAlt}${site.data.firmName}${SEMFirmNameAlt}
Practice Areas
Let's Get Started!

Can you pass on your values with a trust?

Obviously, a trust is a way to pass money and assets on to your heirs. However, that's just one of the things you're interested in giving your children. You're also hoping to pass on your values, molding your kids into the type of people you want them to be. Can a trust be used to do this as well?

In some ways, that's exactly what an incentive trust does. It gives you the ability to set up any incentives that you want -- within reason, of course, as things that are illegal or outlandish may not be upheld. The trust only pays if the children meet those goals.

For instance, perhaps you want your children to work with charities and social causes. It's always been important to you to give back and try to make the world a better place. Their involvement could help them earn these payouts.

Maybe you've always really valued a college education. You don't just want your kids to get an undergraduate degree, but you hope they'll stick it out through grad school, as well. The trust could pay out only upon graduation.

One thing to consider, though, is what this type of legacy means. Is it worth it to you to have your children stay in school or work on social causes if they're only doing it for the money? The trust may influence their behavior, but it may not change what they really think is important. Pick your goals carefully, and be sure you know all of the legal options you have to distribute assets with trusts.

Source: Huffington Post, "Passing Values, Not Just Money, via Incentive Trusts," Steve Cook, accessed May 17, 2017

No Comments

Leave a comment
Comment Information

Serving businesses and individuals throughout Massachusetts

Waltham Office
375 Totten Pond Road
Suite 200
Waltham, MA 02451

Toll Free: 888-759-5109
Waltham Law Office Map

Braintree Office
25 Braintree Hill Office Park
Suite 406
Braintree, MA 02184

Toll Free: 888-759-5109
Phone: 617-523-1555
Braintree Law Office Map

Cranston Office
200 Midway Road
Suite 159
Cranston, RI 02920

Toll Free: 888-759-5109
Cranston Law Office Map

Hyannis Office
1330 Phinney’s Lane
Hyannis, MA 02601

Toll Free: 888-759-5109
Hyannis Law Office Map

Norwood Office
520 Providence Highway
Suite 10
Norwood, MA 02062

Toll Free: 888-759-5109
Norwood Law Office Map

Westborough Office
276 Turnpike Road
Suite 228
Westborough, MA 01581

Westborough Law Office Map

Woburn Office
444 Washington Street
Suite 203
Woburn, MA 01801

Woburn Law Office Map