Trusts are an important facet in the estate plans of many Massachusetts residents. Trusts can be created to meet a variety of unique needs such as tax minimization, probate avoidance or creditor protection.
Many Massachusetts homes have been in families for generations. Although one might think it would be as simple as handing over the front door key to a son or daughter, passing down a valuable asset like a home is much more complex.
Many Massachusetts residents mistakenly believe that all they need is a will in order to protect their assets and property when they die. However, even with a valid will, the probate administration process still must take place, which is a long, expensive and public court proceeding.
Last week, we discussed how Massachusetts residents who care deeply about their pets can create trusts that provide for their furry friends in case they are no longer able to do so themselves.
Many people in Massachusetts have pets such as dogs or cats that they consider family members. Although our furry friends don't have life expectancies as long as we would like, it is possible to be outlived by a pet.
In the state of Massachusetts, trust planning can provide an individual with the freedom to allot their resources to reflect specific interests and objectives. Some individuals choose to establish a charitable trust because of a desire to financially contribute to a cause or organization that is particularly meaningful to them.
Divorce can greatly reshape a person's estate-planning priorities.
The end of the year is always a good time to think about the future.
It's been a few months since we last addressed how disability issues can affect estate planning decisions.
Charitable giving is an important activity for millions of Americans. And for many people, this includes not only gifts while living. It also includes setting up charitable trusts or using other ways to give money or other assets to charity after death.