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Trusts Archives

Do you want charitable giving to be part of your estate plan?

When it comes to the idea of setting aside some of your hard-earned funds for a favorite charity in your estate plan, you may experience some degree of uncertainty. For example, you may worry that any decently sized amount of money set aside for charity would inevitably be consumed by taxes and also function as some sort of disservice to your heirs over the long run.

Why it's important to have a conversation about estate planning now

For better or worse, dynamics within families are often complex. For aging parents; a desire to leave possessions, real estate and assets to adult children may create unexpected tensions between both parents and adult children and between siblings. To mitigate possible conflicts, parents are advised to establish and regularly upon an estate plan which may include a number of estate planning tools to accomplish several related goals.

How a Medicaid trust works and why you might want one

Even if you save prudently for your retirement years, these funds can be wiped out in a matter of only a few years if you require nursing home care because of a stroke or another unforeseen medical problem. One way to prevent this from happening is through effective Medicaid planning.

Do you have a child with special needs?

When it comes to estate planning matters, most parents share a goal of leaving assets to their child or children. In most cases, however, an inheritance is viewed as a means to help out adult children who are likely working and living independently and may even having families of their own. For a child with special needs, however, many parents often remain caretakers long after a child reaches adulthood.

Why you need to start the estate planning process today

Life is full of surprises and unexpected changes—some good and some more unfortunate. While it's not always possible to anticipate or plan for certain events, in many cases, having a comprehensive estate plan can provide for one’s own benefit as well as that of loved ones.

What is an incentive trust?

All parents worry about their children and ultimately want a son or daughter to succeed. When possible, most parents also want to be able to pass on wealth to a child via an estate plan. In cases where a parent has concerns about a child's career or life choices and/or wants to encourage a child to make certain choices, it makes sense to explore establishing an incentive trust.

Using a QTIP trust to provide for biological children and a surviving spouse

In our last blog post, we began discussing some of the benefits of trusts. Specifically we discussed a credit-shelter or family trust and why this type of trust is often an attractive option for individuals who remarry and want to provide an income stream for a surviving spouse and also, eventually, their children from a previous marriage.

A primer on trusts—the different types and advantages

There's a lot of hype in the estate planning world about trusts and how a trust can be used to benefit both the individual who establishes it as well as the beneficiaries of a trust. Yet, for many people, there's still a lot of confusion about what exactly a trust is and why, for many people in various situations, a trust is preferable to a will.

What are the differences between a revocable and irrevocable trust?

Many people in Massachusetts are likely somewhat familiar with the estate planning tool known as a trust. Trusts are among the most effective and beneficial of all estate planning tools and they can be used to provide for one's child, favorite charity and beloved pet. There are many different types of trusts and, depending on an individual's short and long-term goals, an estate planning professional can provide information and advice about which trust is appropriate.

Using a special needs trust to protect and provide for a disabled child

The U.S. Census Department estimates that approximately 20 percent of the U.S. population is living with a physical or mental disability. For a parent of a child who is born with a serious medical condition or who is diagnosed with major depressive disorder, there are often many questions, worries and concerns about a child’s future and how he or she will fair once a parent passes.

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