Creating Reliable Trusts For Delaware Residents
Delaware is one of four states that recognizes domestic asset protection trusts as an alternative to offshore trusts. The Boston estate planning lawyers of Cushing & Dolan, P.C., can help you establish a Delaware trust or convert an existing one under similar provisions recently enacted in New Hampshire.
Our tax attorneys are knowledgeable about all types of irrevocable trusts, for the purposes of protecting assets from creditors and limiting estate taxes. For more information, arrange a consultation to discuss your estate planning needs.
Do You Understand Trusts?
A Delaware trust is a type of domestic asset protection trust, or DAPT. With some exceptions, our clients in Massachusetts and New Hampshire, with assets held in a Delaware trust, can shield those assets from future attachment by creditors, regardless of which state any judgments or liens are filed in.
Legislation enacted in New Hampshire in 2009 provides essentially the same protections. Thus, we will typically establish any new DAPT as a New Hampshire trust. However, if you have an existing Delaware trust, we can assist with the annual maintenance and Crummey notices to take advantage of gifting exclusions, or assist with adding a trust protector.
We can also convert a Delaware trust (or Alaska or Rhode Island trust) to a New Hampshire trust. The advantage of conversion is that a New Hampshire trust is overseen by a New Hampshire trustee company with which Cushing & Dolan works closely. This may be a fruitful move — particularly if the trustee in charge of your Delaware trust is stingy with distributions. (A trust should keep creditors at bay, not you, the beneficiary.)
Boston Estate Planning Attorneys Serving Delaware
How does a Delaware trust factor into your estate planning solutions? Call 888-759-5109 or contact us online to schedule a free consultation at one of our eight convenient offices in the Greater Boston area.