Estate Planning Help For Real Estate Issues
The family residence and other real estate is often a key concern in estate planning. A realty trust provides for a smooth transfer of real property to the intended beneficiary. Because these trusts bypass the probate process and deed recording, there is the added advantage of privacy.
The experienced lawyers of Cushing & Dolan, P.C., are knowledgeable about Massachusetts realty trusts, and other estate planning and succession considerations regarding your home, vacation property or land.
We represent individuals, couples and family-owned businesses in the Boston area and throughout Massachusetts. Arrange a consultation today to explore a realty trust and other estate planning.
Realty Trust (Nominee Trust)
The Commonwealth of Massachusetts recognizes the realty trust, also known as a nominee trust, as a useful vehicle to hold legal title to real estate. Your revocable or irrevocable trust can serve as the beneficial owner. As a nominee trust, the trustees can act only with the express authority of the beneficiaries.
There are two main purposes for putting your home or other real property in a realty trust:
- Confidentiality — The beneficiaries are not listed publically at the Registry of Deeds, allowing for anonymity of ownership.
- Ease of transfer — Transactions involving property in nominee trusts do not have to be recorded with the Registry of Deeds.
A realty trust does not confer any protection from creditors, transfer taxes, gift taxes or estate taxes. Our knowledgeable attorneys can address your concerns through separate strategies; for example, the property can later be transferred to an irrevocable Medicaid trust in anticipation of nursing home care and Medicaid eligibility.
Call Our Office To Start Planning
For a deeper discussion of realty trusts to maintain secrecy of your holdings, call Cushing & Dolan at 888-759-5109 or contact us online. We offer a free consultation, with eight convenient locations in Boston and surrounding counties.