Using The Power Of Trusts In Estate Planning
Trusts aren’t just for the wealthy. Many people can take advantage of the power of trusts to accomplish specific objectives in their estate plans, such as protecting a beneficiary’s assets from creditors and predators.
At MT Law LLC, our attorneys will listen to your goals and help you craft an appropriate trust. We will answer your questions and explain your options.
Types Of Trusts
There are many types of trusts, each designed to meet specific objectives. Here are examples of the most popular types of trusts:
- Living trust: A living trust gives you control of your assets while you are alive and spells out how those assets should be distributed after your death. You can change or revoke a living trust at any time. Assets held in trusts do not have to go through probate. This enables you to keep your family’s financial affairs private.
- Beneficiary trust: Beneficiary trusts allow you to protect the assets you give to your children from issues like creditors, lawsuits or divorce.
- Life insurance trust: A life insurance trust is a type of irrevocable trust that can reduce the size of your estate for tax purposes.
- Charitable trust: A charitable trust allows you to lower your taxes while supporting a cause that is important to you.
- Special needs trust: A special needs trust allows you to give money or other assets to a person with special needs without making them ineligible for Medicaid or other government benefits.
While trusts are more expensive to prepare than wills, trusts can create significant savings for your beneficiaries since they do not have to go through the time and cost of a probate proceeding.
Let Us Help You Craft Your Trust
As you can see, a trust is a powerful estate planning tool. Contact our Massachusetts office online or by calling 800-345-1899 to discuss your estate planning goals with one of our experienced attorneys. We are an international law firm with offices in Massachusetts, New York, California and China.