Your family is unique.
The amount of your personal or family wealth is different than your neighbors.
And where one individual or family might only need a will to address distribution of assets such as property, another will need a trust.
It really depends on the total amount of the assets and the responsibilities of you and your family.
If your assets are substantial enough where the state and Federal Government get to collect significant taxes – you really should investigate a trust.
And when I say “substantial assets”, I’m not talking about cash and investments. I’m talking about the whole picture, which includes property and even insurance policies.
As a Boston Trusts Lawyer, I have an obligation to make sure you know exactly what estate planning instruments you should use – whether it’s a simple will or a trust that will keep the tax-man at bay.
A trust also allows you to control ownership of property and if you choose, you can even stipulate how and when your money and property is distributed to your heirs. That is particularly important if you have children that are not yet mature enough to handle a large amount of money and property all at once.
Given that each family is so different, there are a large number of trusts available to protect you and your family. Here’s a brief look at what I will consider when we sit down and talk about your needs:
- Asset Protection Trust
- Charitable Trust
- Inter Vivos Trust or Living Trust
- Irrevocable Trust
- Realty Trusts
- Resulting Trust
- Special Needs Trust
- Spendthrift Trust
- Tax By-Pass Trust
- Testamentary Trust
- Totten Trust
As you can see, there are a significant number of ways to protect your financial needs. And there is no one-size-fits-all solution.
The only way to determine what plan of action is best for you and your family is to spend some time discussing your situation with a qualified Boston Trust Attorney.
I’d welcome the opportunity to discuss your situation and advise you on the benefits of establishing a trust as a safe and smart way of transferring your wealth to your heirs.
I can be reached at (617) 273-5110 or email me by clicking here: .