Boston Trusts Lawyer
Trusts are an important tool in estate planning law, one that allows you to look out for the needs of your loved ones and to protect the assets you have worked so hard to accumulate. While at first glance a trust may seem a tool only for the wealthy, it can in fact be useful in a variety of situations. If you have minor child, a trust can be used to control assets passed down to your children so the money can be spent on their education and not be squandered by them in a short period of time.
At Infinity Law Group, our firm provides a comprehensive set of estate planning services, including wills and trusts. We have extensive experience in helping clients protect their assets and their families, experience we can use to assist you with all of your estate planning needs.
Is A Will Not Good Enough?
A will is one of several important tools in smart estate planning. However, a will does not offer enough protection in a wide variety of circumstances. Even the best will cannot protect your estate and your heirs from the heavy burden of both state and federal taxes. Even if your assets are mainly in the form of property or insurance, a trust can still provide much-needed protection that a will cannot.
Our firm will assist you in creating a comprehensive estate plan, one that includes not only a will, but all the other tools necessary to protect your estate. Each estate is different, which is why there are numerous trust options and estate planning methods to choose from. We will use our training and understanding of Massachusetts estate law to create a plan that will protect you, your family and your estate.
Types of Trusts
Some of the trust you may use for your estate include:
- Charitable Trust
- Realty Trusts
- Living Trust
- Special Needs Trust
- Asset Protection Trust
- Irrevocable Trust
- Totten Trust
- Tax By-Pass Trust
- Resulting Trust
- Testamentary Trust
- Spendthrift Trust
As you can see, the options are quite varied. Each of these trusts is created with a specific goal in mind, giving you an opportunity to protect your estate and to take care of those that matter most to you.
What Makes A Trust So Effective?
At its most basic, a trust involves putting assets into the hands of a trustee to be used for a beneficiary. There are a wide variety of trusts, but the general goal behind them is fairly similar. They are designed to protect assets from excessive taxation and allows you more control over the trust funds than a simple will would.
Some of the main benefits of a trust include:
Whatever goes through the probate process becomes public record, meaning everyone can see what you have handed down to your beneficiaries. While for some people this is not a big deal, for other families it is not desirable. A trust can often bypass probate and keep the assets out of the public eye.
Protecting An Estate
If the trust is well-structured, it should be able to protect your estate from a wide variety of potential issues. If your heirs have creditors that may go after the estate, a trust may be able to prevent if from happening. If you have an heir that is not good with money, a trust can help protect the heir from wasting the inheritance.
Larger estates require more tools for controlling what happens with the assets. A trust can be created that allows you to retain control of the assets while you are still alive. You can also determine the time frame of all distribution of assets and you can control exactly who will get what.
Let Infinity Law Group Assist With Your Estate Planning
Trusts can be extremely useful in a wide variety of situations, but you need experienced legal guidance to employ them effectively. At Infinity Law Group, we have worked with many clients from all walks of life to plan their estates. We are intimately familiar with all types of trusts, and we can use our knowledge to help you employ exactly the trust and other estate planning tools necessary to look after your estate.
Our firm offers free initial consultations to clients interested in estate planning services. During your consultation, we can discuss your estate and your plans for the future. We can help you determine what your next steps should be. With our help, you should be able to maximize the protection of your assets and your estate. Let us help you protect what you have worked so hard to accumulate. Contact us now to discuss your estate planning needs.