Understanding the Common Types of Trusts
A Trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “Trustee,” holds legal title to property for another person, called a “beneficiary.”
Trusts fall into two basic categories: Testamentary and Inter Vivos.
Are You Single? You Still Need an Estate Plan
Many people believe that if they are single, they don’t need a Last Will and Testament or other estate planning documents. But estate planning is just as important for single people as it is for couples and families.
Estate planning allows you to ensure that your property will...
What Happens to Assets Left in a Special Needs Trust on the Death of the Beneficiary?
By their very nature, special needs trusts (Special Needs Trusts) are usually designed to terminate, or at least radically change, when the trust’s primary beneficiary dies. But terminating a special needs trust is not as simple as merely writing a check to the remainder beneficiaries and calling it a day. There...
Four Questions to Help You Choose the Right Professional Trustee for Your Special Needs Trust
Parents or other family members establishing a special needs trust for their disabled family member often want to name a professional — usually a bank, trust company, attorney, certified public accountant or non-profit — as one of the trustees of the trust in order to take advantage of that individual’s experience with...
How to Avoid Guardianship or Conservatorship in Massachusetts
Guardianship and conservatorship both refer to a legal relationship between one person (the guardian or conservator) and another person (the incapacitated person) where the guardian/conservator has the ability and responsibility to make decisions on the other’s behalf. The primary difference between these two roles is the types of decisions that a...
Massachusetts Estate Planning During the Holidays
Thinking about creating an estate plan may not be the cheeriest of topics, but it is one of the most important. And while you may not want to bog family members down with talk of estate planning during the holidays, the holidays are actually one of the best times to talk...
How to get out of Timeshare Ownership Obligations
In the 1970’s people were buying Timeshares; they were very popular. They seemed like a great investment; a way to own a small piece of real estate in a luxury location. A commitment to taking that annual vacation; family fun vacations for a seemingly more affordable cost. Now that the Babyboomers...
Tips for Succession Planning
The longevity of a small business depends on a well-thought-out succession plan. For a family business, you want to evaluate who else can run the business and whether you have to look beyond family members as the business grows. An experienced attorney can help the key stakeholders create a succession plan...
When to sell your parents’ home: The tax consequences
Let’s say you’ve known for years that you are inheriting your father’s home when he dies. Hopefully, he has a Last Will and Testament that indicates clearly that the house will go to you. Now let’s assume that your father is no longer living in the house and doesn’t need the...
What Happens if I Don’t Have a Last Will and Testament in Massachusetts?
Creating a Last Will and Testament is one of the most important things that you can do when developing an estate plan. Unfortunately, though, many people fail to make a Last Will andTestament before they die, either because they don’t think a Last Will and Testament is important or simply because...