Boston Estate Planning for Children Lawyer
Estate Planning for Children Attorney in Boston
Preparing Trusts For The Protection Of Your Children
When setting up an asset plan for your child or children, it is important to protect the assets from those who may want to get at the money, as well as from the beneficiaries themselves who may not always make the smartest decisions regarding the money. There are trusts that offer a level of protection to families who wish to build asset plans for children but do not want the assets distributed outright upon the death of the trustee, or to have probate court oversight.
At the law firm of Albanese Law, LLC , our firm creates trusts that offer a strong level of asset protection, while adhering to the wishes of the trustee. As a trusted Boston estate planning for children lawyer, we specialize in crafting beneficiary subtrusts that safeguard your child’s inheritance. When assets are placed into a beneficiary trust, the beneficiaries may use the money only for designated uses, but otherwise, no one else can touch it.
Helping You Understand Your Elder Law And Estate Planning Options
Estate Planning Considerations For Children
By creating a beneficiary trust to work as an asset plan for children, there are many positives that can happen, including:
- Assets are protected from outside parties such as creditors, bankruptcy, ex-spouses and anyone else who wishes to get at the inheritance.
- You can determine how assets are used, including how much can be taken out each year, what the money may be used for and how incentives can encourage certain goals.
- You can avoid transfer taxes.
Attorney Matthew Albanese will advise you about the ways you can fund a trust with minimal tax consequences while still meeting your financial goals. We also offer a full range of legal planning, documents and strategies to protect assets and other important decisions.
FAQs
1. What is a beneficiary trust and how does it protect my child’s inheritance?
A beneficiary trust is a legal arrangement that holds assets for your child’s benefit while protecting those assets from creditors, divorce settlements, or poor financial decisions by the beneficiary. It allows you to control how and when the funds are distributed, ensuring your child’s inheritance is used responsibly.
2. Can I specify how my child uses the trust funds?
Yes. With a beneficiary trust, you can set clear guidelines on how the money may be spent, limit annual distributions, and even create incentives for your child to achieve certain goals such as education or career milestones.
3. How can trusts help avoid probate and transfer taxes in Massachusetts?
Assets placed in a properly structured trust typically avoid the probate process, which can be lengthy and costly in Massachusetts. Additionally, trusts can be designed to minimize or avoid transfer taxes, preserving more of your estate for your children.
4. How do I fund a trust for my children with minimal tax consequences?
An experienced estate planning attorney can advise you on funding strategies, including gifting, life insurance policies, and other financial tools that help you transfer assets efficiently while minimizing tax liabilities.
If you have more questions or want to create a customized estate plan for your children, contact Albanese Law, LLC, to schedule a complimentary consultation with a trusted Boston estate planning for children attorney.
Speak To A Boston Estate Planning for Children Attorney Today
Contact us for more information regarding trusts and asset protection plans for children in Massachusetts. Arrange a complimentary consultation with an experienced lawyer from the Boston area. Call the Milton office of Albanese Law, LLC , to schedule an appointment at 617-698-8004 .
