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August 2013 Archives

Trusts help Massachusetts business owners protect business assets

There are a variety of legal instruments available to people to utilize when creating an estate plan. One important legal document is a last will and testament. However, in addition, many people also prefer to utilize a trust. In many ways, trusts allow more control over how assets are distributed. Many business owners in Massachusetts and other states prefer using trusts to transfer business assets to heirs.

Taxes and the probate process in Massachusetts

It is an unfortunate truth that everyone in Massachusetts is going to lose a loved one at some point. The most anyone can hope for is that the loss comes when that loved one has lived a long and happy life. Dealing with the assets that person left behind through the probate process can seem trivial in the midst of grieving, but it is something that has to be done.

Wills and perpetuity stipulations -- misuse by troubled hospital?

The now troubled hospital had received an endowment during the 1990s from a long-term board member for $135 million. In the manner of other wills and endowments such as those made in Massachusetts and elsewhere, it was stipulated that the funds be held in perpetuity. Unfortunately, the hospital is currently losing $15 million daily and the endowment originally intended to be held in perpetuity is now gone.