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Massachusetts parents may want to set up a trust

On Behalf of | Aug 25, 2014 | Trusts

Planning for the future can help alleviate stress on your loved ones and yourself. For some people, this can be a straightforward process, but for parents of minors, the process can be slightly more complicated.

Parents in Massachusetts and elsewhere often worry that their children will not have the money that is needed, and if they do, they may worry that the money will be spent unwisely. Fortunately, trusts can ensure that a child does not do without necessities while still giving the parents control, and a trust may be the best option.

Trusts ensure that money is safe, especially regarding beneficiaries who may not be responsible enough at the time. They allow the trustee to create a financial plan for the children and determine when the money should be paid out. Beneficiary trusts allow the beneficiary to use the money for certain actions, but all other actions may be restricted.

Trusts have many positive aspects to them, one being that the money in a trust is protected from outside parties. Secondly, trusts allow the trustee to have complete control over how the money is used. Finally, trusts enable the parties to avoid transfer taxes.

Hopefully, many individuals in Massachusetts will take the opportunities that are associated with a trust to their full advantage. If you wish to learn more about trusts and the safety they can offer, you can visit our Boston Estate Planning For Children Lawyer page. This information can help answer any questions that you may have about how trusts can help protect children while giving parents the peace of mind they need.


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