Asset protection is often important to many Massachusetts residents. Because they likely have worked long and hard to obtain their property, money and other assets, it is common for concerns to arise when it comes to the distribution of that property after death. Luckily, creating a revocable trust or other type of trust account could help individuals address their concerns.
A revocable trust, also known as a living trust, can help protect property from going through the probate process. As a result, family members may be able to save time and money when it comes to addressing the estate, and personal affairs are kept out of the public record as trusts are private accounts. Additionally, having a trust could potentially reduce the likelihood of family squabbles over inheritances.
For more specific trusts, individuals could create an inheritance trust or a Medicaid asset protection trust. An inheritance trust can help ensure that assets remain in the direct family and are not distributed to in-laws or unknown parties. A Medicaid asset protection trust helps keep assets from being used to cover nursing home costs. A variety of other trust options also exist.
Each individual's specific circumstances could present needs for a certain type of trust. Though revocable trust is a common, exploring additional options -- such as irrevocable trusts or special needs trusts -- may help parties make the best decisions for them. Consulting with experienced Massachusetts attorneys may also prove useful as these legal professionals could provide insight into each individual's specific needs and desires.
Source: recordonline.com, "Bonnie Kraham: Elder Law Estate Plan documents", Bonnie Kraham, Feb. 9, 2017