When you create your estate plan, you have a wide variety of tools that you can use to ensure your heirs receive the assets that you want. One of those options is a trust. SmartAsset explains that a trust is a financial tool that gives you control over the assets you...
Albanese Law, LLC
The basics about trusts as part of an estate plan
Boston area residents often find that when they begin the estate planning process they have many different options to consider. It is all part of putting together a comprehensive estate plan. However, there is one estate planning instrument in particular that can be...
How do conservatorships work?
When a person is having trouble in administering his or her property and assets, it is normal for the court to set up a conservator. Typically, what a conservator does is that he or she has the legal responsibility to manage another person’s affairs, which can be...
Setting up the right sort of trust
Setting up a trust may not be enough to protect the money you wish to bequest to your loved ones. There are instances where the trust may not cover a particular asset. And in some instances, a prepared trust may not cover the asset at all.It is a good idea to...
The ups and downs of a revocable trust for Buzz Aldrin
Elderly people across the country have been involved in legal battles where people, including family members, are attempting, or have attempted, to gain control of their assets. Some Massachusetts residents may find themselves in a similar situation to former...
The pros and cons of an incentive trust
An incentive trust appeals to you. Your two children are very different. While your daughter is well-grounded and you have no doubt she will spend her inheritance wisely, your younger son is far different. He has always spent money quickly and made frivolous purchases...
Setting up a special needs trust
Caring for a special needs child can often be more complicated than many Massachusetts parents expect it to be. Many parents of special needs children have come to realize that their children may not be able to live independently, and they are constantly...
Benefits of a special needs trust
Families with a special needs child are becoming more and more common. Many of these children will receive government benefits when they are older. Some Massachusetts parents may wish to leave a special needs child some kind of inheritance after they pass. However,...
A revocable trust cannot serve its purpose until it is funded
Whether in Massachusetts or elsewhere, a basic fact to remember is that trusts must be funded before they can do anything. However, an unfunded trust is not void. For example, a revocable trust that is unfunded will remain valid but inoperative until it is funded....
Different options provided by a revocable vs. irrevocable trust
A trust is an often-underutilized estate planning tool that allows for clear and specific stipulations regarding the handling of a Massachusetts individual's estate and asset distribution, while often minimizing taxes and administrative expenses. With terms like...
