For Massachusetts residents looking to preserve wealth and provide for future generations, dynasty and generation-skipping trusts offer valuable benefits. Understanding the advantages of dynasty and generation-skipping trusts is helpful for estate planning. It can...
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Trusts
How can conditional gifts in a trust help you and your family?
The concept of conditional gifts in trusts plays a big role. Understanding the dynamics of these gifts can empower individuals to craft a legacy that aligns with their intentions. Conditional gifts in trusts represent a strategic approach to wealth distribution. They...
3 key differences between revocable and irrevocable trusts
When considering estate planning options, trusts are valuable tools for managing assets and providing for loved ones. There are two common types of trusts: revocable and irrevocable trusts. Each has distinct characteristics and benefits. Understanding the key...
How can you know if a revocable trust is right for you?
In the realm of financial planning, you may often encounter various tools and strategies to secure your assets. One such tool that may be worth considering is the revocable trust. This type of trust offers flexibility and control over your assets while providing a...
What could disqualify a trust to be a Medicaid trust?
Setting up a Medicaid trust under Massachusetts law takes careful planning, but the effort can be worth it. This kind of trust holds some of your assets so you may reduce the size of your estate and someday qualify for Medicaid. However, not all trusts qualify as...
Should you have a living trust?
Structuring your finances with estate planning can feel overwhelming for many reasons. However, developing a strategy that carries out your financial wishes and streamlines the process for your family is vital. Creating a living trust can help you prepare your estate...
Facts to know about special needs trusts
As the parent of a child with special needs, it is important to make sure that your child has the resources to meet their long-term needs. A special needs trust provides a source of funds for your child to meet financial obligations, making it an important part of...
Pet trusts: what are they, and should you consider having one?
In 2011, Massachusetts changed its probate code. Among many of the changes made, the state began allowing people to create a trust for their pet(s). It can, in fact, also be done for farm animals, such as goats and horses. How to set up a pet trust Pet owners who wish...
Creating a trust for a child with an uncertain disability
Some children cannot earn a living as adults due to a disability. However, you might not know for sure if your child will be incapable of holding down a job and living alone. Some people retain their independence in spite of a disabling condition. Many parents of...
3 things a trust does that a will does not
A will is a key part of any Massachusetts estate plan, but a will’s power only extends so far. If you have specific state planning goals a will does not help facilitate, you may be able to accomplish them by establishing one or more types of trusts. Kiplinger notes...