Establishing a special needs trust may be one important part of long-term care planning. This type of trust holds funds for the use of the beneficiary without jeopardizing his or her eligibility for means-tested government assistance. When forming a special needs...
Albanese Law, LLC
The difference between irrevocable and revocable trusts
A trust is a legal entity that you create while you are still living. The whole purpose of a trust is to transfer your assets as seamlessly as possible to your beneficiaries when you pass away. Trusts are generally preferable to wills alone because they avoid probate...
Preserving means-tested benefits with a special needs trust
If you have an adult child who has a disability, you may want to use your estate plan to make life easier for him or her after your death. If you gift cash or other assets to your child, you may inadvertently harm his or her eligibility for Supplemental Security...
Administering a Massachusetts Special Needs Trust
Over the past twenty years, estate planning attorneys in Massachusetts (and elsewhere) have turned to a special type of trust known as a “special needs trust” to help families with a disabled member. The basic purpose of a special needs trust (SNT) is to protect the...
Differences between revocable and irrevocable trusts
As people grow older in Massachusetts, they may gain a stronger understanding of their mortality and begin to focus on ensuring that they assets end up with the people they intend for them to go to. There are different ways that people can do that though. Some choose...
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...
Minimize death taxes with trusts
Estate taxes, sometimes called death taxes, are taxes taken from the transfer of an estate upon a person’s death. Often expensive, these taxes can take around 50% of the value of an estate, after a certain threshold. With payment due nine months after an individual’s...
What are the advantages of a revocable living trust?
The goal of estate planning is to allow someone to control and designate how their property is distributed to others when they die. The goal for estate planning attorneys is to help people pass along as much of their estate as possible, avoiding probate, taxes and...
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...
