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...
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Trusts
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...
What is the difference between a will and a trust?
Wills and trusts are two valid estate planning tools you can use to distribute your assets after you pass, but they function differently in how they accomplish your goals. Both legally binding documents give you the final say in where your assets go upon your death....
How do I create an educational trust?
As a caring parent or grandparent, you want to leave assets behind for your loved ones. Some of these heirs may include those who are in their twenties or even younger. Young people are not always wise at handling money. You want to make sure they do not waste what...
Which assets may I transfer to a living trust?
Massachusetts residents may create a revocable or “living” trust and use it to protect their assets. As your property or income changes, a living trust allows you to transfer assets to it until your death. After death, your trust becomes irrevocable, and your assets...
How do I create a pet trust?
If it is possible your pet could outlive you, then you should make a plan for it. Many animals end up in shelters each year because their owners died and did not plan ahead. The General Court of the Commonwealth of Massachusetts explains the state does allow you to...
Who makes a good special needs trustee?
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...
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...