Understanding Your Elder Law & Estate Planning Options
Preparing Trusts For The Protection Of Your Children
When setting up an asset plan for your child or children, it is important to protect the assets from those who may want to get at the money, as well as from the beneficiaries themselves who may not always make the smartest decisions regarding the money. There are trusts that offer a level of protection to families who wish to build asset plans for children but do not want the assets distributed outright upon the death of the trustee, or to have probate court oversight.
At the law firm of Albanese Law, LLC, our firm creates trusts that offer a strong level of asset protection, while adhering to the wishes of the trustee. This includes the creation of beneficiary subtrusts. When assets are placed into a beneficiary trust, the beneficiaries may use the money only for designated uses, but otherwise, no one else can touch it.
Estate Planning Considerations For Children
By creating a beneficiary trust to work as an asset plan for children, there are many positives that can happen, including:
- Assets are protected from outside parties such as creditors, bankruptcy, ex-spouses and anyone else who wishes to get at the inheritance.
- You can determine how assets are used, including how much can be taken out each year, what the money may be used for and how incentives can encourage certain goals.
- You can avoid transfer taxes.
Attorney Matthew Albanese will advise you about the ways you can fund a trust with minimal tax consequences while still meeting your financial goals. We also offer a full range of legal planning, documents and strategies to protect assets and other important decisions.
Speak To An Attorney Today
Contact us for more information regarding trusts and asset protection plans for children in Massachusetts. Arrange a complimentary consultation with an experienced lawyer from the Boston area. Call the Milton office of Albanese Law, LLC, to schedule an appointment at 866-591-4451.