Mashpee Trusts Lawyer

Mashpee Trusts Attorney

For those beginning to think of their long-term future and the future of their loved ones, working with an experienced Mashpee trusts lawyer can help protect your interests. Here at Albanese Law, LLC, we offer free consultations to families in Mashpee and surrounding areas.

Our estate planning services are tailored to Massachusetts residents, including creating plans that use trusts to preserve your assets for future generations. Call us to schedule your appointment.

Understanding Trusts in Massachusetts

Trusts are legal documents that allow individuals to distribute their property to an individual or organization. This typically focuses on the loved ones of the individual creating the trust.

In Massachusetts, trusts are generally used to avoid probate delays and support Medicaid eligibility. Probate is the legal process that the state uses to settle a person’s estate after they pass away. Because this process can be lengthy and full of potential disputes and taxes, trusts are a great way to streamline the transfer of your estate.

Types of Trusts

There are two primary types of trusts:

• Revocable trusts. This trust allows the individual to maintain control of the assets placed in the trust. These trusts can be altered or canceled at any point during the individual’s lifetime. This is especially helpful for those going through major life changes, such as divorce or marriage.
• Irrevocable trusts. This trust cannot be revised or canceled once created. Once assets are transferred into an irrevocable trust, the individual no longer owns them directly.

For those applying for MassHealth in the future, this type of trust can help protect the assets from long-term health facility costs and creditors. However, the assets must have been transferred into the trust at least five years before applying for MassHealth.

This is called a five-year look-back period and is important to remember in Medicaid planning. If the transfer was done within that five-year window, you might have to wait before benefits start.

Albanese Law, LLC has extensive experience in Medicaid planning and will help you and your spouse factor this into your estate plan.

Medicaid Planning in an Estate Plan

With the average age of Mashpee residents being 55.4 as of 2023, careful consideration of future health needs is incredibly important. Medicaid planning helps people get the medical care they need later in life, such as in nursing homes, while protecting their assets. Without this plan in place, the government may take money from savings, Social Security, or other assets to pay for care for both the person who needs help and their spouse.

As of 2023, 52% of Mashpee residents were married. Consideration of both your needs and the needs of your spouse will help protect your family’s future. When deciding which trust suits your estate plan, it’s important to research Massachusetts law regarding Medicaid. For those wanting to create a revocable trust, state law will still count those assets as belonging to you.

This means that MassHealth counts those assets as an available resource when deciding if you or the named individuals in your trust qualify for government help. If you have high-value assets in a revocable trust, you might not be eligible for MassHealth until you spend most of that money down.

Contacting a Trusted Massachusetts Firm

Creating a legally compliant trust in Massachusetts requires a detailed understanding of local laws and procedures. Albanese Law, LLC offers free consultations to families in Mashpee and surrounding areas to discuss their unique situation and needs. To start the process of protecting your estate, contact our firm today.