Boston Trusts Attorney

If you are an individual looking for ways to create a comprehensive estate plan, the establishment of a trust might be an invaluable tool. A trust can provide you with a way to protect certain assets, provide for the financial stability of your loved ones, distribute assets in accordance with your desires, and help you avoid certain tax liabilities, probate, and other legal disputes. It is essential to retain the legal help of a Boston trusts attorney.

When you place property or assets into a trust, you have the ability to maintain control but not ownership of those assets and property holdings. The individual you place in ownership and management of those assets and pieces of property is known as the trustee and they are required to follow the terms of the trust you have previously established. If you are looking to create a trust, modify a revocable trust, or remove or replace a trustee, Albanese Law, LLC can help.

What Is a Trust in Boston, Massachusetts?

At its core, a trust is a legal entity or arrangement where an individual or party, referred to as the grantor, has the ability to transfer assets or funds to another party, or the trustee, for them to manage in order to benefit a third party, named the beneficiary. Trusts can be a vital part of any Boston estate plan and offer countless benefits and areas of flexibility when it comes to things such as probate court, tax liabilities, and overall inheritance.

A few of the key components of a trust can include the following:

• Grantor: The person who sets up and establishes the trust and transfers their assets, funds, or property holdings into the trust
• Trustee: The individual or entity who is chosen by the grantor and becomes responsible for managing the assets, funds, or property holdings within the trust according to the wishes and desires of the grantor
• Beneficiary: The party who benefits from the assets, funds, or priority holdings held within the trust

In Massachusetts, there are, most commonly, two categories a trust can fall into. These two categories include the following:

• Revocable Trust: When you create a revocable trust, the grantor can modify or amend it at any time. However, after you, as the grantor passes, the trust can no longer be changed and becomes known as an irrevocable trust. The main benefit of setting up a revocable trust is that it allows you, as the grantor, to retain your ability to control the assets held within the trust, and you may even choose to terminate the trust.

When the circumstances of your life or the lives of your beneficiaries change, you maintain the right to amend or modify the trust as you see fit. For example, a remarriage in the family might cause you to obtain step-children or step-grandchildren that you would like to add as beneficiaries to your trust. Or you may choose to no longer have certain assets held within the trust. Revocable trusts can offer you this flexibility.

Revocable trusts, however, do come with some downsides. For example, a revocable trust may not protect your assets from certain creditors. Additionally, if your main purpose for setting up a trust is to protect assets from long-term care spending, a revocable trust might not be the right option. This can be the case if you find yourself in need of applying for and qualifying for MassHealth Medicaid benefits.

• Irrevocable Trust: When an irrevocable trust is created, the grantor will not have the ability to change, update, or terminate the trust. The main goal of these trusts is to fund the futures of children, grandchildren, or other dependents. Though you will not be able to modify or dissolve the trust after its creation, you can hold some control over the assets by choosing a trustee who can access the assets placed in the trust.

While this form of trust does not allow the same degree of flexibility as a revocable trust, it usually offers a greater degree of security and asset protection. However, when you establish an irrevocable trust, it is vital that you choose trustees you can trust to make important financial decisions for the benefit of all involved.

Albanese Law, LLC: How We Can Help You with the Establishment of a Trust

At Albanese Law, LLC, we have worked with countless clients over the years, assisting them in the establishment of a trust. We are dedicated to ensuring we can do everything in our power to protect your assets and legacy and make sure your desires are honored. When helping you establish a trust in Boston, MA, our team can help you by taking the following actions:

• We can work alongside you to better understand your goals and determine which form of trust can adequately serve your unique needs.
• We can assist in helping you choose a trustee who is both reliable and responsible for fulfilling the duties of this necessary post.
• We can help ensure that all trust documents are correctly and clearly drafted to avoid any confusion, ensure that they reflect your wishes, and provide you and your beneficiaries with the necessary protection.
• We can then work to guide you through transferring funds to your trust and ensure that all the steps to secure these finances are properly taken.

Common Types of Trusts Available in Massachusetts

Trusts can come in various forms in Massachusetts, whether revocable or irrevocable. Each one can be tailored to fit your unique goals and offer specific advantages to yourself and your beneficiaries. The most common trusts in Massachusetts include:

• Special Needs Trust: This type of trust is utilized in order to provide for a beneficiary with special needs without compromising their eligibility to necessary government benefits or government assistance programs.
• Charitable Trust: This form of trust offers you the ability to support a charitable cause of your choosing while still receiving certain tax benefits.
• Spendthrift Trust: This type of trust protects your beneficiaries from certain creditors or from making incorrect financial decisions.

Speak with a Trusted Estate Planning Attorney Today

If you wish to establish a trust in Boston, Massachusetts, the team at Albanese Law, LLC is here to help. Contact our offices today to set up a consultation to see if our services are the right fit for your unique situation.