| |
TRUSTS |
|
| |
A trust
is a document that outlines how assets of the trust are to be managed
and distributed by the trustee. The use of trusts is also a great
way to reduce estate taxes, protect assets from creditors of those
you love, and manage assets for people who are unable to manage their
own assets or are simply too young or inexperienced to have control
over a large amount of money. |
|
| |
|
|
| |
Revocable
Trusts are often used to avoid probate (Please read
more about Probate). By drafting revocable trusts and funding the
trusts during your lifetime, you can maintain control of your assets
and still have assets distributed to your survivors without having
to go through the courts. If you choose, you can revoke the trust
at any time until your death; that way you maintain even more control
over the assets in the trust |
|
| |
|
|
| |
Irrevocable
Trusts are a vehicle
that can be used to reduce or eliminate estate taxes. Irrevocable
trusts can also help when planning for MassHealth eligibility.
|
|
| |
|
|
| |
Supplemental
Needs Trusts and Special Needs Trusts
hold assets to enhance the quality of life for people on governmental
assistance such as Supplemental Security Income (SSI) and Social Security
Disability Income (SSDI). The trustee is instructed to use the trust
assets to supplement and not supplant services the beneficiary already
receives so that income and services are not reduced. |
|
