Category Archives: Trust(s)
How Does Trust Administration Work In Massachusetts?
A trust is a common estate planning tool that can offer a number of different advantages. A trustee is appointed to manage the trust on behalf of beneficiaries. Trust administration can be complicated. There are specific rules and regulations for it in Massachusetts. Within this article, our Norwood trust administration lawyer highlights key things… Read More »
What Is A Testamentary Trust And When Should Massachusetts Residents Use One?
Most people have heard of a will. Many have heard of a trust. But a testamentary trust occupies a specific and useful space between the two that does not always get the attention it deserves. If you are working on an estate plan in Massachusetts and trying to figure out which tools make sense… Read More »
Is A Revocable Living Trust Actually Worth It?
Many people opt to include a revocable living trust as part of their estate plan. A revocable trust can offer some tangible benefits over a will. Still, it is not the right estate planning tool for every situation. If you are considering setting up a revocable living trust, it is useful to know the… Read More »
Can A Beneficiary Also Serve As A Trustee In Massachusetts?
A trust can be an effective, efficient way to leave assets to one or more beneficiaries. When you set up a trust in Massachusetts, you must appoint a trustee to oversee it. This raises an important question: Can the beneficiary of a trust also serve as the trustee? The answer is generally “yes”—though it… Read More »
Estate Planning Lessons from Celebrity Nightmares
The dispute over Larry King’s estate shines a harsh spotlight on what happens when an elderly person makes major changes late in life to his or her estate plan, especially when the person has become physically weakened and possibly mentally affected, due to aging and illness. A recent article from The National Law Journal,… Read More »
What Paperwork Is Needed after Someone Dies?
Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require attention after someone has died. There is a lot of work, and often a grieving family member finds it helpful to enlist the aid of a professional to… Read More »
Just What Does an Executor Do?
Spending the least amount of time possible contemplating your death is what most people try to do. However, one part of the estate planning process needs time and reflection: deciding who should serve in important roles, including executor. Whatever the size of your estate, the people you name have jobs that will impact your… Read More »
Trusts can Work for ‘Regular’ People
A trust fund is an estate planning tool that can be used by anyone who wishes to pass their property to individuals, family members or nonprofits. They are used by wealthy people because they solve a number of wealth transfer problems and are equally applicable to people who aren’t mega-rich, explains this recent article… Read More »
How to Plan for a ‘Fragile’ Beneficiary – Minors, Special Needs, and Those with Creditors
Frequently, estate plans will include an inheritance for a minor beneficiary. If you have minor children, you should spell out exactly what you want as far as who will care for your children and how your children’s financial needs will be met. Wealth Advisor’s recent article entitled “Handle with care: Tips on planning for… Read More »
Does a Will Supersede a Beneficiary Form?
It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if key information is missing on beneficiary forms, which is often the case. According to this recent article from The Street, “Secure your IRA—Review Your Beneficiary… Read More »