Metro West Boston Trust Lawyers

Safeguarding Inheritances for Metro West Boston Residents

If you want to prevent courts from making important decisions about your estate after you pass away, then you need to have the correct legal documents that will ensure your final wishes are faithfully executed. Clients in Metro West Boston often come to our legal professionals to establish different trusts that they can hold their assets and properties in to avoid probate and federal estate taxes. Our legal team at Marsden Law P.C. has more than a decade of trust and will preparation experience. We are here to take a look at your estate plan and explain how our trust services can help you protect your wealth and ensure your loved ones obtain the assets you leave behind.

Contact Marsden Law P.C. today to schedule a consultation with our trust lawyer in Metro West Boston.

Defining a Trust: What You Need to Know

A trust is a fiduciary relationship that you create with another party who holds your assets. This person eventually distributes the assets to the people designated under the terms of the trust. If you properly structure the trusts you add to your estate plan, your loved ones will be financially covered and set up to manage your wealth when you are no longer around.

Choosing the Right Trust for Your Estate Plan

Our clients are usually familiar with wills, but often don’t know as much about using trusts to distribute and protect wealth. We prepare a wide range of trusts for clients in Metro West Boston, including:

• Revocable Trust: This type of trust allows you to manage and change what you put in it during your lifetime. This type of trust is taxed while you are alive and becomes irrevocable after you pass away and when the terms of the trust have been administered by the trustee.
• Irrevocable Trust: This type of trust can’t be changed after it is established, but it does offer tax benefits that clients like to take advantage of. We can guide you through the process of creating an irrevocable trust and determine if it is the correct one for your tax situation.
• Life Insurance Trust: This type of trust ensures your family can receive your life insurance benefits without having to pay expensive estate taxes. This trust also allows you to decide how your beneficiaries can spend your life insurance funds after you die.

The Significance of Trusts in Your Estate Planning

Trusts play a crucial role in estate planning by allowing individuals to protect their assets, minimize taxes, and ensure their loved ones are taken care of according to their wishes. Our team of experienced trust lawyers at Marsden Law P.C. can help you navigate the complexities of trusts and estate planning to create a personalized strategy that meets your unique needs.

Key benefits of incorporating trusts into your estate plan include:

• Asset protection for beneficiaries
• Avoiding probate and maintaining privacy
• Managing and distributing assets according to your instructions
• Minimizing estate taxes
• Providing for minor children or individuals with special needs

Whether you're looking to establish a revocable living trust, irrevocable trust, or special needs trust, our team can guide you through the process and provide peace of mind for the future.

How Our Trust Lawyer in Metro West Boston Can Assist You

We are here to assist you by:

• Personalized Approach: We believe effective trust planning is not a one-size-fits-all endeavor. Each client's situation is unique, and we take the time to understand your specific goals and concerns. Whether you are looking to minimize estate taxes, safeguard your assets from creditors, or ensure the financial security of your loved ones, we craft tailored trust solutions that align with your objectives.
• Client-Centered Philosophy: We are dedicated to building long-term relationships with our clients based on trust, transparency, and exceptional service. Our client-centered philosophy means that you can expect:
• Clear Communication: We will keep you well-informed at every step of the process, explaining complex legal concepts in plain language and ensuring you understand your options.
• Responsive Service: We are always available to answer your questions, address your concerns, and deliver the support you need to make informed decisions.
• Attention to Detail: We meticulously review every aspect of your trust to ensure it is legally sound, accurately reflects your wishes, and effectively protects your assets.
• Protecting Your Legacy: A well-crafted trust is an essential tool in protecting your legacy and ensuring your wishes are honored. We are dedicated to helping you create a robust estate plan that delivers peace of mind for you and security for your loved ones. We are here to guide you through the whole process with expertise, compassion, and a commitment to excellence.

Frequently Asked Questions (FAQs) About Trusts and Estate Planning

1. What is the difference between a will and a trust?
A will is a legal document that outlines how your assets will be distributed after your death. It must go through the probate process, which can take time and incur costs. A trust, on the other hand, allows you to transfer your assets into a fiduciary relationship, where a trustee manages and distributes your property according to your instructions, often avoiding probate and providing additional benefits like tax savings and asset protection.

2. What is a revocable trust?
A revocable trust is a type of trust that you can change or cancel at any time during your lifetime. It allows you to retain control over your assets, and, after your passing, it becomes irrevocable. Revocable trusts are commonly used to avoid probate and maintain privacy, and assets within the trust are typically taxed as part of your estate during your lifetime.

3. What is an irrevocable trust?
An irrevocable trust cannot be changed or revoked once it is established. While you give up control over the assets in this type of trust, it offers significant benefits, such as potential tax advantages, asset protection, and exclusion of trust assets from your taxable estate.

4. How can a life insurance trust help my beneficiaries?
A life insurance trust helps ensure that the death benefit from your life insurance policy is distributed to your beneficiaries without being subject to estate taxes. This type of trust can also specify how the funds should be used, offering you greater control over how your beneficiaries receive the funds.

5. What is the benefit of avoiding probate?
Avoiding probate is a key benefit of using trusts in your estate plan. Probate is a public legal process that can be time-consuming, costly, and invasive. By using a trust, your estate can bypass probate, ensuring faster, more private distribution of your assets and reducing administrative costs.

6. Can I change or revoke a trust after it has been established?
It depends on the type of trust. With a revocable trust, you can change or revoke the trust during your lifetime. However, once an irrevocable trust is set up, you generally cannot alter or revoke it. This is why it’s essential to carefully consider the long-term implications before establishing an irrevocable trust.

7. How does a trust protect my assets?
A trust offers several layers of protection, including shielding your assets from creditors, minimizing estate taxes, and ensuring that your beneficiaries receive your assets according to your specific instructions. It also helps maintain privacy, as trusts generally don’t go through the public probate process.

8. Can a trust be used to care for my minor children or family members with special needs?
Yes, trusts can be used to provide for minor children or family members with special needs. Special needs trusts, for example, ensure that a beneficiary with disabilities receives financial support without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).

9. How do I know which type of trust is right for me?
Choosing the right trust depends on your unique financial situation, goals, and concerns. A revocable trust may be suitable if you want flexibility and control, while an irrevocable trust might be ideal for tax reduction and asset protection. Our experienced trust lawyers at Marsden Law P.C. can help guide you through the options to determine which trust best aligns with your needs.

Contact Marsden Law P.C. today to schedule a consultation with our trust lawyer in Metro West Boston.