Legacy Care Law Firm

A trust is one of the most powerful and versatile tools available in estate planning. Originally, trusts were used primarily by wealthy families as a way to transfer substantial assets without triggering hefty estate taxes. In recent years, however, trusts have become increasingly common in the average person’s estate plan. This evolution has led to the creation of specialized trusts designed to achieve a wide variety of estate planning goals. Regardless of the specific type of trust you choose, … [Read more...] about The Benefits of Appointing an Attorney as Your Trustee

Having a well-drafted and comprehensive estate plan in place is the key to protecting your assets and your loved ones as well as ensuring that your wishes are honored during your lifetime and after you are gone. One of the most common additions to a successful estate plan is a Revocable Living Trust. To help you decide if a Revocable Living Trust is right for you, the attorneys at Legacy Care Law Firm explore what a Revocable Living Trust is, how it works, and the benefits it can provide to your … [Read more...] about What Are the Benefits of Incorporating a Revocable Living Trust into My New Hampshire Estate Plan?

A trust is an extremely popular addition to the average estate plan given the numerous and varied goals that can be furthered using a trust. An irrevocable trust can be a wise choice if your estate planning goals include things such as asset protection, tax avoidance, and long-term control over assets. Unlike a revocable trust, which can be altered or revoked during the Grantor’s lifetime, an irrevocable trust generally cannot be modified once created. This characteristic is often the primary … [Read more...] about 5 Reasons to Establish an Irrevocable Trust

A trust can be an excellent addition to your estate plan, providing flexibility, control, and protection for your assets and loved ones. By understanding the various ways to use a trust, you can ensure that your estate plan meets your unique needs and goals. With that in mind, the attorneys at Legacy Care Law Firm offer the top 10 ways to use a trust in your estate plan. Top 10 Trust Uses Incorporating a trust into your estate plan offers numerous benefits, from avoiding probate and … [Read more...] about The Top 10 Ways to Use a Trust in Your Estate Plan

While almost everyone executes a Last Will and Testament as their first estate planning document, the average estate plan eventually includes additional tools and strategies aimed at creating a more comprehensive estate plan. A trust agreement is one of the most common of those additional tools. If you decide to incorporate a trust into your estate plan, you will need to choose a Trustee to administer that trust. Choosing the wrong Trustee can dramatically increase the likelihood of problems … [Read more...] about How to Choose Your Massachusetts Trustee

Although a Last Will and Testament is likely the cornerstone of your estate plan, you will also probably incorporate additional estate planning tools and strategies into that plan to ensure that all your goals are reached.  Many people, for example, include a trust in their estate plan. To help your trust succeed, the Beverly trust attorneys at Legacy Care Law Firm explain several common mistakes to avoid when creating a trust. What Is a Trust? A trust is a relationship whereby … [Read more...] about Mistakes to Avoid When Creating a Trust

Proper tax planning is vital if you are trying to protect valuable assets. A properly drafted estate plan can diminish, or even avoid, federal gift and estate taxes. A bypass trust and portability are the two strategies that are commonly used to avoid an estate tax bill following the death of one spouse. Deciding between the portability election and a bypass trust requires a better understanding of both options. Toward that end, the estate planning attorneys at Legacy Care Law Firm offer a … [Read more...] about Comparing the Use of Portability with a Bypass Trust

Whether you are a new parent or the parent of adult children, protecting the inheritance you plan to leave your children is a common goal.  Creating a trust is among the most popular ways to accomplish this goal. To help you avoid making common mistakes, the Beverly trust attorneys at Legacy Care Law Firm offer five tips for parents when creating a trust for children. What Is a Trust? A trust is a relationship whereby property is held by one party for the benefit of another. A trust … [Read more...] about Top 5 Tips for Parents When Creating a Trust for Children

If you are the beneficiary of a trust, you are dependent on the Trustee to administer the trust faithfully and responsibly, to communicate with you regarding trust business, and to distribute assets to you pursuant to the provisions of the trust agreement. While most Trustees do fulfill their trust administration duties honestly and without issue, it is possible for a problem to arise that causes a beneficiary to question the Trustee’s intentions or ability to successfully administer the trust. … [Read more...] about Trust Beneficiary Rights

Like many people, you may have included a trust agreement in your overall estate plan. If that trust is an irrevocable trust, you were likely told that you cannot modify, amend, or revoke the trust. What happens though if circumstances change, and your irrevocable trust needs to be modified or amended? While it is always best to operate under the assumption that an irrevocable trust cannot be changed, there may be a way to make changes to an irrevocable trust by “decanting” the trust. The … [Read more...] about Can I Decant a Trust in Massachusetts?