Flexible Tools for Estate Planning
There are many different types of trusts that you can use to further your estate planning goals in Massachusetts. Whether you want to engage in estate tax planning, provide assets to a disabled child or preserve wealth for future generations, there is a trust that can help you reach your objectives.
At the Gemma Law Office in Braintree, Massachusetts, we offer a free initial consultation to discuss employing trusts in your estate plan. Estate planning lawyer Anthony Gemma provides comprehensive estate planning services to families in the South Shore area of Massachusetts.
Revocable and Irrevocable Trusts
Here is an overview of some of the most common types of trusts:
- Revocable living trust: This trust gives you a great deal of flexibility to manage your affairs during your lifetime and provides a set of instructions for later trustees if you die or are disabled. A revocable trust can be changed or withdrawn at any time before incapacity or death.
- Irrevocable life insurance trust (ILIT): This trust is used to remove life insurance benefits from the taxable gross estate at a person's death and to provide for the manner in which the proceeds will provide for your surviving family.
- Charitable remainder annuity trust (CRAT): This irrevocable trust enables you to transfer assets to a charitable beneficiary while taking advantage of tax strategies.
- Irrevocable income-only trust (IIOT): This irrevocable trust allows you to maintain assets as part of a Medicaid-planning strategy.
- Asset protection trust: This irrevocable trust protects assets from divorce, creditors, bankruptcy and lawsuits.
- Special needs trust: This irrevocable trust allows you to provide assets to a disabled person without disqualifying him or her for government benefits.
- Retirement trust: This trust serves as the beneficiary for your qualified retirement savings and further provides instructions for the distribution of those proceeds to your family members.
Trusts are not merely for the wealthy. A trust can allow you to keep your family's finances private and avoid the cost and delay of probate proceedings, regardless of the size of your estate. For clients with smaller estates, a trust can provide protection in the event that you or your spouse becomes disabled and provide protection for your children.
Schedule a Free Consultation With a South Shore Irrevocable Trusts Lawyer
Make today the day you start planning wisely for the future. Contact us by telephone or e-mail to schedule a free initial consultation with attorney Anthony Gemma. Our Braintree office is easily accessible from Boston, as well as MetroWest and South Shore communities, and has free parking and disability access.
