At Hu & Associates, we approach each case with the understanding that every family’s circumstances and assets are unique. Our real estate planning lawyer offers customized solutions to meet your needs and goals, including cleverly utilizing different types of trusts.
Backed by over eighteen years of experience in family law, trust, and estate tax planning, our law firm is fully committed to offering you peace of mind and financial security for future generations.
How Does Trust Planning Work in Boston?
A trust is a legally established entity that serves as a custodian for assets on behalf of individuals or groups. In Massachusetts, trusts can be valuable tools for sophisticated estate planning needs, asset protection, tax reduction, and other specific purposes.
With a range of trust options available, our skilled trust attorneys in Boston will guide you in making the right choice based on your assets, family dynamics, and financial goals.
Understanding the distinctions between the types of trusts in Massachusetts is crucial, as each serves unique purposes and offers distinct advantages. Here are some common ones to consider:
Revocable Trusts (Living Trusts)
A revocable trust, also known as a “living trust,” provides the donor complete control over the assets placed into the Trust. The terms of the Trust can be changed or even terminated by the individual at any time before their death.
While the individual can access the principal and income, the trustee can invest the assets to benefit the beneficiaries. Upon the individual’s death, the assets pass directly to the beneficiaries, avoiding probate. Revocable Trusts offer advantages such as probate avoidance and tax planning.
Irrevocable Life Insurance Trusts
Irrevocable and revocable trusts differ regarding the donor or creator’s ability to modify or revoke the trust. Transferring certain assets into an irrevocable trust may be desirable for individuals with substantial estates. Once contributed, these assets are set aside for specific beneficiaries and become inaccessible.
By establishing an irrevocable trust, you can take advantage of lifetime gifting, reduce the size of your taxable estate, and provide creditor protection for your beneficiaries. This strategy presents an opportunity to optimize your financial situation while ensuring the preservation and security of your assets.
Nominee Trusts and Realty Trusts
A Massachusetts Nominee Trust or Realty Trust is distinct from a typical trust. In this unique arrangement, the beneficiaries are able to exercise control over the real property. The trustee holds the legal title to the property, and the trustee’s actions are constrained. In essence, the trustee acts as an agent on behalf of the beneficiary.
Additionally, the identities of the beneficiaries remain confidential, while they possess the authority to direct the trustee in matters regarding the entrusted property. This diverges from the conventional setup, where the trustee typically provides instructions to the beneficiary based on what the trust allows. As a result, a nominee trust is not considered a “true trust” like an irrevocable trust, which is controlled by the trustee.
It is common to use nominee trusts to hold real estate titles, and, like other trusts, assets are transferred to beneficiaries without probate.
At Hu & Associates, our team offers exceptional estate and trust planning guidance. We have extensive experience crafting effective asset protection strategies and skillfully drafting various instruments, including LLCs, homestead declarations, and nominee trusts. With our experience in these legal practice areas, you can ensure the utmost protection and peace of mind for your assets and loved ones.
Administration of Trust: In the world of trust administration, we provide guidance and advice to corporate and individual trustees on how to fulfill the trust’s provisions. Additionally, we provide our services as beneficiaries in trust and estate administration matters, including preparing trust accounts. Trust and estate attorneys like us also help you through all the probate and trust litigation stages. This can involve interpreting or changing the terms of a will or trust. It can also involve starting or defending legal actions related to will contests or pursuing surcharge actions against trustees.
Estate Administration: A trust and estate attorney is crucial to the successful administration of an estate. We work closely with your family, supporting the executor by preparing important probate documents and evaluating the value of estate assets. Moreover, we help with insurance claims and prepare final income and federal and state estate tax returns. We also handle the investment of the estate’s assets and make sure its net assets are appropriately distributed. Throughout estate administration, we carefully maximize income tax savings by strategically timing distributions and claiming the proper deductions.
Secure Your Legacy: Start Trust Planning Today with Boston’s Top Legal Professionals
Ensuring a secure future for your loved ones involves entrusting the protection and distribution of your assets to us, the professional legal team at Hu & Associates in Boston. As renowned trust attorneys, we offer comprehensive trust planning and estate management legal services. Our experience makes the complex process of wealth preservation smooth and effective.
From tailored wealth planning to meticulous trust administration and thoughtful estate administration, we are equipped to navigate the intricate landscape of trust and estate laws. By aligning our knowledge with your unique needs and aspirations, we create a robust framework for safeguarding your assets and securing your legacy.
Don’t leave the fate of your assets to luck. Whether it’s business succession planning or asset protection planning, Hu & Associates offers exceptional legal services to assist you in establishing and retaining control of your assets. We can help craft the proper estate planning documents to ensure your peace of mind.
Contact our Boston office for a consultation with a skilled estates attorney and find out how we can assist you with your trust and estate requirements.