Aleksandra chose a Revocable Living Trust to avoid costly probate and to save her family thousands in estate taxes. Here is her story.
Aleksandra left her home in Cape Verde as a teenager for a better life in America. For the past forty-five years, she has called the Boston area home. She raised her three daughters in Arlington. She now lives alone in Arlington since her husband Gilbert died a few years ago, but one of her daughters lives only a few blocks away.
Aleksandra met and married Gilbert a few years after arriving in Boston. At first they worked low-level jobs—he as a driver for a produce distributor, she as a housecleaner—but eventually saved enough to buy a corner store and move in above it. Aleksandra helped customers and managed the finances while Gilbert, using his contacts from his days as a driver, kept the store stocked.
Over the years, Aleksandra and Gilbert expanded their business holdings. They purchased the coin-operated laundromat next door to their original store and, about ten years ago, invested a lot into modernizing the machines and installing a card-reading payment system. They also bought out a competing corner store down the block.
Aleksandra and Gilbert were always active members of their local Cape Verdean benevolent society and frequently attended the 8:00 AM Portuguese-language Mass at their parish. Aleksandra still attends that Mass, though she now goes alone following Gilbert’s untimely death from a heart attack.
The Power of TrustsA guide to trusts for asset protection, estate tax avoidance, and legacy management
Gilbert died without a will. Because their assets were all jointly held, the property all passed to Aleksandra’s sole control. Aside from the shock and sadness of losing her partner of forty years, the difficult process of trying to guess what Gilbert would have wanted for his last wishes made Aleksandra think more seriously about planning for her own death.
As Aleksandra hopes to have many healthy years left, she is not ready to make any set-in-stone decisions in her estate planning. She hopes to be able to name specifically any grandchildren yet unborn and, eventually, great-grandchildren as her heirs. Aleksandra also wants to spare her family the burden of probate court while they are still grieving.
Aleksandra decided on a revocable living trust—an instrument that allows her flexibility and privacy. Along with avoiding probate, she can also save her family thousands in estate tax, allowing them to stretch their inheritance further. After a lifetime of hard work, she is grateful she is able to help her family with the head-start she never had.
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Gosselin Law has worked with many clients like Aleksandra. We have changed the name and identifiable details of this character in order to protect our client’s privacy. This story captures the circumstance and type of clients Gosselin Law has helped over the past 25 years. If you see yourself in this story, or are otherwise considering how to put your estate in order and preserve your wealth, call our offices today.