How To Avoid Probate in Massachusetts

As Massachusetts estate planning attorneys, one of the most common questions we’re often asked is, “How can I avoid probate?” Probate is the legal process of settling a deceased person’s estate, and it can be time-consuming and costly. Fortunately, there are several ways to avoid probate and ensure that your assets are distributed according to your wishes. One of the most effective ways to avoid probate is to create a revocable living trust. A living trust is a legal entity that can hold your assets during your lifetime and distribute them after your death. You can transfer ownership of your

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Does a Revocable Trust Protect My Home from Nursing Home Expenses?

A common question from many Massachusetts homeowners is does my revocable Trust protect my home from potential nursing home and long-term care expenses? While a revocable Trust offers many advantages, protecting your home from nursing home expenses is not one of them. In this article, we will discuss the definition of a revocable Trust, examples of how it can be used to protect assets, and alternative options to safeguard your home from potential nursing home expenses. What is a Revocable Trust? A revocable Trust, also known as a living Trust, is a legal entity created by a person during their

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Disclaiming An Inheritance in Massachusetts

Disclaiming an inheritance is a legal process by which an individual chooses to renounce their right to inherit property or assets left to them by a deceased person. In the state of Massachusetts, disclaiming an inheritance can be a useful tool for those who wish to avoid the legal and financial obligations that come with inheriting property or assets. What is Disclaiming an Inheritance? Disclaiming an inheritance is a legal way to refuse to accept property or assets that are being passed on to you by a deceased person. By disclaiming, you are essentially saying that you do not want

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Support a Charity – and Your Loved Ones – With a CLAT

A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period. After this time ends, the CLAT’s remaining assets are distributed to non-charitable beneficiaries, usually a grantor’s loved ones or family members. Depending on how it is structured, a CLAT may be able to reduce a person’s estate and gift taxes. Characteristics of CLATs CLATs are irrevocable trusts and can be created and funded during a grantor’s lifetime or through that grantor’s will. The grantor can fund the

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What Are the Benefits of Having a Testamentary Trust?

There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan. What Is a Testamentary Trust? A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their property after the trustee’s death. A testamentary trust is a part of the testator’s last will and testament. Wealth Management and Asset Protection A testamentary trust helps with overall wealth management by protecting the testator’s assets after their death. This type of trust can be used to name minors as beneficiaries of the testator’s estate. A testator

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Estate Planning Checklist For Divorce

Divorce can be challenging. Even if both parties are on board, divorce is a significant life shift, and with that comes stress, uncertainty, and change. As your needs, priorities, and goals take on a new course, one thing you don’t want to overlook is your estate plan. Estate plans typically contain important documents regarding your future wishes, finances, and health mandates. While married couples generally appoint their spouse as beneficiaries to estate plans, this typically changes with divorce. However, alterations to designations are not automatic and must be legally updated. Below is a list of documents and designations you’ll want

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