Testamentary Trusts: The Best of Both Worlds
You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain...
Decanting: How to Fix a Trust That Is Not Getting Better with Age
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you are the beneficiary of a trust created by your great-grandfather over 70 years ago, and that trust no longer makes sense. Or maybe you created an irrevocable trust...
5 Good Reasons to Decant a Trust
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include...
3 Examples of When an Irrevocable Trust Can—and Should—Be Modified
3 Examples of When an Irrevocable Trust Can—and Should—Be Modified Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees,...
Do Not Leave Your Trust Unprotected: 4 Ways a Trust Protector Can Help You
Do Not Leave Your Trust Unprotected: 4 Ways a Trust Protector Can Help You Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of...
Don’t Forget to Tell Them How to Share
Personal property can be an important part of many people’s lives. Whether it is something that has monetary value or something that you have collected for many years, certain items hold a significant place in your heart. Figuring out what to do with these items when...
Sometimes Stuff Is the Most Important Part of Your Estate Plan
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to...
Who Will Care for Your Pet?
If you have a severe illness or accident or pass away, who will you trust to look after your pet? There are many ways to ensure your pet continues to have a loving home. Guardian of Your Minor Children If you also have minor children, the nominated guardian of your...
NINE PRACTICAL TIPS FOR NAVIGATING THE NEW ESTATE PLANNING LANDSCAPE
The year 2023 was a landmark year for changes in Massachusetts’ estate tax laws. Here are 9 practical tips to navigate the new Estate Tax Landscape: Regular Reviews and Updates: A colleague of mine once said: “You need to review your estate plan on a regular basis;...