Trusts Attorney in Needham, MA

Trusts: The Cornerstone of Strategic Estate & Elder Law Planning

A well-crafted trust is one of the most potent and versatile legal tools available to protect your wealth, have your wishes honored, and provide financial security for your loved ones. 

At Lannik Law, we serve individuals and families in the Greater Boston area, Cape Cod, Mashpee, and Needham with trust representation. Trusts are the cornerstone of a comprehensive plan that addresses not just what happens after you die, but how you are protected during your lifetime.

Consult our Needham & Mashpee trusts lawyer about your legal needs by contacting us online or at (781) 303-9594. Your consultation can be conducted virtually for convenience. 

What is a Trust & What Needs Does it Fulfill?

Simply put, a trust is a legal arrangement where one person (the grantor or settlor) transfers assets to a person or institution (the trustee) to hold and manage for the benefit of another person or persons (the beneficiaries).

A trust fulfills critical needs that a simple will cannot, primarily centered on control and protection.

• Bypass probate: Assets in a trust avoid the public, costly, and time-consuming court process of probate.
• Asset protection: Certain trusts shield assets from the enormous costs of long-term care (MassHealth/Medicaid) and can protect inheritances from a beneficiary’s creditors or divorce.
• Incapacity management: Trusts provide immediate management of your financial affairs if you become incapacitated, avoiding the need for a court-appointed conservator.
• Tax minimization: Trusts are essential for strategic estate tax planning at both the state and federal levels.

The Critical Importance of Tax Planning in Massachusetts

Currently, the federal government does not impose estate taxes unless an individual leaves behind more than $13.99 million. However, Massachusetts has its own estate tax with a much lower limit of $2 million.

This means that if the total value of everything you own when you pass away exceeds $2 million, Massachusetts can tax the amount above that threshold. The tax rate can be as high as 16%, depending on the size of the estate.

Many people are surprised to learn they fall into the taxable range when they include often-overlooked assets like:

• Life insurance policies
• Retirement accounts (IRAs, 401(k)s)
• The value of their primary residence

We know how to use trusts to minimize or eliminate estate taxes, often preventing significant tax burdens for your beneficiaries.

How Lannik Law Can Help You

With over four decades of experience, our Certified Elder Law Attorney (CELA) can draft the specific, nuanced trusts necessary to achieve complex financial and legal goals. We understand that errors in drafting can lead to serious consequences for estate tax or MassHealth purposes.

We provide detailed guidance on:

Tax minimization. We use specific types of trusts to enable married couples to maximize the benefits of both the federal and Massachusetts estate tax exemptions. This planning can significantly reduce or eliminate the taxes your family might otherwise owe when one or both spouses pass away. 

It also prepares for the possibility that certain federal tax benefits for married couples, such as “portability,” may end in the future. (Portability allows a surviving spouse to use the unused exemption of the first spouse to die.) In short, these trusts help protect a larger portion of your assets, allowing your heirs to receive as much as possible.

Asset protection. We use specific trusts to legally protect assets from the devastating costs of long-term care, thereby securing your eligibility for public benefits, such as MassHealth.

Customized distribution. Funds for minor children, grandchildren, or beneficiaries with special needs are protected and managed according to your exact instructions.