There are many different types of trusts that we use in order to achieve a variety of objectives. Here are some of the reasons we use trusts:
- Avoid the probate process in order to reduce court fees, legal costs, and delays associated with administering an estate.
- Minimize estate taxes (Massachusetts and federal as applicable).
- Protecting loved one’s inheritances from potential creditors, divorce, substance abuse, and special needs protections.
- Protecting your assets from long-term care needs (such as nursing home costs).
- Safe-guarding investment assets like rental properties or vacation homes.
- Minimize income taxes on the sale of appreciated assets like operating businesses.
It’s our job to help you decide what your objectives are and then advise you as to the most appropriate type of trust in order to achieve those objectives.