When it is time to plan for the disposition of your estate following your death, you will have many issues to consider. Some of these include protecting your heirs from excessive taxation, reducing conflict among your heirs and providing for family members with special needs.
We know estate planning can feel overwhelming for the uninitiated, but the good news is that no matter your circumstances, there are trusts available that can work for you and your heirs. In fact, Massachusetts residents can choose from a variety of trusts to address each concern once and for all. As a means of giving our neighbors a head start on the road to estate planning, here are just a few of the trusts that many people choose.
- Revocable or living trust: Because it is revocable, trust makers can make changes to the trust while still living.
- Irrevocable trust: As the name implies, once this trust is legalized, it cannot be changed.
- Special needs trust: This trust offers a way to continue providing for special needs family members without disqualifying them from government benefits.
- Charitable trust: With this trust, you can benefit your favorite charities while also avoiding excessive taxation.
- Pet trusts: In the eyes of the law, domestic animals are property, meaning you cannot name pets as beneficiaries in your will. Setting up a trust for your pet is an excellent alternative.
We know that these brief descriptions of available trusts are not enough to help you make fully informed decisions. Our lawyers urge you to learn more about your estate planning options by browsing our website or reaching out to our staff members.