An independent trustee is an individual or a professional entity appointed to oversee and manage the assets held in a trust or estate. Their primary responsibility is to carry out the wishes and intentions of the grantor (the person creating the trust) as outlined in the trust document. An independent trustee acts as a fiduciary …
Power of Appointment Provision within a Trust A power of appointment provision is a legally binding provision within a trust that empowers the surviving spouse or another designated beneficiary to change the ultimate beneficiaries of the trust. To provide an example, suppose a married couple’s trust includes a power of appointment clause. In such a …
A credit shelter trust (CST) serves as a valuable strategy in estate planning. CSTs can safeguard individuals’ assets from estate taxes while easing the smooth and tax-advantaged transfer of wealth to their beneficiaries. This trust is also referred to as a bypass trust, a family trust, or an exemption trust. The main purpose of a …
Common Questions about Massachusetts Credit Shelter Trusts Read More »
A special needs trust (SNT) is a crucial tool designed to protect and manage assets on behalf of individuals with disabilities. Its primary purpose is to enhance the quality of life for beneficiaries while preserving their eligibility for government benefits, such as Medicaid and Supplemental Security Income (SSI). Understanding the intricacies of a SNT is …
Should you consider creating more than one trust? Individuals and families in Massachusetts and nationally that are thoughtfully focused upon estate planning often have numerous questions regarding trusts. These are important questions with many different answers, all depending on a person or family’s unique situation. There are many types of trusts, with the instrument collectively …
Would there ever be a reason to create more than one trust? Read More »
All trusts are legal arrangements that allow for an estate’s assets to be passed from the creator of the trust to its beneficiaries relatively quickly and easily, often protecting your beneficiaries’ assets from certain kinds of claims or taxations. Trusts can provide a variety of benefits for your family after you are gone — and …
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