Life Insurance Trust Lawyers in Massachusetts
There are many ways to ensure your beneficiaries receive funds from your estate with as little hassle, taxation, and time in probate as possible. One way is through the creation of a trust. One type that can be beneficial for those who have an estate worth a certain amount in Massachusetts is a life insurance trust. When you are venturing into estate planning and want to explore options that may maximize the amount you can leave to beneficiaries, Shapiro Law Group, PC, can explain the benefits of creating a life insurance trust.
When you create a life insurance trust, you give up ownership of the policy, therefore it is no longer considered part of your estate. The amount of the policy is then protected from estate taxes. With a life insurance trust, you can continue to contribute enough to pay the premiums without having the life insurance amount count as an asset. By excluding a life insurance policy from the totality of your estate, you reduce the overall value of an estate. This reduces any tax liabilities when it is time to distribute assets and asses estate taxes. Another benefit of creating a life insurance trust is that this type of trust eliminates the need for probate. A life insurance trust can also be beneficial in that it can be distributed over time rather than as a bulk amount. This can protect family members who may receive some kind of government benefits that hinge on the amount of money they make or inherit.
A life insurance trust can be a useful tool for creating a legacy for children and grandchildren, and seeing that funds are distributed how you see fit. Shapiro Law Group, PC, is dedicated to helping clients explore all of their options when it comes to estate planning. We know estate planning is an extremely personal process and you may have specific wishes and plans that require creative and innovative ways to distribute and handle your assets. Our firm will take the time to review your finances, discuss your exact wishes, and explore options that can ensure your needs and wishes are upheld. We can draft and maintain a life insurance trust that works for your particular needs. Let us advise you as you move forward with the estate planning process. The attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. (617) 203-8895.