Creating a trust is an ideal way to distribute funds to beneficiaries on your own terms. It gives you some semblance of control over how and when those funds are distributed and used. There are numerous ways to create a trusts and very specific stipulations that can be included. Shapiro Law Group, PC, can help you create a trust that works for your unique situation.
Trusts are personal and can be devised to meet the needs of your family or other beneficiaries in number of ways. Not only can you control the amount, when, or how funds are distributed and used, but creating a trust also helps your estate avoid probate. If handled right, they are generally not taxable. Aside from a basic trust fund, there are other kinds that are useful for some Massachusetts residents.
Types of Trusts
Some of the specific other types of trusts Shapiro Law Group, PC, can help with include:
- Generation-skipping Trusts—this allows a benefactor to bypass children and give directly to grandchildren. There may be stipulations for higher education.
- Charitable Trusts—designates amounts and timetable for certain philanthropic duties
- Created by Will—this kind of trust may be used to provide a lifetime source of income for a spouse without burdening that spouse with the entire amount at once. A large amount of money willed to a spouse could significantly increase their estate valuation and result in high taxes.
- Crummey Trusts—created for minors and with some controls after age 18.
- Qualified Terminal Interest Property Trust (QTIP) —this kind of trust is beneficial for families with divorce, step-children, or remarriage issues that may complicate other means of leaving funds for beneficiaries.
Experienced Trust Law Attorneys
There are other options for customizing a trust for beneficiaries. Shapiro Law Group, PC, has the skill and experience necessary to help you decide the best course of action when creating a trust. We will listen and get to know your situation so we can help your vision and wishes become reality when the time comes. With our knowledge and experience, we can provide up to date information and advice that will help you better navigate the trust and estate planning process. Shapiro Law Group, PC, understands how important your assets are and how hard you have worked to be able to create a trust for your beneficiaries. Let us listen to your needs and create a customized trust that best accomplishes what you want for your beneficiaries.
The trust attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. 339-200-9933.