Worcester Will Attorney
While every adult should have a will, many people can also benefit from a trust. A trust will not only help your heirs avoid the cost of probate, it will also reduce estate taxes and protect your assets from being depleted by the rising cost of long-term care.
I am attorney Nicholas W. Daviau, and I established my firm, Daviau Law Offices, PC, in 2011 to provide people in Worcester and throughout Massachusetts with high-quality and affordable legal services. During your free consultation, I will take the time to listen to your unique needs and objectives and recommend an estate planning solution to help you meet them.
Planning for Your Future
A will is a basic estate planning tool that establishes how your property will be distributed, appoints a guardian for your minor children and designates a personal representative to handle the administration of your estate. Though a will costs less upfront, it must go through probate, which can be a costly and time-consuming process. That is why I usually recommend that my clients establish a trust in conjunction with a will.
A trust is a powerful tool to help you meet your estate planning objectives, whether you are concerned with protecting your estate from taxes, avoiding probate, assisting a loved one with special needs, donating to charity or Medicaid planning. There are several different types of trusts to select from, including:
- Revocable trusts: A revocable trust gives you the freedom to transfer assets in and out of your trust throughout your life. With a revocable trust, you retain the right to revoke, amend or alter the trust during your lifetime. Upon your death, your assets will pass directly to the trust beneficiaries, avoiding probate and minimizing estate taxes.
- Irrevocable trusts: Irrevocable trusts are the cornerstone of Medicaid planning as they provide people with a vehicle to shelter their assets from the cost of long-term care. Assets placed into an irrevocable trust cannot be accessed once they are transferred; however, one can receive the income or dividends generated by assets owned by an irrevocable trust.
- Special needs or supplemental needs trusts: A special needs or supplemental needs trust allows you to preserve the assets of a disabled loved one while protecting his or her eligibility for MassHealth and other government programs.
- Charitable trusts: A charitable trust can help you donate to a charitable cause while maintaining an income stream throughout your life. Charitable trusts also provide great tax incentives for those with larger estates.