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Non-Tax Reasons for Trusts: Foxboro MA Area Estate Planning Attorney
 The author Brigitte von Weiss of VON WEISS LAW OFFICE is an Easton MA estate planning and elder law attorney.  
Website:  vonweisslaw.com
There are several non-tax reasons for utilizing trusts such as asset protection; avoiding probate; creditor protection; protection for the surviving spouse and children in the event the surviving spouse remarries; control and management of assets for spendthrifts, minors and those disabled; and avoiding ancillary probate for real estate owned in another state.  Moreover, living trusts are private (not public) documents and notice of the trust assets and accountings need be given only to the interested parties.
Example:  Mr. and Mrs. Foxboro have "I love you" wills whereby they leave everything to each other and they each have a taxable estate of $2 million (a total of $4 million).  Mr. Foxboro dies and Mrs. Foxboro remarries.  She and her new husband have a verbal agreement that at their deaths their respective assets will go to their respective children by prior marriages.  Mrs. Foxboro’s estate plan leaves her $4 million to her children.  However, after her death, Mrs. Foxboro's new husband waives her Will and claims a forced share (also referred to as "elective share" and "statutory share").  Under Massachusetts law, assuming ... more

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