Non-Tax Reasons for Trusts: Norton MA Area Estate Planning Attorney

By
Real Estate Attorney with an Expertise in Estate Planning and Elder Law

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. Norton 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. Norton dies and Mrs. Norton 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. Norton’s estate plan leaves her $4 million to her children.  However, after her death, Mrs. Norton's new husband waives her Will and claims a forced share (also referred to as "elective share" and "statutory share").  Under Massachusetts law, assuming there is no valid and enforceable prenuptial or separation agreement and one of Mrs. Norton's lineal descendants survived her, the new husband's forced share is 1/3 of Mr. and Mrs. Norton's $4 million (the first $25,000 outright and a life estate in the remainder).  In contrast, if Mr. and Mrs. Norton had credit shelter trusts to minimize estate taxes, the new husband's forced share is 1/3 of her $2 million (again, the first $25,000 outright and a life estate in the remainder).

 

Nothing in this blog should be considered legal advice as this is a complicated area of the law.    

The author Brigitte von Weiss of VON WEISS LAW OFFICE is an estate planning lawyer and elder law attorney serving clients in Easton, MA, as well as nearby towns and cities, including Abington, MA, Attleboro, MA, Avon, MA, Bridgewater, MA, Brockton, MA, Canton, MA, East Bridgewater, MA, Foxboro, MA, Mansfield, MA, North Attleboro, MA, Norton, MA, Norwood, MA, Plainville, MA, Randolph, MA, Raynham, MA, Rehoboth, MA, Rockland, MA, Sharon, MA, Stoughton, MA, Walpole, MA, West Bridgewater, MA, and Whitman, MA.   

Brigitte, a graduate of Boston College School of Nursing and an honors graduate of Loyola University of Chicago Law School, stands out from other elder law and estate planning attorneys in that she worked as a registered nurse for four years and earned a Master of Science in Taxation with high distinction from Bentley College.  This unique combination of legal, nursing and taxation backgrounds enables Brigitte to provide outstanding legal guidance to her clients in their time of need.  Call (508) 238-3005 for a free phone conversation with Brigitte to learn if she can help.  You also may reach her through her website at www.vonweisslaw.com.  

ADDITIONAL RESOURCES:

The Massachusetts Uniform Probate Code (MUPC)   

Bristol County Family and Probate Court   

Plymouth County Family and Probate Court   

Norfolk County Family and Probate Court 

Alzheimer's Association

National Academy of Elder Law Attorneys

Massachusetts Chapter of National Academy of Elder Law Attorneys

Massachusetts Area Agency's on Aging (AAA's)
  and Aging Service Access Points (ASAP's)

MassHealth form

Bristol Elder Services

Old Colony Elder Services

Hessco Elder Services 

 

NORTON MA 

Town of Norton MA website 

Council on Aging Norton MA

Norton MA Mirror 

Norton MA Patch

Historical Society Norton MA

 

Norton MA Library

 

Cup Board of Kindness Norton MA

 

Media Center Norton MA

 

Lions Club Norton MA

 

ESTATE PLANNING

AARP estate planning article

Forbes magazine estate planning article

Kiplinger magazine estate planning article

USA newspaper estate planning article 

American Bar Association's Estate Planning FAQ's

New York Times article on estate planning

US News article on estate planning

Fox Business article on estate planning

Los Angeles Times article on estate planning  

COA'S

Abington MA Council on Aging  

Attleboro MA Council On Aging 

Avon MA Council on Aging  

Bridgewater MA Office on Elder Affairs  

Brockton MA Council on Aging  

Canton MA Council on Aging  

East Bridgewater MA Council on Aging  

Easton MA Council on Aging  

Foxboro MA Council on Aging 

Mansfield MA Council on Aging  

Norton MA Council on Aging  

North Attleboro MA Council On Aging 

Norwood MA Senior Center 

Plainville MA Council On Aging 

Randolph MA Council on Aging  

Raynham MA Council on Aging  

Rehoboth MA Council on Aging  

Rockland MA Council on Aging  

Sharon MA Council on Aging  

Stoughton MA Council on Aging  

Walpole MA Council On Aging 

West Bridgewater MA Council on Aging  

Whitman MA Council on Aging  

Comments (1)

Hillary Houghton

Very true. Thanks for posting this articel. I'm actually looking right now as my grandfather is living in a assisted living facility. Our family is trying to work through all the legal issues right now. Thanks for providing that information. http://www.pgbblaw.com/PracticeAreas/EstatePlanning.aspx

Aug 12, 2014 02:57 AM

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