In many ways, trusts are among the most valuable of all tools in the realm of estate planning and administration.
As noted in one recent Forbes article spotlighting the great utility of trusts, such vehicles "are extremely flexible and can cover a wide range of goals and needs."
Here is a recommendation regarding trusts that is often passed along by financial commentators: Given the complexity that often attaches to trust creation and management, securing input from a seasoned estate planning attorney is advisable.
"One size never fits all," states the above-cited Forbes piece, underscoring the need for proven and tailored legal work to fully advance the goals of a trust.
An experienced attorney who works with diverse clientele routinely helps individuals and families benefit from trusts in diverse ways. Among other things, a trust can:
- Protect beneficiaries from third-party claims seeking hard-earned assets
- Safeguard income for the long-term use of a loved one with special needs, and help ensure that person's continued eligibility for valuable government programs
- Preserve inter-generational family wealth, whether that relates to inheritances, the continued control of a family business or other assets
- Promote a desired family legacy through administration that can broadly focus upon education, charitable support for favored causes, and other altruistic endeavors
Many estate planners in Massachusetts and nationally are often surprised by how truly useful and protective trusts can be in the estate administration process. Ultimately, many of those individuals turn to trusts to safely and effectively promote their most important planning goals.