Trusts

The most effective way to protect an inheritance from lawsuits in Massachusetts is to keep the assets in a properly drafted trust with a spendthrift clause rather than receiving them outright in your own name. Once an inheritance lands in your personal accounts, it is exposed to your creditors, lawsuit judgments, and a divorcing spouse.

Your trust can own your S-corp shares in Massachusetts, but only certain kinds of trusts qualify, and the wrong one can quietly destroy your company’s S election and its tax status. While you are alive, a revocable living trust can hold S-corporation stock with no problem. After you die, that same trust can keep the

Michael thought his revocable living trust had everything covered. But when it came time to administer the trust, his family discovered he’d never properly identified or valued several key assets, including digital accounts, a storage unit full of collectibles, and mineral rights inherited from his parents. What should have been a straightforward process turned into