Trusts

Trusts come in all shapes and sizes. Trusts that are funded with your assets (real estate, bank and investment accounts, vehicles, personal property, jewelry, stock and life insurance, etc.) can have many benefits which include:

  1. allowing assets of the trust to bypass the cumbersome and expensive legal proceeding of probate administration;
  2. saving your family time, legal fees and headaches;
  3. those who have taxable estates can reduce, minimize and often completely eliminate federal and state estate taxes; and
  4. allow for flexibility to deal with a disabled child or substance abuse child and can avoid taxes imposed on generation skipping to grandchildren beneficiaries.

Married couples can take advantage of the unlimited marital deduction and reduce or completely eliminate estate taxes through a revocable trust that establishes these provisions.

Revocable trusts allow you to retain complete control of your assets while you are alive.

The information provided herein is for general purposes only and does not to purport to give specific advice on individual matters. If you want individual advice, contact Mary Howie, an Elder Law and Estate Planning attorney practicing in New Hampshire and Massachusetts. Attorney Howie also holds a master's degree in business administration and finance. Call her at (603) 893-8008.