Irrevocable Trusts

Woburn Irrevocable Trust Attorneys

Helping You Safeguard Your Assets Now and in the Future

Most individuals recognize the importance of having wills that guide their final wishes, but some may not be aware of the advantages that irrevocable trusts can provide. Irrevocable trusts offer asset protection and help heirs and other beneficiaries avoid probate or expensive litigation.

Due to the complexities of creating a trust, it is best to consult an experienced attorney for help with your estate planning needs. Our irrevocable trust attorneys are committed to helping clients protect their interests and wealth, giving them peace of mind to face the future confidently.

If you have questions about irrevocable trusts and how they can help you manage your assets, contact Simmons & Schiavo Attorneys At Law today to schedule a consultation with one of our highly trained attorneys.

What are the Benefits of Creating an Irrevocable Trust?

An irrevocable trust can significantly benefit the grantor, the person who creates it, and their beneficiaries. The assets placed in the trust are no longer considered under the grantor’s control and, therefore, are protected from most creditors. An irrevocable trust is also helpful in shielding assets from being seized by a nursing home should an individual need long-term medical care.

Some other advantages that an irrevocable trust can provide include:

  • Help beneficiaries avoid probate
  • Lessen the potential for probate litigation
  • Minimize estate taxes
  • Protect assets should there be a divorce of a beneficiary
  • Provide necessary financial resources for special needs family members
  • Ensures assets are distributed per your final wishes after your death

If you want to know more about what estate planning tools can provide maximum protection for you and your family, contact our law firm to learn more.

What are Massachusetts’ Most Common Types of Irrevocable Trusts?

There are several types of irrevocable trust options in Massachusetts. The type of trust you need depends greatly on your financial objectives. Some of the most common choices include:

  • Medicaid Asset Protection Trust (MAPT): This trust protects assets from being counted toward MassHealth eligibility or estate recovery by a nursing home should you need long-term care.
  • Special Needs Trusts (SNT): SNTs may be created by parents or other family members for a special needs family member that provides them with financial resources without jeopardizing their eligibility to receive essential government benefits.
  • Irrevocable Life Insurance Trust (ILIT): If you have a life insurance policy, you can place it in an ILIT, and after you pass away, the trustee can distribute the funds to all trust beneficiaries.
  • Spendthrift Trust: This type of trust may be used to protect your assets. It is also structured so beneficiaries with issues managing their finances cannot quickly run through their inheritance.

What Assets Should Be Placed in an Irrevocable Trust?

To ensure your assets are protected for yourself and your loved ones, there are specific assets that you should place in an irrevocable trust. Some of the most common assets placed in irrevocable trusts include:

  • Cash
  • Real estate, including the family home or other properties
  • Stocks and bonds held in certificate form
  • Non-401(k) and non-IRA investment and brokerage accounts
  • Life insurance policies place in an ILIT

Several financial resources should not be placed in an irrevocable trust, including bank accounts used to pay bills, retirement and health savings accounts, motor vehicles, and assets held outside the United States.

After the grantor dies, the trust will begin the asset distribution per the trust’s instructions. If you are considering the possibility of creating an irrevocable trust, it is best to hire an experienced estate planning attorney. What you ultimately place in the trust depends on your financial situation and future objectives.

Our estate planning lawyers can provide more insight into what assets and other financial resources you should place in an irrevocable trust. Contact us to learn more about our legal services.

What Makes Your Law Firm the Right Choice to Help Me Create an Irrevocable Trust?

Simmons & Schiavo Attorneys At Law has a proven record of helping clients with their estate planning needs. Our lawyers realize that each client has unique needs and are committed to helping them achieve their financial objectives.

Our legal team has extensive knowledge of federal and state law and will work to ensure that your trust protects your assets and helps your family avoid probate and estate taxes. Our Woburn, MA, law office understands the importance of teamwork and fostering a strong attorney-client relationship with everyone we serve.

When you come to us for help, our dedicated professionals thoroughly assess your needs and create an innovative strategy to ensure your peace of mind, knowing your assets are fully protected.

If you want more information about creating an irrevocable trust, contact Simmons & Schiavo Attorneys At Law at 781-675-1315 to schedule a consultation with a skilled estate planning attorney who will gladly determine your legal options.