Revocable and Irrevocable Trusts in Boston and Andover, MA
The difference between revocable and irrevocable trusts is a significant one. If confused or done incorrectly the consequences both in the legal and tax fields can be damaging. Massachusetts laws regarding the matter can become increasingly complex, which heightens the risk of something going wrong when dealing with the issue. At Olson and Olson Law we help eliminate the risks of dealing with the issue and trusts. We work with people in the Boston and Andover areas to best make sure our clients best know what it is trusts are and how best to go about creating them.
Revocable Trusts in Boston and Andover, MA
Also known as a revocable living trust, inter vivos trust, or living trust, is the type of trust that can be changed at any time. This option provides flexibility and allows for a large range of modification. Which gives plenty of options and benefits as as allowing you to:
- Plan for a mental disability
- Avoid probate
- Protect your privacy.
There is even the option to completely erase or change the trust via a trust amendment or restatement.
But the flexibility of this option also has its downsides. When creating a revocable trust there comes the issue of having creditors and estate taxes still view your funds placed into the trust as a part of your personal assets. Which means:
- No protection against creditor in the case that you are sued
- Medicaid planning will consider the trust assets yours
- All assets will be subject to state estate, federal estate and state inheritance taxes.
The kind of trust that cannot be changed. Unlike the revocable trust the irrevocable kind is unchangeable after the agreement to create it is signed. It cannot be revoked, amended or modified at any point in time. A revocable trust, by design, becomes this after the trustmaker dies. The reason to create this kind of trusts ranges. But the most clear cut benefits include:
- Estate tax exemption
- Asset protection
- Charitable estate tax deduction
This kind of trust is made specifically to allow for a more significant amount of aid to reach the deceased’s surviving spouse and family.
The Lawyers of Olson and Olson Law Serve Clients in Boston and Andover, MA With Their Trust Needs.
In order to best have the creation of a trust go smoothly having an experienced attorney provide legal help is invaluable. If you are dealing with the complex process of dealing with trusts in the Boston or Andover areas of Massachusetts then Olson and Olson can help you. With our experienced help we can eliminate the issues in dealing with trusts and their many steps. Simplify the process and make it easier for you by letting us help.
Call Us Today for Quality (978) 806-7605 Representation You Can Count On