Family estate planning
It is said that we never stop being a parent even after our children are fully grown.
It used to be only the super rich had trusts but in the current era many middle class families are choosing to design trusts to meet their family’s needs and protect family wealth for future generations.
A “spendthrift” trust
A spendthrift trust is one created by parents to hold and manage money for a child. A third party such as a bank or responsible relative could be the trustee to properly manage the trust for the benefit of that child.
A trust can make sure that your spouse can benefit from your assets during his or her lifetime but at your spouse’s death the property goes to your children and not a new spouse or an entirely different beneficiary.
Avoid double taxation
If your child is wealthy your inheritance could be subject to estate taxes at both your death and then your child’s death.
If you have questions about trusts talk with an estate planning attorney in your area. The laws are complex and change often, but asset protection is possible with the proper guidance.
Attorney Michelle Beneski is a partner in Surprenant & Beneski, P.C.
Her firm specializes in Estate, Tax, Medicaid and Special Needs Planning. Its locations are
35 Arnold St. New Bedford, MA 02740, 336 South St. Hyannis, MA 02601, and 1265 Belmont St. Brockton, MA 02301. Visit www.myfamilyestateplanning.com
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