Trust Administration

Understanding Trusts Can Prevent Tax Issues

Individuals preparing estate plans that include trusts must understand the different tax implications to ensure that their surviving family members are taken care of and their assets are distributed according to their wishes. Trusts can be a convenient way to ensure a spouse or child is provided for over the long term. They allow a person to distribute wealth according to specific terms set forth and can often be more difficult to challenge than a will.

Trusts Can Give Added Privacy to Estate Plans

Because wills are considered public documents, they do not provide much privacy. Trusts, on the other hand, can help keep estate plans and what is going to happen to a person's assets after his or her death behind closed doors. This is something that can be important for Massachusetts residents with high-value assets.

Paul Walker Had Beneficial Estate Plan in Place Before Death

The death of famous actor Paul Walker in a car accident came as a shock to many. The action movie star passed away at the age of 40, and he is survived by his daughter, age 15, as well as his parents. Despite the unexpected nature of his death, Walker had an estate plan in place that clearly defines how his money will be handled. The actor's large estate will be passed entirely to his daughter.

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