Estate Planning Attorneys Somerville MA
Wills, Trusts, and Estates
Asset Protection for Estate Planning
You have worked hard for everything you have, but your assets could be exposed and vulnerable to judgments from lawsuits against you without proper estate planning. Plaintiff’s attorneys typically work on a contingent fee basis, meaning the attorney only gets paid if the client gets paid, which is why the clients are often encouraged to sue to recover monetary damages for a personal injury or other liability issues. Individuals who are self employed, working under a DBA, or independent contractors, are particularly vulnerable. Our team of professional estate planning attorneys will assess your assets, debts, exposure, and risk tolerance to implement the necessary protocols to protect everything you have earned. We will discuss the roles of trusts, wills, and insurance to find the right combination for you.
Wills and Trusts for Estate Planning
Nothing says, “I love you” like having a well-thought-out and thorough estate plan. No one wants to think about planning his or her own funeral or have the when-I-die conversation. Our goal is to give you the confidence that when you do pass on (many years from now) your family will not need to deal with stress and costs of how to handle and divide your assets and debts. Together, we will answer all of the difficult questions so that you don’t have to question the ‘what-ifs’ that get in the way of enjoying life.
Trusts are fiduciary agreements that allow another entity to hold property or assets for the benefit of another. There are two types of trusts that you should know about: living revocable trusts and irrevocable trusts. Both living revocable and irrevocable trusts allow you to grant property and/or assets and into the trust, specify to whom your property goes to when you pass, and avoids the time, confusion, and legal fees of probate. Living revocable trusts can be changed, amended, or completely revoked, where as irrevocable trusts cannot ever be changed. Irrevocable trusts have unique benefits including, but not limited to, asset protection, significant tax benefits, and shielding assets from nursing home costs.
A will is a document that is filed with the court after your death that states your final wishes and gives instructions how to divide what you leave behind. The court makes sure that the directives in the will are carried out per your intent. This document allows you to name an executor (person in charge of administrating the will), decide how debts and taxes will be paid, instruct how you would like your personal affects to be divided, and provide for your pets. Wills should be utilized in conjunction with trusts and not in place of.
Healthcare Directives for Estate Planning
A healthcare directive is like having an emergency back-up plan. If something should ever happen to you, you can imagine that your closest loved ones will be extremely emotional and scared. Having a written set of instructions that explains exactly how you want to deal with potential circumstances allows your loved ones to rally together for support instead of having difficult debates about what to do.
It is never too early to protect your assets and ensure your family’s stability. Call the estate planning attorneys at Lagana Silva & Associates for a free no-obligation consultation to learn more.