Non-Tax Reasons for Trusts: Whitman MA Area Estate Planning Attorney
By Brigitte von Weiss
(an Expertise in Estate Planning and Elder Law )
The author Brigitte von Weiss of VON WEISS LAW OFFICE is an estate planning lawyer and elder law attorney in Easton, MA. Website: vonweisslaw.com There are several non-tax reasons for utilizing trusts such as asset protection; avoiding probate; creditor protection; protection for the surviving spouse and children in the event the surviving spouse remarries; control and management of assets for spendthrifts, minors and those disabled; and avoiding ancillary probate for real estate owned in another state. Moreover, living trusts are private (not public) documents and notice of the trust assets and accountings need be given only to the interested parties. Example: Mr. and Mrs. Whitman have "I love you" wills whereby they leave everything to each other and they each have a taxable estat...