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Placing your home into a trust can be a powerful tool for Massachusetts homeowners seeking to protect their assets and plan for the future. A trust offers several advantages that can benefit you and your loved ones.
One key benefit is avoiding probate. Probate can be a lengthy and expensive process in Massachusetts, but assets placed in a trust bypass this step, ensuring a smoother transfer to beneficiaries. This not only saves time but also keeps your affairs private, as probate records are public.
Another advantage is protection from incapacity. If you become unable to manage your affairs, a trust allows a designated trustee to step in and handle your property without requiring court intervention. This ensures your home is cared for according to your wishes.
A trust also provides flexibility in estate planning. You can specify how and when your home will be distributed to beneficiaries, which is particularly useful for protecting assets for minor children or ensuring continued care for loved ones.
For those concerned about long-term care costs, a MassHealth trust can help shield your home from being counted as an asset for Medicaid eligibility.
Additionally, nominee trusts offer unique benefits in Massachusetts. Often used for real estate, a nominee trust allows for simplified management and transfer of property. The trust’s beneficiaries remain private, as their identities are not recorded in public property records. This structure provides both anonymity and flexibility, making it ideal for family property ownership or investment purposes.
Nominee trusts also offer protection against creditors. Because the trust owns the property and not the individual, it can be harder for creditors to attach the property to satisfy personal debts. This added layer of protection makes nominee trusts a valuable option for those looking to safeguard their assets from potential liabilities.
Moreover, nominee trusts are particularly beneficial for investment properties and second homes. Unlike primary residences, which are eligible for the homestead exemption in Massachusetts, investment properties and secondary residences do not enjoy this legal protection from creditors. Placing these properties into a trust can provide an alternative way to shield them from potential claims, ensuring their preservation for future use or distribution to beneficiaries.
If you are interested in placing your property into a trust, call us at (617)773-3500.