Trusts

Trusts -extended fam w giftA Trust is a way of holding property.  The assets in the Trust can be used for any lawful purpose and can be used over an extended period of time to benefit any number of people.  Depending on the type of Trust, the assets held by the Trust can be considered the property of the person who established the Trust or they can be deemed to be a separate taxable entity, independent of that person.  Massachusetts Trusts - handsA Trust can be revocable, which means the person who establishes the trust can change or terminate it at any time, or it can be irrevocable, which means that once the trust is set up that person has little or no control over the Trust and its assets.  Different types of trusts will be viewed differently by MassHealth for purposes of its determination of the assets owned by a person applying for benefits.  Because there are so many different types of trusts and so many reasons for establishing a trust, it is important to work with a professional who understands your family and your particular needs.  Attorney Harvey will work with you to determine if a Trust will help you in your efforts to provide for your family and your future in the most appropriate way.