Asset Protection

Sunday, June 19, 2016

Who Can be Trusted with the Cake?

Billy Beneficiary was happy with the wonderful cake his mother, Sally Settlor, had baked for him. What he was not happy with was what Sally Settlor did with the cake. She gave it to her sister, Tina Trustee, with instructions to give Billy only as much as she, Tina, thought he should have.

Billy was outraged! His Aunt Tina didn't even like cake! What's more, he didn't think she really liked Billy either. She was always telling him he ate too much cake, and criticizing his friends, including his roommate, Minnie Moocher.

So Billy went to his friend, Louie Lawyer, to ask what his rights were in the situation. Louie explained that Sally Settlor must have written down her instructions to Tina in a document, called a  Trust Document.

"What if there's no document?  Billy asked.

Read more . . .

Friday, June 17, 2016

Why You Might not Want to Have Your Cake

Billy Beneficiary complained to his friend, Louie  Lawyer, that his mother, Sally Settlor was letting him have the wonderful cake she baked for him. Instead, Sally had given the cake to Tina Trustee, with strict instructions to only give Billy as much cake as he ought to have.

Ah! Said Louie, your mother has set up a Spendthrift Trust for you. You are very lucky!

Billy didn't see it that way. "I'm not a spendthrift! I wouldn't consume everything all at once!"

"Maybe not, said Louie.

Read more . . .

Thursday, June 16, 2016

Spendthrift Cake


Sally Settlor made a wonderful cake. It was huge! It was going to be delicious. Sally didn't bake the cake for herself - she would never be able to eat that much cake anyway. She baked the cake for her son, Billy Beneficiary. Billy Beneficiary really loved cake.

Read more . . .

Monday, June 2, 2014

Trustees and Bank Accounts

Do you want to be in charge of your own bank account?  If your answer is a resounding "yes!" then you need to have your bank account titled into your Life Trust.  If your bank account is in your own name alone, then, as soon as you get sick and can't go to the bank, or get confused and can't balance your account, you're in trouble.  The banker will tell you: "just put someone else's name on the account!"  But doing so without the protection of your Life Trust is giving your money away.  Your bank account becomes the property of that other person.   That other person would have to come into the bank in order for you to remove them from the account.

Even if the other person is your husband or wife, the same rule applies - by all means have both names on the account. But use the Life Trust, for flexibility and control.  If you were both sick, your Life Trust can name another trustee to take over.  After you're gone, your Trustee can settle the account with the rest of your estate, instead of having to disentangle it from someone else's property first.can 

Monday, January 7, 2013

An Often-Overlooked Medicaid Planning Strategy

A little known but very effective tool can allow you to set up a trust to protect your assets from Medicaid after you die.  By integrating it with your existing planning, a very favorable result can be obtained with little extra trouble.

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Sunday, January 6, 2013

Why Settle?

Settlement is what you do when someone dies.  All too often, clients come to me to plan for their own estates, and, as we explore the estate - what accounts are there?  what property do you have?   We learn that some of their property is actually still titled to people who are dead.

Read more . . .

Wednesday, October 3, 2012

The American Nightmare

Are you living the American Dream, or the American Nightmare?  I explain the difference between MediCare and MediAid, and how you can prevent the American Dream from becoming the American Nightmare by using an irrevocable trust to protect your assets from the cost of a nursing home if you ever need one.

Read more . . .

Archived Posts


Jennifer A. Deland, Counselor-at-Law advises clients throughout the Metrowest area, including Holliston, Hopkinton, Milford, Medway, Medfield, Ashland, Framingham, Natick, Sherborn, Dover, Southborough, Sudbury and Westborough.

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