Leaving gifts of money to minor children may sound simple, but it is full of pitfalls that could prevent your intended gift from ever reaching the recipient. An elder attorney can help you set up a Crummey Trust for your gift of wealth. Cash or wealth gifts made with this kind of trust will pass down to the minor without incurring any unified gift or estate taxes. A short term window of opportunity is used to prevent taxes from affecting the total amount given to the minor when they reach a specified age.
An elder law attorney can help you understand the limits on wealth gifts as well. Adults can give gifts of up to $13,000 to their children or grandchildren each year without having to pay taxes on the gifts. The gift must be made immediately available to the recipient to avoid taxes. This is known as a present interest, as opposed to a future interest. In order to make a gift to a minor a present interest, the Crummey Trust uses a 30 day window. Within that month the child can withdraw the gift from the trust and use it. After this window closes, the money is not available until the age specificed in the trust paper work.
A Massachusetts elder attorney can help you determine the perfect age for releasing your wealth gift. A living trust attorney can also act as the administrator for the trust and manage it after the gift giver is gone. Learn more about the Crummey Trust to help your children and grandchildren make the most of your legacy of wealth.
Do you have elderly parents or relatives that need help with managing their money ? A MA elder lawyer can help you with wills, trusts, healthcare issues, and asset protection. An experienced elder law attorney helps you plan for the complicated issues that the elderly face with medical care, housing, and money management.
Do you need to appoint someone in the family to handle the finances ? A durable power of attorney handles the finances . when the elderly person cannot. An elder lawyer can help you choose a person if there is no one in the family to appoint and help you draw up the legal documents. A will is a complicated legal document that an elder lawyer can help you with. The elder lawyer can help draw up a document to insure family members keep certain assets in the family. He will meet with you to discuss the details and devise a sensible plan.
Some elderly clients with many assets to distribute will create trusts. A Massachusetts estate planning attorney can help you write up this document. A trust lets you pass on your assets to family or friends without court interference. There are many types of trusts: basic, special needs, living, irrevocable that an experience elder lawyer can help you set up. They can discuss which one is best for your family. After the person making a trust dies, an elder attorney can help your family protect and manage the trust fairly.
An MA elder law attorney can help you with health care proxies, Medicaid planning, probate, real estate, and even elder abuse. Whatever your needs an experienced elder lawyer can help you provide peace of mind to elderly relatives and friends that need assistance with complicated living and money issues.