Trusts are powerful tools that help individuals and families protect assets, plan for the future, and ensure their wishes are carried out properly.
At Peabody Law Firm, we help clients create specialized trusts designed to address unique financial, legal, and family circumstances. Whether you are planning for long-term care, protecting beneficiaries with special needs, or managing valuable property, specialty trusts can provide security, flexibility, and peace of mind.
Below are several types of specialty trusts we commonly help clients establish.
A Gun Trust, sometimes referred to as an NFA trust, allows individuals to legally own and manage firearms regulated under the National Firearms Act. This type of trust can simplify the process of purchasing, possessing, and transferring certain regulated firearms while allowing multiple authorized trustees to legally possess them. Gun trusts can also help ensure firearms are transferred properly to heirs while remaining compliant with federal and state laws.
A Special Needs Trust is designed to provide financial support to a person with disabilities without jeopardizing their eligibility for important government benefits such as Supplemental Security Income (SSI) or Medicaid. Funds in the trust can be used to enhance the beneficiary’s quality of life by covering expenses that public benefits may not provide, including medical care, education, transportation, and recreational activities.
An Irrevocable Life Insurance Trust (ILIT) is used to hold a life insurance policy outside of a person’s taxable estate. By placing the policy in the trust, the death benefit can often pass to beneficiaries free from estate taxes while still providing financial support and liquidity when it is needed most. ILITs are commonly used in estate planning to help families preserve wealth and cover estate settlement costs.
A Miller Trust, also known as a Qualified Income Trust, is commonly used in Medicaid planning for individuals whose income exceeds Medicaid eligibility limits. By directing excess income into the trust, individuals may still qualify for Medicaid benefits that help cover long-term care expenses such as nursing home care. Miller trusts must be carefully structured to meet strict legal and regulatory requirements.
Property trusts can be either revocable or irrevocable and are commonly used to hold real estate or other valuable assets. A revocable property trust allows the creator to maintain control of the assets during their lifetime while helping avoid probate after death. An irrevocable property trust, on the other hand, transfers ownership to the trust permanently and can offer additional benefits such as asset protection and potential tax advantages.
Peabody Law Firm offers a wide range of Trust assistance, including those not mentioned above. We can help you get on the right track and get your affairs in order in no time at all.
Call us today or fill out our online form to schedule a consultation.
