TrustCASE – Streamlining Estate Settlement System

Trust Protectors: Rescuers for Irrevocable Trusts

“Gotham is in danger!” cries the Commissioner. “Call for …The Protector!” That’s not exactly how it works, but there is a sense in which the Trust Protector does come to the rescue in certain cases. The Trust Protector’s purpose is to guide the trustee to make the right decisions and make sure the grantor’s intentions are carried out. Not high drama, but pretty important nonetheless.

What the SECURE Act Means for Your Retirement Accounts

On May 23, 2019, the House passed the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act by a vote of 417 to 3, sending it off to the Senate where it is expected to be approved and signed into law by the President. There are notable benefits under the proposed law. For example, the […]

Super-TRUST-Powers, Part II | Invincibility

Possessing immunity to any form of physical harm. Impenetrable. Unable to be broken or suffer pain. With the power of invincibility, you could literally take a bullet for your spouse, shovel 16 inches of snow from your driveway without back pain, or proudly wear a Yankees jersey to Fenway Park (I am NOT, of course, […]

How Estate Plans Are Impacted by the SECURE Act

Significant legislation concerning the treatment of retirement accounts called the SECURE ActThe Setting Every Community Up for Retirement Enhancement Act of 2019, known as the SECURE Act, became law on December 20, 2019. The Act impacts retirement savings rules and taxes for workers and retirees. Read More became law on January 1, 2020. Among other effects, this eliminates the lifetime stretch for inherited IRAs.   In this article, I will discuss the issues and adjustments many clients will need to make in their trust planning, the tax implications, and the financial strategies to cope with this change.

A Charitable Lead Trust Benefits Charities & Families

Here’s an idea for giving your resources for social impact today, and follow it up with a gift to your family. Let me illustrate this strategy by thinking of a plan for client who is interested in giving to grandchildren, but is willing to delay that gratification a bit (I see a lesson in self-control […]

The Irrevocable Trust: The Antidote to Nursing Home Spend-Down

You don’t need us to tell you that nursing home care is expensive. And we understand that you want to avoid paying these costs out of your own savings if possible. One approach is the irrevocable trust. The LAST Trust is our name for an irrevocable trust that protects estates against nursing home spend-down. It stands […]

Last Minute Elder Law Strategies: Qualifying for MassHealth

The most frequently asked question for an elder law attorney is “How can I qualify for MassHealth to pay for nursing home expenses?” The answer depends on how much time you have to prepare.

Irrevocable Trusts: What Are They and How Are They Used?

“Why would anyone want an irrevocable trust?” It’s a common question we get. “You can’t take back what you put in!? You can’t have absolute control!? You can’t own what’s in the trust!? Geesh!” But that’s exactly the point; irrevocable trusts’ main purpose is to separate people from their assets. This creates a distance that tax and property laws respect, and that earns points if you’re trying to protect your assets or save on taxes. Trusts are irrevocable if you put assets in that you cannot remove carte blanche.

The Protection Plan: Protects from Losses and Saves Taxes

A Protection Plan at Borchers Trust Law is centered around a living trust instrument and includes some pretty cool provisions for your future needs. Beyond the basic documentation that every estate plan should have, namely power of attorney, health care proxy and other health forms, and a last will and testament, and even beyond a Simple Trust agreement, the Protection Plan trust is thorough in anticipating life’s complications.

What Are the 8 Risks of DIY Estate Planning?

You’re resourceful and capable, so why should you think twice before setting up a DIY estate plan? Here are 8 reasons why an online DIY estate plan is risky.

Will Your Kids Hate You for Leaving Them the Vacation House?

You know your kids love you. You know they love the vacation house they’ve enjoyed every summer since childhood. And you’re sure they’ll love the idea of inheriting that home when you pass away. But what if you’re wrong? What if they can’t afford the taxes and maintenance? What if their spouse(s) already have access […]

Ten Warning Signs that Your Estate Plan Needs Help

How do you know if you need to update your estate plan? It isn’t like your smoke detector that mercilessly beeps, warning you that you could be in danger if you don’t replace its batteries. But what are the warning signs of an outdated, incomplete, or ineffective estate plan?  Here are 10 indicators that let you […]

Introducing a MA Bill Which Would Raise the Estate Tax Exemption

On January 16th, I sat down with Massachusetts State Rep., Shawn Dooley, to talk about the commonwealth’s estate tax reform and his innovative bill. Dooley is the lead sponsor of a bill (H.2446) to raise the Mass.

The 3 Reasons to Use a Nominee Trust in Massachusetts

When holding title to any asset on behalf of multiple trusts or entities, having a nominee or agent on behalf of the entities can be more convenient. The nominee trust is a tool that meets this need. For example, when husband and wife each have their own trust, but they want to continue having joint accounts for convenience and simplicity, they can put their joint bank accounts and investment accounts under the nominee trust.

Joint vs. Separate Trusts: Key Differences, Benefits, and Estate Planning Tips for Married Couples

When it comes to estate planning, married couples often face a decision: should they combine their assets into a single joint trust, or should each spouse create a separate trust? This choice is fundamental to the structure of their estate plan and can impact everything from tax planning to how assets are managed and distributed. […]

What Is a Trust?

A story that I like to tell to help explain what a trust is involves my family. I have three young girls ranging in ages from eight to two. We have a routine on Friday nights where we get together, make popcorn and watch a movie. My two year old is at the stage where […]

Family Dysfunction Leads to Being Cut Off and Left Out

The Dangers of an Unfunded Trust: A Case Study

A pitfall for some families is having an unfunded trust. The Borchers Trust team walks you though what funding a trust means and how to fund your trust.

Dramatic Doubling of the MA Estate Tax Exemption

A Personal Story: Attorney Deb Hedges Shares How Her Estate Plan Gave Her Peace of Mind After Losing Her Husband

After losing her young husband to a 5 year battle with cancer, Attorney Deb Hedges thought that she would never practice estate planning law again. It just hit too close to home. Losing a spouse at 42 was life changing, not just personally but professionally.

Take Action Now: High Estate & Gift Tax Exemptions Could Vanish in 2021

As with any election, there is the potential for significant impact on estate and gift taxes. Under the Tax Cuts and Jobs Act of 2017, the federal exemption from gift and estate tax rose to $11.58 million per person with a tax rate of 40% on the value of assets above that limit. This means that under current law, married couples can leave a $23.16 million inheritance to their children, tax free. However, like all good tax stories, this one does not have a happy ending.

Myth Busting: Only the Ultra Rich Need Estate Planning

Everyone needs estate planning. We ask, “How do you want to be remembered?” You do not want the last thing your family, heirs, or charities to remember is the mess you left, the arguments, the delays, the expense, and the taxes. You owe it to them to plan and to keep the plan fresh. Then, you will be remembered. Positively.

Having a Baby: Top Five Legal Matters to Consider

When preparing for the birth of my oldest daughter, there were many aspects of the process I was wholly unprepared for. Actually, I was unprepared for just about all of it! However, when they skipped to the part about making sure things were in place legally prior to the delivery of the baby, my posture straightened and an aura of confidence overtook me. Finally they were speaking my language!

How to Keep Your Trust Updated, Part 3

A trust is an important asset for just about any family. But there is a multitude of problems that could undermine your goals. Borchers discusses what to look for when updating your trust – something you should do on a regular basis.

When Tragedy Strikes a Young Family: A Living Trust Case Study

We are pleased when we can help a young family develop an estate plan that fits their needs and honors their wishes. Many couples have good intentions to plan for the unexpected…then the busyness of family life interferes. Parents are stretched thin and planning is put off to another day. But the vigilant press on, […]

Purchasing an Annuity: A Strategy for the Healthy Spouse, While the Other Is in a Nursing Home

Long-term nursing home care is needed by about 1.4 million Americans every year, according to the Center for Medicare and Medicaid Services (2015). It is expensive, and so is long-term care insurance. Government programs, such as Medicare, will not cover the cost of nursing home care. Note: Social Security benefits pay only an average of […]

Considering a Move to New Hampshire? Key Financial Benefits for Mass. Residents

As a Massachusetts resident, you may be considering the financial benefits of moving to New Hampshire—like lower taxes, more affordable housing, and the absence of an estate tax. Both of our partners, Tim Borchers and Marc Cusano, have homes and are licensed to practice in both states, so we know firsthand how appealing these advantages […]

Super-TRUST-Powers, Part III | Healing

Restore biotic organisms to their optimal health, curing wounds, broken bones, or disease. Potentially heal from any form of bodily damage. The power to heal is an attractive power in our day. Imagine being in the position to instantaneously cure yourself of the flu, heart disease, or better yet any, form of cancer – including […]

Choosing the “Administrative Trustee” Takes the Burden off Your Family at your Death

Administrative Trust involves forms, taxes, accounting & low level details. A professional Administrative Trustee unburdens your family.

How to Make Sure Your Children Don’t Lose Their Inheritance: Why the Inheritance Trust™ Is a Win-Win for Everyone

With increasing rates of life expectancy, multiple marriages and the ability to survive disabilities and injuries, the need to protect what we hand down to our heirs also increases. The best way to address these challenges is by implementing an estate plan that includes a lifelong trust for each child.

MA Estate Tax in 2019 | Worst Estate Tax or Best at Redistributing Wealth?

At $1 million, Massachusetts is in a dead heat for the lowest estate tax threshold in the country. That means anyone worth more than that at death is contributing to the tax coffers. Depending on your point of view, that’s just life (or death) in the big city, tragic, or possibly progressive. What are estate […]

Estate Planning for Children with Special Needs

I have a son with autism. He’s in his 20s and he’s very capable. But as a young child, we had no clue what his level of capability was going to be, and that’s where parents are all the time: What is it going to mean for my special needs child when I die and […]

6 Reasons to Administer Trusts in New Hampshire

We are committed to offering our clients the most effective and advantageous estate planning solutions. That’s why we established a branch in Concord, New Hampshire. This locale provides access to New Hampshire’s trust laws, which are among the most favorable in the country, particularly for irrevocable trustsA trust that cannot be revoked by the Grantor. […]

How to Keep Your Trust Updated, Part 1

While many may see their trust as a "set it and forget it" proposition, this isn't the case. Trusts should be updated on a regular basis.

A Financial Plan Checklist: An Essential Estate Planning Tool

What Happens to Your Assets When You Die?

Because we don’t like to talk or think about death, we find many people don’t understand what actually needs to happen after a death. Many of us think, “My estate and assets will go to my kids. I’m sure my decades-old will will suffice in making this happen.” Wouldn’t it be nice if it were […]

Save on Estate Taxes with the Irrevocable Life Insurance Trust

The irrevocable life insurance trust (or “ILIT”), as its name suggests, is irrevocable. It cannot be rescinded, amended, or modified in any way by the “grantor” after its creation. Once the grantor contributes property or a life insurance policy to the trust, he or she cannot get it back. However, the grantor can retain the power to change the trustees and the grantor’s spouse and others can be given power to change beneficiaries.

Trusts Go Above and Beyond Wills

You have a will, which can be enough for certain issues, such as providing for minor children or deciding where and how your assets will be disposed of at death. But a will is not necessarily enough if you want to avoid court involvement at death, or if you want to save taxes, or even […]

Myth Busting: No Planning Needed – My Spouse Will Get Everything

If you’re married, you likely own some property or bank accounts jointly with your spouse. When one spouse dies, the surviving spouse automatically becomes the sole owner. In most cases, this structure is utilized to provide a convenient and easy way for the survivor to have continued access to funds. Easy access? Yes. Protection? No!

Retirement Plan Trusts: What Are They and How Do They Work?

Retirement plan trustsA trust, usually revocable during the life of the Grantor, that acts as a beneficiary of a retirement account such as a traditional IRA, a Roth IRA, 401(k), 403(b), 457 plan and so forth. Read More (RPTs) are standalone, revocable trust arrangements whereby the retirement accounts (traditional and Roth IRAs, 401(k), 403(b), and other “qualified” plans) received by a beneficiary are administered for the lifetime of the beneficiary. In general, the beneficiary himself or herself is allowed to be the trustee.

How to Keep Your Trust Updated, Part 2

Keeping your trust updated is one of the most important things you can do regarding personal finances, your financial goals, and taking care of your family members after you pass. Borchers Trust Law Group provides tips on what to update and why they should be updated and healthy.

Is It Ever Too Early to Get an Estate Plan?

Marc Cusano: Tim, I was recently asked by a woman who’s approaching age 40, “Is this a good time for me to get an estate plan?” And I think my initial reaction and response was, “Well, yeah. I mean, we really believe in estate planning for all stages of life.” But I’m curious as to […]

Here’s Why It’s a Good Idea to Put Your Heirs in Charge of Their Own Trusts

Suppose your daughter inherits from you through an Inheritance TrustA trust created after the death of the Grantor for the benefit and protection of the inheritor (or created to receive lifetime gifts and inheritance from the Grantor). Read More, and she wishes to pay off her mortgage with the trust funds. As her own trustee, she’d have the authority to do that without even having to weigh the idea against the the terms of the trust.

Protecting Loved Ones with a Special Needs Trust

When a loved one has a unique obstacle to wellness, in the form of an illness, disability, learning disorder, addiction, or mental health issue, estate planning is essential to your legacy of loving and caring. For the millions of Americans* affected – your heirs and mine – we need to design estate plans with the unique needs of the individual with a special need or disability in mind.

A Checklist for Your Will and Other Estate Planning Basics

You probably know that it’s a good idea to plan your estate, even though it might not be a top priority for the use of your free time. Your intention is to get to it at some point, but you have been hesitating. Perhaps you think you are too young, or you may mistakenly believe that you don’t own enough assets to require estate planning. In reality, creating a will is an essential step and should be a priority to protect your family and help express your legacy.

Selecting a Trustee: A Spectrum of Possible Arrangements

There are many factors that bear on the choice of trustee. The purpose of the trust; its duration; the ages, health, and circumstances of the beneficiaries; and the types of assets to be administered all have bearing on the choice. You could name Uncle Joe as trustee, but business and real estate assets may be […]

8 Symptoms of an Impending Failure of Your Trust or Estate Plan

Just like most things in life, your trust or estate plan needs a regular checkup. Giving your plan the attention it needs on a recurring basis will not only keep it up to date with your own goals and new laws, but will also bring peace of mind. If this has left you worried and […]

Simplify your trust now that the MA estate tax law has changed?

Myth Busting: A Will Avoids Probate

Many people believe that once they have created a will—whether drafted by an experienced attorney, or using a DIY solution or online form—they will have avoided probateProbate can refer to the process of settling the estate of a deceased person. Read More. Unfortunately, they are wrong. This estate planning myth is in desperate need of busting. A will guarantees probateProbate can refer to the process of settling the estate of a deceased person. Read More!

Super-TRUST-Powers, Part V | Teleportation

If you possessed the power of teleportation, where would you go? Would you teleport yourself to work to bypass a stressful daily commute? Or move yourself upstairs at night after you’ve fallen asleep on the couch? You could play catch with yourself, or even transport onto the football field to intercept a pass from Tom […]

Trusts that Avoid State Income Tax

One of the advantages of using trusts in your estate plan is tax mitigation. While trusts are well-known to help reduce estate taxes, they are also becoming increasingly more common for income tax savings.  Can you avoid state income tax with a trust? Yes you can.  Make Use of ING trusts Clients are using tax […]

Super-TRUST-Powers, Part IV | Super Speed

Experience the rush of accelerating to speeds so fast you are nothing but a blur. Move near, at, or beyond the speed of sound or light. Change diapers in record time, run to the Cape and back for a lobster roll during your lunch hour, or discreetly make a cameo appearance in the middle of […]

Estate and Gift Taxes Under the New 2018 Tax Law

In December, I published this blog post outlining specific steps that could be taken before the end of 2017 in light of proposed tax changes. Since then, the proposed tax code has become law and there are further updates for the 2018 tax law. The 2017 Tax Cuts and Jobs Act, which became law January 1st, […]

The Family Health Trust | Supporting Parents Without Financial Complications

There are times when a parent or other family member has a need and has children with resources that could be used to assist, but an outright gift or transfer is not a suitable solution for one reason or another

Seven Life Events That Can Undermine Your Trust

Your trust is designed to protect your family and ensure that your financial goals are achieved when you pass away. But those goals can only be achieved if your trust is continually updated to reflect any significant changes in your life. These changes might include the following: A Change in Your Health In the event […]

Income Tax Planning for High Income Tax States

Take Action Now in Preparation for Proposed Tax Reforms

Update: Now that the 2017 Tax Cuts and Jobs Act has become law, we’ve expanded upon the of Estate and Gift Tax laws for 2018 here. Congress is poised to enact a major tax law overhaul that could make fundamental changes to the way you calculate your federal income tax bill and the amount of federal […]

Testamentary Trusts | How a Frail Spouse Can Protect Assets for Loved Ones

What can be done to protect assetsThis general term refers, logically, to protecting assets from claims against trust beneficiaries. Read More when a spouse’s health is failing and thinks he or she may die before their spouse–who has long-term health issues–dies? While the circumstances are sad, they do present an opportunity for planning in the […]

Gifting to Children as Part of an Estate Plan

This article uses 2024 Estate and Gift Tax Limits. If you are approaching or not too much over the state or federal estate taxFederal Estate Tax: The federal estate is part of a unified federal gift and estate tax that is an excise on the transfer of wealth. Read More limit in total assets, gifting […]

Spousal Lifetime Access Trusts: A Tax Saving and Asset Protection Measure

If your estate planning goals include saving estate taxes and seriously protecting assets, chances are you will need to consider one or more irrevocable trustsA trust that cannot be revoked by the Grantor. Irrevocable trusts are created to either save taxes or protect assets, or both. More in your estate plan. The spousal lifetime access trustThis irrevocable trust represents a gift usually to the spouse and heirs of the Grantor. Read More (SLAT) is a prime example of a trust that will accomplish both of these goals.

Introducing the super-TRUST-powers eBook

The summer is time for sunglasses, the beach, ice cream, and of course, superhero blockbusters. And it’s not a bad time to get your financial planning and estate planning in order, either. We’ve compiled our super-TRUST-powers series of articles into an omnibus eBook to make things more convenient — or to supply you with some […]

Holy Gifting: An Estate Planner’s Dream (… or Nightmare)

Attorneys who practice any level of estate planning are, at this very moment, standing on hallowed ground. Understanding lifetime gift limitations is an ongoing process due to new legislation.

Removing and Replacing a Trustee: A Spectrum of Options

Removing and replacing a trustee might seem like no big deal, but it can be serious because of the wide-ranging effects on the trust. Sometimes, for example, the person removing and replacing trustees should be independent of the grantor, i.e. not the grantor herself, her spouse or a person who is related or subordinate to […]

Understanding the Role of the Trustee: A Spectrum of Choices

Many family trusts can be handled with family members in the role of a trustee, but alternatives to “Uncle Joe” serving as a trustee should often be explored, including using professional or institutional trustees. This article explores the role of the trustee, the merits of various arrangements and combinations of trustees, and their removal and […]

Inheritance Trusts: Wealth Consumption, Preservation, or Building?

Myth Busting: All Trusts Protect Against Long-Term Care Costs

Myth busting isn’t just for blowing things up or smashing objects together. We at Borchers Trust Law have taken on the challenge to bust some common misconceptions related to estate planning. The first myth to bust is that many people believe that ALL trusts, even revocable trusts, protect against long-term care costs.

Who Will Take Care of the Kids?

“If something bad happened to me, or I suddenly passed away, who would take care of my children?” It’s not a pleasant thought, but if you’re a parent, it’s highly likely that you’ve asked yourself this question numerous times. Appointing a legal guardian for your kids is a weighty decision -- but it’s a decision that must be made, nonetheless.

Enhanced Planning Goes Above and Beyond

Most clients’ families will benefit from our service as an Administrative Trustee; HNW and UHNW clients will benefit from the services of an independent trusteeSpecifically in relation to the trust Grantor, the IRS effectively defines the term for what it is not: a person who is not a related or subordinate party. Read More to protect assetsThis general term refers, logically, to protecting assets from claims against trust beneficiaries. Read More against the Killer DsThese are the risks to beneficiaries’ inheritance: Debt, Divorce, Disability, Destructive Habits, Death, Disputes. (Timothy Borchers, Esq. coined the term in 2010.). We mostly serve as independent trusteesSpecifically in relation to the trust Grantor, the IRS effectively defines the term for what it is not: a person who is not a related or subordinate party. Read More through our trustee company, which provides objectivity when applying the principles of your legacy. Family members don’t intend to jeopardize assets, but by nature they do because of their conflicts of interest, and because they are considered “interested parties” under the tax code.

Borchers Trust Law Celebrates 30 Years of Innovation and Care

Two and a half decades in trust management would be enough to celebrate for most firms. In the case of Borchers Trust Law Group, however, age is just a number. “As a firm that focuses primarily on money and time, we have a rare perspective on how to make the most of both,” said founder, Tim Borchers.

Like-Kind Exchanges: Defer Capital Gains Taxes on Real Estate

Raise your hand if you want to avoid paying capital gains taxes for as long as possible. The good news is that you can, if you have a property that you plan to sell and have eyed property that you would like to quickly turn around and buy. In a “like-kind” exchange, the seller (“exchanger”) […]

Why Should I Seek Out a Trust Specialist?

Growing up in an Italian neighborhood, everyone around me had "a guy." If you asked your friend about a roofer he would reply, "I got a guy." If your hair wasn't greased enough, your friend would say, "You should go see my guy, he'll fix you up." Even the kids would fight over their action figures and say, "Hey...that's MY guy!”

The Differences Between A Revocable & Irrevocable Trust

As background, all of our trusts, whether revocable or irrevocable trust, in one way or the other help to cover the following points, illustrated by the acronym MAPS. This stands for: Manage your affairs in your old age or illness Avoid probateProbate can refer to the process of settling the estate of a deceased person. […]

A Retirement Plan Trust Can Protect Against Debt and More

Trying to predict how the Supreme Court will rule in a given matter is like trying to predict New England weather; you never know what you’re going to get, and what you get, you don’t always understand. On June 12, 2014, in Clark, et ux v. Rameker, 573 U.S. __ (2014) the high court unanimously […]

10 Essentials for a Comprehensive Estate Plan

While it’s nearly impossible to plan for every one of life's contingencies, it is possible to create an effective and comprehensive estate plan. While good estate planning anticipates your death and disability, great estate planning reflects your chosen legacy.

Planning to Protect Property from Nursing Home Costs

A major question in planning for seniors today is, “How can I protect my property from nursing home costs?” Statistically, the chance that a senior will enter a skilled nursing facility, i.e. a nursing home, is reportedly 1 in 3 (via The American Elder Care Research Organization). What are the costs associated with such care? A […]

Your Life and Estate Laws Are Always Evolving. Has Your Plan Kept Up?

Estate plans are not intended to be a one-and-done project. They are living documents that should reflect your current situation, needs, and goals. That can only be achieved via regular reviews, and Borchers Law makes it easy to accomplish that via several customized estate plan services: Update Checklists TrustSupport™ ILIT Service Estate Plan Update Checklists […]

Super-TRUST-Powers, Part I | Atomic Manipulation & Shapeshifting

When I was young I could fly. No really, I could. As long as I had a good running start down the hallway I could make a horizontal jump at least 3 or 4 feet into the air and onto my parents’ couch. This was made possible not only by my natural flying abilities (of […]