Have you ever been confused about how to properly distribute your estate to your family, or have you never thought about the distribution of property?
Greater Boston Chinese Golden Age was honored to hold a legal workshop on “Wills and Trusts” on April 5th in Hong Lok House Activity Center, Boston’s Chinatown (25 Essex St., Boston, MA 02111). Senior lawyers were invited to help the elderly.
The speakers were Peter Bellotti, Joe Markey and Julia Hogan from Bellotti Law Group. Cantonese translation was available on site. The audience actively asked questions and the atmosphere was lively. The legal workshop focused on why a will should be made, what is a family trust, and why lawyers suggest that both wills and trusts should be arranged in advance? In today’s increasingly complex social and financial relationships, making property arrangements in advance will save you a lot of legal and financial time, and bring great convenience to your family’s financial distribution.
Attorney Hogan briefly outlined “What Is A Will”, which simply means “who will get what” and “who will execute it”. This document will ensure that the testator’s estate is distributed according to the will’s wishes.
If a person dies without a will, it is “the greatest waste of your estate”. In that case, the state government would take over the person’s property and distribute it according to the order of succession prescribed by law, she said. This results in inheritance being taxed to the greatest extent and distributed with the slowest efficiency.
In addition to wills, you should also consider establishing a “living trust” (Living Trust) and designate beneficiaries.
Unlike a will, the beneficiaries of a trust do not need to go through lengthy legal procedures, and will benefit immediately after the scribe’s death.
Trust property is not subject to estate tax. Beneficiaries do not have to pay inheritance tax, just pay ordinary income tax and property tax.
Both Trusts and Wills should be created
Lawyers suggested that everyone should set up a trust and a will at the same time. Because the trust can only manage the property written in the document, it does not include other properties that the creator may omit, and cannot appoint guardians for minor children.
Attorney Hogan said, if someone wins the lottery after setting up a trust, but dies shortly thereafter, then the winnings are not within the scope of the trust’s management.
Regarding how individuals should set up trusts and wills, Hogan said that each person’s property situation and planning goals are different. Some people have complex property structures, while others have simple ones; some people’s main goal is to avoid taxes, and some people want to avoid huge medical bills before they die… She said that professional lawyers will customize for this person according to the circumstances of each case. The most suitable planning solution.
In addition, the testator should also write the “Financial Power of Attorney” and “Medical Power of Attorney”. For example, Hogan said that when you are unconscious, if there is no power of attorney, the doctor is ok not to listen to even your child’s opinion. Therefore, if you want someone you trust to make decisions, it is best to write a power of attorney in advance.
