If you are in the process of creating an Auburn trust, you will need to appoint a trustee for your trust. Whether your trust is a simple pet trust, or a complex generation skipping trust, the choice of trustee is one of the most important aspects of creating your trust. Before making the decision, there are a few factors that you should take into account in order to ensure that you make the right decision.

• Willingness to Serve: Before spending a significant amount of time debating the suitability of a potential trustee, don’t forget to actually ask the person if he or she is willing to serve.
• Location of Trust Assets and Beneficiaries: Some trusts have significant tangible assets as part of the trust funds. If this is the case in your trust, you may wish to select a trustee who is physically located near the assets in order to better facilitate the management of the assets. Close proximity to the beneficiaries can also help with communication between the trustee and the beneficiaries.
• Trust Discretion: If your trust allows the trustee a significant amount of discretion with regard to disbursements to beneficiaries, be sure to select a trustee with sound judgment.
• Relationship of the Trustee to the Beneficiaries: Appointing an unpaid family member can certainly save a significant amount of money in some cases; however, when the trustee has a relationship with the beneficiaries, as is the case when you appoint a family member in many cases, you have the potential for a conflict of interest at some point down the road.
• Financial Ability and Experience: Not all trusts require the trustee to have a significant amount of experience or financial ability; however, if yours does, make sure you choose a trustee that has both.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you own a Fitchburg small business, you have undoubtedly spent a significant portion of your life growing the business to the point where it is at today. If you now have a valuable financial interest in the business, you should take the time to consider how you plan to handle the business in the event of your death. While deciding whether to sell the business or pass the business on to loved ones is important, deciding how to handle the sale or transfer is of equal importance in order to avoid, or limit, any corresponding estate or gift taxes.

• Sale of Your Business: Numerous options are available to plan for the sale of your business. An outright sale can be planned to take place at a specific time, such as at the time of your death, by entering into a buy-sell agreement, for example. You may also use a private annuity or self-canceling installment note. As long as the sale is for the fair market value of the business, and completed before, or at the time of death, you will avoid estate and gift taxes — but may incur capital gains taxes.
• Trusts: Another option is to use an irrevocable trust in the form of a grantor retained annuity trust (GRAT) or grantor retained unitrust (GRUT) for your business. A GRAT or GRUT provides a yearly annuity payment to you during the life of the trust and then transfers the remaining assets upon termination of trust to the beneficiaries. The benefit of a GRAT or GRUT is that the assets transfer at a reduced valuation.
• Forming a Family Partnership: Entering into a partnership with a family member allows you to retain control of the business as the holder of the general partner interest while gifting the limited partnership interest to your family member over time. The transfer of the limited partnership interest may be eligible for valuation discounts as a minority interest, thereby decreasing your tax exposure.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are the loved one of an elderly Charlton resident, you may be concerned about how your loved one will be able to pay for health care or long-term nursing care in the future. If you are concerned, you are not alone. The cost of health care and long-term nursing care in America is among the highest in the world. The majority of Americans struggle with financing routine medical care throughout their lives.

Paying for long-term care as an elderly American can result in the depletion of a lifetime of savings in a very short time. One option for your elderly Charlton loved one may be the Medicaid program. Although getting approved for the program may take some planning, if approved it may cover the cost of long-term care for your loved one.

Most people do not realize just how expensive long-term care can be. The bill for just a one year stay in a long-term care facility can easily exceed $100,000. For the average American, that may deplete their savings in the span of just a few short years, or less. Private health insurance coverage, which many people depend on, may not even cover long-term care, or may cap the coverage for long-term care, leaving the insured without coverage.

The Medicaid program may be the answer; however, applying can be like walking through a mine field. Eligibility for Medicaid is based on the applicant’s income and assets, among other things. If your elderly loved one has any assets or income, you may need to consult with your Charlton elder law attorney ahead of time in order to develop a plan that will both ensure approval, and shield the assets and/or income, of your loved one.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are an Auburn resident, and have a family member or loved one who appears to be unable to make decisions or care for themselves, you may wish to consult with an Auburn guardianship attorney about petitioning to become their guardian. If appointed guardian, you will be able to make personal decisions, such as where they will live, for them. Only a court can make the final decisions as to whether or not your family member or loved one is incapacitated to the point that they need a guardian; however, the following are some common reasons why you may wish to step in and petition to become their guardian.

• They are low functioning or mentally challenged to the point that they cannot make decisions
• They have a mental illness that impairs their ability to make basic decisions
• They are unable to make medical decisions or fails to follow through with medical treatment
• They have a physical condition that impairs their ability to care for themselves
• They are homeless or at risk for being homeless as a result of their inability to care for themselves
• They have a drug or alcohol addiction that impairs their ability to make decisions

Remember, this is not an exhaustive list. In addition, even if one of the above appears to apply, that is not a guarantee that a court will agree that a guardian is needed. If you believe, however, that a guardian, discuss your options with your Auburn guardianship attorney.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are one of the many Grafton residents who has created, or is in the process, of creating an estate plan, you may be asking yourself whether or not you should share the details of the plan with anyone, and if so with whom? This is a common question and one that only you, yourself, can ultimately answer. There are, however, some things that you may wish to consider when deciding whether or not to share any of the details of your estate plan with anyone involved in the plan.

• Spouse or Partner: Sharing your estate plan intentions with your spouse or partner may be a good idea if you also share children in common or own significant assets jointly. From a pragmatic angle, it is often difficult to make estate planning decisions without consulting your spouse or partner when you share children or assets. If you share neither children or assets, the need to discuss your estate plan is less prevalent, making it a personal decision.

• Beneficiaries: Typically, there is no real legal or practical reason why you need to discuss details of your estate plan with intended beneficiaries. Doing so may make it easier for them to make any plans as a result of the knowledge; however, it may also cause strife or tension within a family if not all beneficiaries are pleased with the details of your plan.

• Executor/Trustee/Guardian: An executor, trustee or guardian is someone who will take on important responsibilities and duties upon your death. Because of the importance of the appointment, you should consult with the individual prior to making the appointment in the relevant estate document in the event the person is either unable or unwilling to serve in the position.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you have an elderly parent who is still living in their Shrewsbury home and you are concerned that they are not able to properly care for themself, you may wish to discuss the option of moving to a retirement facility. Be prepared, however, as this may not be met with enthusiasm if not approached with care. Your parent likely feels that their home represents their independence. Moving, therefore, equals giving up their independence. Because this can be such an emotional subject, try approaching it from a non-emotional angle. What will it cost to remain in the home in the years to come? Do a little research and get estimates on the following prior to discussing the subject with your parent:

• Building ramps and opening up doorways
• Modifications to the home such as the addition of hand rails, grab bars and additional lighting
• A chair lift if the home has a second story
• Home health aids or nursing services
• Cleaning services
• Transportation
• Meal preparation

While there may be additional modifications or services needed, these can provide you with a general estimate of what it will cost to remain in the home. Sit down with your parent after you have all the facts and figures and explain what it will cost to stay in the home versus the cost of selling the home and moving to a retirement facility. When your parent sees how remaining in the home will rapidly deplete their estate assets, they may be more open to the possibility of moving from their Shrewsbury home.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

If you are like many residents of Gardner, you may reach a point in your life when you are faced with the agonizing decision to step in and petition for guardianship over an elderly family member or loved one. Wanting to help is the easy part. Deciding that a guardianship is necessary is not as easy because it entails taking away your loved one or family member’s independence. Being able to make decision for ourselves is something we all cherish. Deciding to take away that ability can be a heart wrenching, but necessary, decision.

If you have a loved one who appears to be unable to make daily decisions, deciding to step in can be a matter of safety, not interference. Not only could your loved one suffer physical injuries if you do not step in, but other, less well meaning, individuals could take advantage of your loved one.

State law determines what options are available in this situation. Both guardianship and conservatorship are common options. While the names are frequently used interchangeably, they often have different legal meanings. Typically, a conservator has legal authority over the estate of the ward, or person who needs protection and assistance, while a guardian has legal authority over the person of the ward. In other words, as guardian, you would likely be able to make decisions such as where your loved one will live and which physician he or she will use. Becoming a guardian requires court approval. If you are concerned that a family member or loved one is in need of a guardian, consult with a Gardner elder law attorney right away.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

You may have heard the term “spendthrift trust” at some point in time. Understanding how a spendthrift trust operates and what the purpose of one is can help you determine whether or not creating one should be part of your Worcester County estate plan.

All trusts require you, as the grantor, to appoint a trustee, name at least one beneficiary and designate assets to fund the trust. Trusts have become an increasingly attractive component of a Worcester County estate plan, in part because of the wide variety of trusts available for use. Specific purpose trusts allow the grantor to create the trust that works best for his or her specific needs and circumstances. A spendthrift trust, is a specific purpose trust that allows the grantor to retain additional control over the trust assets beyond that which a basic trust provides.

Although the trust terms go a long way toward retaining control over trust assets, once you create a trust and name a beneficiary, the beneficiary gains a legal interest in the trust assets. Unfortunately, this sometimes means that the beneficiary assigns his or her interest as collateral for a loan or loses his or her interest as a result of an unpaid debt.

By adding the appropriate state specific language into a trust you can create a spendthrift trust. The added language serves to prevent the beneficiary from assigning his or her interest to any third party for any reason. In addition, the spendthrift provision prevents a third party from reaching the trust assets as a mechanism to satisfy a debt owed by the beneficiary. Consult

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

The probate process can be lengthy, costly and complicated. Most people go to great lengths to try and avoid probate when creating an estate plan. In order to understand why avoiding probate is so desirable, you must understand the probate process itself. Although the process can differ somewhat from one state to another, there are common steps in most states.

Step One involves admitting the will to probate, if one was executed. If no will exists, then a probate case is initiated without a will. Some states allow for an expedited probate process, often referred to as small estate administration or something similar. This may be available if the value of all estate assets is under a specific dollar amount, for example.

Step Two is the appointment of the executor or personal representative who will oversee the administration of the estate with court supervision. An executor is someone who was named in the will by the decedent while a personal representative is typically someone who requests the appointment absent a will. The court must approve either one in most states.

Step Three involves the inventory and valuation of all estate assets and notification to beneficiaries, heirs, creditors and the public of the probate administration. Creditors will also submit claims during this phase which will be approved or denied by the executor/personal representative.

Step Four is the final step assuming that no disputed claims have been filed, all taxes have been paid and a will contest is not outstanding. At this point, a final accounting is filed with the court and all remaining assets distributed to heirs or beneficiaries if the court approves the final accounting.

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.

As a Webster resident with small children, you have likely contemplated what would happen to your children in the event of your untimely death. You may have a spouse or partner that would be able to care for them if tragedy strikes; however, there are still estate planning steps that you may wish to take to ensure that your children have immediate access to the funds necessary for their care and maintenance.

Many Webster residents make the mistake of counting on a Last Will and testament alone to solve all their estate planning concerns. While a will is certainly a good starting point, when minor children are involved additional steps should be taken as well. In fact, the most important reason to execute a will when you have small children may be simply to nominate a guardian in the event one is needed.

Money or assets left to someone in a will can be held up for months in the legal process known as probate. In order to make assets immediately available to the person who will be responsible for caring for your children, consider converting property and financial accounts to joint accounts or “pay on death” accounts. By doing this, access to the property or funds is immediately available to the caregiver.

In addition, discuss a trust option with your Webster estate planning attorney. A trust can not only avoid the probate process altogether, but provide you with a significant degree of control over the trust assets long after you

The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.