Taxpayers often utilize gifting as part of their estate plan. However, determining the applicability of the Massachusetts estate tax can lead to some unexpected results when there are lifetime gifts.
Trusts are a great way to put conditions on how, when, and to whom your assets will be distributed after you pass away. However, there are several options and specific terms to know when it comes to setting up a trust, and many people aren't sure of the best path forward.
To help explain, I've put together some frequently asked questions and answers on the subject.