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The Baby Boomer's Guide to Trusts

Your All Purpose Estate Planning Tool
By Harry Margolis

Exec summary by Author Harry Margolis:

In writing this book, I kept thinking of a variation on the
anti–Vietnam War anthem familiar to most members of my
generation (and many others who have come since). In
contrast to war, which to Edwin Starr and many others, is
"good for absolutely nothing," trusts are good for just about
anything in the field of estate planning—and not just for
the very wealthy. Trusts are so useful that I think of them
as the Swiss army knife of estate planning: they serve as a
wide variety of excellent tools to accomplish any equally
wide variety of goals.

Trusts can help with:

• Asset management
• Investment oversight
• Planning for minor children
• Planning for children with disabilities
• Qualifying for public benefits
• Asset protection
• Protecting assets from Medicaid spend down or estate recovery
• Shared ownership of real estate
• Management of vacation property for families
• Shared ownership of family businesses
• Providing for pets after death


Given the myriad goals trusts can serve, they also vary considerably. As a result, many
beneficiaries and trustees misunderstand and mis-administer the trusts they create, manage or benefit from. 

This book aims to demystify the nuances of trusts, clearing up these misunderstandings as much as possible for all parties, grantors, trustees and beneficiaries. It was prompted by questions to my website, 80 percent of which seem to be about trusts—particularly about trustee compensation. (If this is your query, don’t worry: Chapter 9 has you

Through detailed explanations and examples, this book will enlarge your understanding of how trusts might accomplish your estate planning goals and serve your particular circumstances. It will provide links to additional resources and supports that might be helpful along the way. And it will help you decide whether you can create a trust on your own to suit your needs, or whether your situation warrants an investment in the guidance and expertise of an estate planning

Let’s dive right in and see what this tool can do for you.

To learn more go to:


Harry Margolis has been representing seniors, individuals with special needs and their families since he started ElderLawServices, the predecessor of Margolis & Bloom, in June 1987. Since
then, he and the firm as a whole have helped thousands of clients pay for long-term care, grapple with the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren.

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