Substance abuse is an escalating concern in Massachusetts and across the nation, impacting countless families and communities. At Surprenant & Beneski, P.C., our estate planning attorneys have extensive experience assisting families who are coping with a loved one’s substance abuse issues. Knowing that problems of substance abuse impact individuals and their families in just about every area of their lives, we are dedicated to providing compassionate, practical advice and effective legal services.
If your family is facing the multiple challenges that arise due to a close relative’s substance abuse or addiction, you need not face them alone. Our skilled legal team can help you arrange to meet the economic needs of your troubled loved one without giving them financial control. We know all too well that you are in the uncomfortable position of having to make certain they have everything they need while protecting them (and your estate) from their own worst impulses. Contact us today to learn how.
Substance Abuse Is Dangerous in So Many Ways
Substance abuse can devastate health, relationships, educational pursuits, jobs, and financial stability. While substance abusers put their physical and mental well-being, as well as their education, relationships, and career paths at risk, they also threaten their own finances, and the economic standing of those who love and support them. Substance abuse is costly on every level, typically leading to erratic spending, accumulation of debt, and eventual financial ruin.
That’s why now is the time to take action.
What Is a Spendthrift Trust?
Spendthrift trusts only permit the beneficiary to receive periodic payments directly to creditors or funds for specific purposes. Depending on the way the trust has been established, the rules of distribution are determined by the grantor (the person setting up the trust) or the trustee. The trustee, appointed by the grantor, is tasked with managing the assets and seeing to it that the beneficiary’s basic needs are met but that they have no access to the principal.
The Spendthrift Trust Serves Many Important Purposes:
- Protecting the beneficiary from squandering their inheritance, ensuring that their trust assets will continue to be available to meet their future needs.
- Ensuring that funds are allocated for medical treatment and/or rehabilitation, offering a path to recovery.
- Making sure the beneficiary’s essential needs are met without providing funds that can further addiction.
- Promoting positive behavior by rewarding attendance at self-help meetings, sobriety, and/or completion of educational goals.
- Ensuring long-term support for the individual as they rebuild their life.
- Minimizing taxes
Why You Need Surprenant & Beneski, P.C.
Our trust specialists are available to assist you with customized estate planning that takes into account:
- Your family’s specific circumstances and goals, including the substance abuse issue.
- Protecting you and your family from potential legal and tax implications.
- The possible need to modify your spendthrift trust as circumstances change or as your loved one’s recovery progresses.
- The need for privacy and discretion in dealing with your family’s sensitive issues.
- Coordinating your spendthrift trust with your broader estate plan.
- Preparing and updating all of your legal documents as required.
Contact Our Experienced Estate Planning Attorneys Today
At Surprenant & Beneski, P.C., we are here to help you navigate the complexities of estate planning when it involves the challenges of substance abuse. By establishing a spendthrift trust, we can make sure that your loved one’s future is directed toward health and protected, as much as possible, from further adversity. Contact us now so we can discuss how best to proceed. We are eager to provide you with immediate relief and ongoing support.