Attorney Leah Kofos

Smart Counsel Interview: Christina Pavlina, Co-Founder and Executive Director of Jane Does Well

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In this episode of Smart Counsel for Lunch, Attorney Leah Kofos sits down with Christina Pavlina, Co-Founder and Executive Director of Jane Does Well, a nonprofit organization providing divorce care, support, and educational programs for single women and mothers.

They discuss the importance of community, support, and practical resources for women navigating divorce and major life transitions.

To learn more about Jane Does Well or get involved, visit: https://www.janedoeswell.org

Please watch and if you have any questions or want to learn more please call us at 781 461-1020.

Five Ways a Trust Is Better Than a Will

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When people hear the word “Trust,” they often picture something complicated, cumbersome, or reserved for the ultra-wealthy. In reality, Trusts are incredibly practical tools for everyday families – and in many cases, they’re far more effective than a simple Will. Although Wills serve an important purpose, a well-drafted Trust can offer protections and flexibility that a Will simply can’t provide. Here are five key reasons why a Trust may be the better choice for your estate plan.

  1. Trusts Avoid the Lengthy, Expensive Probate Process

Probate is the legal process of settling an estate – and it’s rarely quick or inexpensive. Even in straightforward cases, probate can take months. In more complicated situations, it can drag on for a year or longer, tying up assets your family may need right away. If your estate plan consists of only a Will, all assets owned in your sole name must be probated after your death in order to pass to your beneficiaries – even though those beneficiaries were named in the Will. The beneficiaries can only receive your assets after the probate process is complete. Typically, that takes a minimum of one year, but it could take much longer depending on complications like creditors who may make claims against your estate.

Because assets held in a Trust are not subject to probate, your beneficiaries can receive distributions much faster. There’s no waiting for a Court to appoint a Personal Representative or approve an accounting. Simply put, Trusts make things smoother, faster and more efficient for the people you leave behind. 

  1. Trusts Keep Things Private

As mentioned above, one of the biggest advantages of a Trust is that, if drafted correctly, it operates entirely outside the court system. Part of the probate process is submitting your Will, along with the value of the assets in your probate estate, to the probate court. Probate filings are public record, meaning anyone can read your Will, the value of your estate, and even the details of family disputes that may arise.

A Trust, on the other hand, allows your assets to pass directly to your beneficiaries without court oversight and court filings. That keeps your financial information private and spares your loved ones from unnecessary paperwork, delays, and stress. 

  1. Trusts Allow for Estate Tax Planning

Estate tax planning is another area where Trusts really shine. Your taxable estate consists of the combined value of all your financial accounts (checking, savings, brokerage, retirement, etc.), plus the equity in your real estate, and – here’s the big kicker – life insurance proceeds. In 2026, the federal estate tax exemption is $15 million, which does not affect most people. However, the Massachusetts estate tax exemption is $2 million. This means that if your total taxable estate is valued above $2 million at your death, your estate will owe an estate tax.

If you’re married, there is no estate tax due on the death of the first spouse, even if that spouse’s assets are over $2 million. However, on the death of the second spouse, 100% of the assets in that spouse’s name (often including leftover assets from the first spouse) are includable in the second spouse’s taxable estate. For example, if you have a $1 million life insurance policy, your spouse has a $1 million life insurance policy, you have $600,000 of equity in your house, and you have $400,000 in investments and retirement accounts, your taxable estate is somewhere around $3 million. This would require payment of approximately $82,000 in Massachusetts estate tax on the second spouse’s death. 

If you’re married, Trusts can include estate tax savings provisions that can minimize or even eliminate these estate taxes. For married couples, certain Trust structures can preserve exemptions and reduce the overall tax burden. A Will alone offers very limited options for this kind of planning. If you’re anywhere near that $2 million threshold, a Trust can be a powerful tool to protect more of what you’ve worked so hard to build.

  1. Trusts Can Protect Assets for Your Children

Estate planning isn’t just about deciding who gets what – it’s about how, when, and under what conditions your assets are passed to your beneficiaries. Many parents are uncomfortable leaving their children a large inheritance outright, and for good reason. Once assets are distributed directly to a child, those assets become vulnerable to future creditors, lawsuits, divorces, or even poor financial decisions. 

With a Trust, you have options for how to distribute assets to your children. One option, which allows for much more protection than an outright distribution, is to hold your children’s inheritance in Trust for their lifetimes. This type of protected distribution allows your child to use the assets, while keeping them out of reach of potential future creditors. This way, you’re able to give your children a type of asset protection that they can’t give themselves. It’s a smart way to provide support without unintentionally creating risk.

  1. Trusts Allow for Supplemental Needs Planning

If you have a beneficiary with a disability or someone receiving government benefits such as SSI or Medicaid, a Trust is essential. Leaving assets outright – or even through a Will – can inadvertently disqualify that person from critical benefits by pushing them over the required asset threshold for some public benefits.

Make sure to plan ahead by creating Trust that, upon your death, holds this beneficiary’s inheritance in a Supplemental Needs Trust specifically designed to enhance the beneficiary’s quality of life without jeopardizing their eligibility for government programs. This allows you to provide meaningful support while preserving access to benefits that may be worth far more than the inheritance itself.

While Wills still have their place in estate planning, Trusts offer greater control, privacy, flexibility, and protection.  From avoiding probate and minimizing taxes to safeguarding your children and planning for special needs, a well-drafted Trust can do far more than a Will ever could. At its core, estate planning is about taking care of your family – even when you’re no longer here to do it yourself. A Trust helps ensure that care continues seamlessly, thoughtfully, and exactly the way you intended.

Attorney Leah A. Kofos is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of Trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020.

© 2026 Samuel, Sayward & Baler LLC

 

Planning for Incapacity Protecting Your Future & Preserving Your Assets

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Life is unpredictable, and having a comprehensive plan in place is the most effective way to protect yourself and your loved ones. Join us for a dinner and informative presentation exploring the essential legal steps necessary to navigate potential incapacity. We will discuss how to address personal and legal challenges, strategies for asset preservation, and the importance of having a plan that ensures your wishes are honored.

Limited space. Kindly RSVP to Senior Advisor Taylor Burns.
781.251.6630 | tburns@bridgesbyepoch.com

Key Issues to be Aware of When Transferring Real Estate to a Revocable Trust

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Transferring a home or other real estate into a revocable living trust is a common estate planning strategy designed to avoid probate, maintain privacy, and streamline management of property during incapacity. While the concept sounds straightforward, the process can raise legal, financial, tax, and practical issues that are often overlooked. Understanding these considerations in advance will help prevent unintended consequences and costly corrections later.

Below are some important issues to keep in mind when transferring real estate to a revocable trust.

1. Creating a Trust does not mean the Property is in the Trust. 

A common misconception is that once a trust is signed, your property is automatically part of it. Unfortunately, that is not the case. To receive the benefits of probate avoidance, privacy, and easier management, the property must actually be transferred into the trust. 

For real estate, this means preparing a new deed that transfers ownership from the current owner(s) to the trustee(s) of the trust. That deed must then be properly signed and recorded at the appropriate Registry of Deeds. Without this step, the property remains outside the trust – even if the trust itself has been signed.

2. Mortgages Require Extra Attention

If the property has a mortgage, it is important to understand how a transfer to a trust may affect the loan. Many mortgages include a “due-on-sale clause”, allowing the lender to demand full repayment if ownership changes. 

The good news is that federal law – the Garn-St. Germain Act – generally protects homeowners in this situation. The Act prohibits a lender from invoking the due-on-sale clause with respect to most residential property, provided the property is transferred to one of the people/entities listed in the Act.  When residential property is transferred to a revocable living trust and the borrower remains a beneficiary of that trust, the lender is not allowed to enforce the due-on-sale clause solely because of the transfer.

That said, this protection does not always apply to commercial real estate or commercial loans. If your property falls into that category, reviewing the loan documents before making the transfer is essential. 

3. Don’t Forget About Homeowner’s Insurance. 

Any change in property ownership should be reported to your homeowner’s insurance company. Failing to do so could create coverage problems if a claim arises after the transfer. 

It is important to advise the homeowner’s insurance company of any change in the title/ownership of real property to ensure that coverage remains in place following the transfer. In most cases, the solution is straightforward: the Trust or Trustees are added as an additional insured or named insured on the policy. A quick call to your insurance agent can usually take care of this step.

4. Review Your Title Insurance Coverage

Title insurance is a type of insurance that protects property owners and lenders against losses caused by problems with the legal ownership (i.e. title) of real estate which were not discovered at the time the property was purchased. If you have a mortgage, you likely paid for a lender’s title insurance policy at closing. This policy protects the lender—not you.

Owner’s title insurance, which is optional and is purchased at an additional cost, protects the property owner and generally lasts as long as that person owns the property. An Owner’s Title Insurance policy is for the benefit of the owner of the property and the coverage remains in effect so long as the person owns the property which is where transferring the property to a Trust can be a trap for the unwary.  This is where transferring property to a trust can sometimes cause confusion. Newer title insurance policies often state that coverage continues after a transfer to a revocable trust where the owner remains a beneficiary. Older policies may not include this language.

Title insurance policies issued in the last 10 years or so often contain a provision specifically stating that coverage remains in effect following the transfer of the property to a revocable trust of which the owner is a beneficiary.  If your policy is older, the title company may require an endorsement to reflect the new ownership and keep coverage in place.

Transferring real estate to a revocable trust can be a smart and effective planning tool, but it is not simply a paperwork exercise. The above represent just a few of the issues that should be considered when transferring real estate.  Paying attention to deeds, mortgages, insurance, and title coverage can help ensure the transfer works as intended. With thoughtful planning and professional guidance, you can protect your property, preserve valuable benefits, and avoid unintended consequences down the road.

 

Attorney Leah A. Kofos is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020.

© 2025 Samuel, Sayward & Baler LLC

To Gift or Not to Gift: Understanding Basis

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As the holidays race toward us, our thoughts turn to the perfect gift for everyone on our list. It is also the time of year when many of our clients think about making larger gifts to family members and want a refresher on the gifting rules.

Although understanding the gift tax rules is important, there are other factors beyond those rules that should be considered if you are considering making a large gift, whether during the holidays or at any time of year. One of the least understood but more important factors is basis, which is impacted by whether an asset is gifted or inherited.

Basis is generally the tax cost of an asset, which is used to compute capital gain or loss when that asset is sold. Gifts of cash have no capital gain tax implications, but gifts of assets like stock or real estate that have a tax cost and have appreciated in value since the asset was purchased carry with them significant capital gain tax implications if and when that asset is sold. Federal income tax rules treat the tax “basis” of property differently depending on whether it is received by gift during life or inherited at death, and these differences impact the amount of future capital gains tax that will be paid upon a sale. Understanding these differences will help you evaluate whether to give a certain gift during your lifetime or wait to give that gift after your death.

The general rule is that when an asset is transferred by gift, the gift recipient (the donee) takes the gift giver’s (the donor’s) tax basis in that asset, often referred to as “carryover basis.” If, as is often the case, the donor’s tax basis is lower than the current value of the asset at the time of the gift (i.e. the asset has appreciated), the unrealized gain “carries over” to the donee. A later sale of the asset by the donee will result in the donee having to “recognize” this built-in gain and pay capital gain tax on the difference between the tax basis and the sale price. If you are giving a gift of an asset that has appreciated in value, you should give the recipient any records you may have that document the asset’s purchase price and anything else that may be relevant to your tax basis in that asset.

For example, if you purchased Microsoft stock for $100,000 many years ago, it is now worth $300,000, and you give your Microsoft stock to your son as a gift for the holidays, your son’s tax basis in the Microsoft stock is $100,000, and he still has your $200,000 unrealized gain. If your son later sells the stock for $320,000, his long-term capital gain is $220,000, and his combined state and federal capital gain tax will be anywhere from 5% ($11,000) to 25% ($55,000).

The general rule for an asset that is inherited from a deceased person is very different – and generally more favorable to the recipient. An asset acquired from a deceased person has a basis equal to the asset’s “fair market value” on the date of the deceased person’s death. This is commonly called a “step-up” in basis when the asset appreciated during the decedent’s lifetime, but it can also be a “step-down” if the asset declined in value. The step-up in basis essentially wipes out all pre-death unrealized capital gains, which can result in significant capital gain tax savings if the recipient intends to sell the asset.

For example, if you hold your Microsoft stock in which you have a tax basis of $100,000 until you die and leave it to your son in your Will or Trust, and if the Microsoft stock is worth $300,000 at your death, your son’s tax basis in the Microsoft stock is “stepped up” to $300,000. If he sells the stock shortly after your death for $320,000, his gain is only $20,000, and his combined state and federal capital gain tax will be anywhere from 5% ($1,000) to 25% ($5,000). Holding the asset until death has effectively avoided capital gains tax on the $200,000 of pre-death appreciation.

When considering whether to gift appreciated assets prior to death, take the following into account:

  • Gifting allows the donor to shift wealth and may reduce the estate tax payable at the donor’s death, but the carryover basis may result in significant capital gain tax if the gifted assets are sold. Consider gifting assets with little or no built-in capital gain or cash.
  • Retaining assets until death is usually more favorable for low-basis, highly appreciated assets, to take advantage of the step-up in basis on inherited assets, particularly if the donor’s estate is unlikely to incur estate tax.
  • Consider the estate tax rates. For example, if the donor’s estate will not pay federal estate tax (because the donor’s estate is less than $15 million in value) but is likely to pay Massachusetts estate tax (because the donor’s estate is over $2 million in value), the estate tax rates in Massachusetts (which range from 6% to 16%) may be lower than the capital gain tax that would be paid if the same asset was given to the intended recipient prior to death and later sold.
  • The interplay of the federal estate and gift tax exclusions, portability of the federal estate tax exemption, and state estate taxes can influence whether lifetime gifts or inheritance provide a better tax outcome.
  • Different types of assets have different rules about basis. For example, tax-deferred assets such as traditional IRAs, deferred compensation, etc. do not receive a basis step-up at death and remain taxable as ordinary income when collected by beneficiaries.

In short, deciding whether to gift or hold an appreciated asset requires looking beyond gift tax rules to the often-overlooked impact of basis and future capital gains taxes. The most tax-efficient strategy will depend on the type of asset, its built-in gain, your overall estate, and the federal and state tax landscape. Because these rules are complex and highly fact-specific, consulting with an estate planning or tax professional before making significant gifts can help ensure your generosity achieves its intended result. If we can assist you in determining the best approach for your gifting this holiday season, please do not hesitate to reach out to one of our attorneys.

Attorney Leah A. Kofos is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461- 1020.

© 2025 Samuel, Sayward & Baler LLC

So You’ve Been Named as a Trustee — Now What?

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Few moments in life bring such a mix of honor and anxiety as being named as a Trustee. It’s an important role — a sign that someone trusted you deeply — but it’s also a serious legal and financial responsibility. Trustees are tasked with managing the assets of a trust for the benefit of others, often in accordance with complex estate plans and detailed state and federal laws.

If you’ve just learned that you’re a Trustee, take a deep breath. The job can seem overwhelming, but with the right information and professional help, you can fulfill your duties properly — and protect yourself along the way. Here’s where to start.

  1. Get the Documents — and Get Oriented

Your first step is to locate the trust documents. These documents spell out your responsibilities and the specific instructions about how assets should be managed or distributed.  Make sure you have all of the relevant documents, including all amendments that may have been made to the Trust since it was created.

If you can’t find the trust documents in the decedent’s files, don’t panic. Try to determine who drafted the estate plan — often, the estate planning attorney will have retained the original documents or, at the very least, copies in their files. Attorneys typically keep these documents for many years, so tracking them down can save you considerable confusion later.

Once you have the trust documents in hand, read through them carefully (ideally with professional help) and make note of:

  • Who are the beneficiaries? These are the people (or sometimes organizations) who will receive benefits from the trust.
  • What are your duties?  Some trusts require ongoing management of trust assets; others call for an outright distribution of assets to the beneficiaries.
  • Any specific conditions? For example, a trust might direct you to pay out funds only after a beneficiary reaches a certain age, or to provide annual distributions of income only.

It is also important to understand what assets are owned by the trust, and which assets are not owned by the trust. Understanding these basics gives you the foundation you need to move forward responsibly.

  1. Hire an Attorney — Don’t Go It Alone

Acting as a Trustee is not just an act of goodwill — it’s a legal position with fiduciary duties. That means you are legally obligated to act in the best interests of the beneficiaries and to follow the trust’s terms to the letter. Because even well-intentioned mistakes can have serious consequences, it’s crucial to get legal help early.

A trusts and estates attorney can guide you through the process, help interpret the legal language of the documents, and ensure you stay compliant with all requirements. If you know who prepared the estate plan, consider hiring that same attorney — they already understand the decedent’s intentions and are familiar with the structure of the trust.

A good attorney can also help you avoid common pitfalls, such as prematurely distributing assets, mismanaging investments, or failing to file required tax forms.

  1. Don’t Forget the Taxes

Another key part of your responsibility is making sure all tax filings are properly handled. These include fiduciary income tax returns, and if you are also named as the Personal Representative of the estate, the decedent’s final personal income tax return and potentially state and/or federal estate tax returns. In Massachusetts, an estate tax return is required if the total value of the estate exceeds $2 million. Missing or incorrectly filing these forms can delay the administration of the estate, require the payment of unnecessary penalties and interest, and even create personal liability for you as Trustee.

It’s wise to consult both your attorney and a qualified accountant who has experience with estate and trust returns. Together, they can help ensure every requirement is met and all deadlines are observed.

  1. Managing Ongoing Trust Assets

Not all trusts end quickly. Some are designed to last for years, even generations, providing income or support to beneficiaries over time. If you’ll be overseeing assets for an extended period, consider engaging a financial advisor who understands fiduciary investing. A financial professional can help you create an investment policy that aligns with the trust’s goals, balance risk and return appropriately, and keep proper records of investment performance and distributions.

Remember, as Trustee, you’re required to manage the trust’s assets prudently — not just with good intentions, but according to a reasonable standard of care. Delegating to qualified professionals helps you meet that standard.

  1. Protect Yourself 

This point cannot be overstated: a Trustee can be held personally liable if something goes wrong. That means if you mishandle funds, overlook taxes, or distribute assets prematurely, you could be on the hook to make things right out of your own pocket.

To safeguard yourself:

  • Keep detailed records of every dollar that moves in or out of the trust.
  • Don’t rush to distribute assets until you’re confident that all debts, taxes, and administrative expenses have been paid.
  • It’s often wise to hold back a reserve of funds to cover final costs — such as professional fees, income taxes, or other lingering obligations — before making final distributions to beneficiaries.
  • Make sure you work with an attorney to prepare comprehensive receipts that the beneficiaries sign in exchange for their distributions, which will not only acknowledge receipt but also release the Trustee from liability and agree to refund assets they have received if an unexpected obligation arises.

Once you’re confident that all obligations are met, get the green light from your attorney so that you can make final distributions to the beneficiaries without worry.

Final Thoughts

Serving as a Trustee can be both challenging and rewarding. You’re stepping into a role that requires diligence, organization, and sound judgment — but also one that honors the trust someone placed in you. By gathering the right documents, assembling a team of professionals, and moving carefully through each step, you can fulfill your duties faithfully and protect yourself in the process.

Being a Trustee isn’t easy, but you don’t have to do it alone — and with the right support, you can carry out your responsibilities with confidence and integrity.

 

Attorney Leah A. Kofos is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020.

© 2025 Samuel, Sayward & Baler LLC

Estate Planning for Young Families – Nov 6th – in person seminar!

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Learn about probate, guardians, and what you can do to prepare. 📢 Join us for an exclusive seminar about Estate Planning for Young Families hosted by Attorney Leah Kofos right here in the office at SSB. Learn about probate, guardians, and what you can do to prepare. ✨ 📅 November 6, 2025 🕓 6:00 pm📍 Samuel, Sayward & Baler, 858 Washington Street, Suite 202, Dedham, MA Seats are limited – sign up today!

https://www.eventbrite.com/e/estate-planning-for-young-families-tickets-1804349400629

Wills • Trusts • Elder Law • Long-Term Care Planning • Estates

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