Articles and Blogs

New Report from the FTC on Scammers and How Seniors Can Use Estate Planning to Help Protect Their Assets

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Scammers are on the rise, and there is now real data to prove it. On August 7, 2025, the Federal Trade Commission (FTC) reported that there has been a more than four-fold increase since 2020 in reports from older adults who say scammers have stolen $10,000 or more from them. According to the FTC, combined losses reported by people 60 and over who lost more than $100,000 increased eight-fold in the last four years. You can read the article in its entirety by clicking here.

As technology and artificial intelligence advances, scammers are becoming more sophisticated in their tactics. Scammers may call you with a fake family emergency or a fake problem to persuade you to transfer money out of your account. It is important to stay vigilant and trust your gut when something seems “off.”

Unfortunately, however, older adults are more susceptible to scams for a variety of psychological, social, and financial reasons. Seniors are often targeted not because they are careless, but because scammers deliberately prey on traits like trust, compassion, and financial stability. Furthermore, people typically experience memory issues or even cognitive decline as they get older, affecting judgment and decision-making. It is difficult enough as it is to keep up with technology and to spot fake websites or phishing attempts, much less for one with cognitive issues. 

Fortunately, having a good estate plan in place can help seniors and aging adults keep their finances and decisions safe by building protections into their Power of Attorney and Trust.

1. Durable Power of Attorney 

A Durable Power of Attorney appoints someone (an “attorney-in-fact”) to make financial decisions if the maker (the “principal”) is unable to make those decisions themselves. The idea is that the Power of Attorney isn’t used until the principal becomes unable to manage their finances themselves; however, the Power of Attorney should be drafted to allow the attorney-in-fact to act immediately on the principal’s behalf regardless of the principal’s health status. This avoids delays in emergency situations and prevents disputes over capacity. 

Drafting the Power of Attorney this way also helps protect the principal’s assets should the attorney-in-fact suspect that the principal is being scammed. The attorney-in-fact will have the legal ability to intervene in this emergency and stop fraud from happening in real time.

2. Trust

Holding assets in a trust is another strategy to use in an estate plan to protect assets from scammers. There are numerous types of trusts out there, but keeping assets in a revocable trust allows the creator of the trust (the “grantor” or “settlor”) to control their assets while allowing a successor trustee to step in and manage things if the grantor starts showing signs of vulnerability. A grantor can also build oversight into their trust by appointing a trustee to serve with them (a “Co-Trustee”) so that any large transactions or withdrawals from financial accounts need approval from the Co-Trustee.

Although a Durable Power of Attorney and a trust cannot 100% guarantee that one’s assets are protected from scammers, a thoughtful estate plan can help safeguard a loved one’s finances from those who might try to take advantage. By working with an experienced estate planning attorney, seniors and older adults can create documents that not only reflect their wishes but also build in practical safeguards against modern scams.

Attorney Brittany Hinojosa Citron is a senior associate attorney with the law 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. 

August 2025

© 2025 Samuel, Sayward & Baler LLC

5 Things to Know About Funding Your Trust

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Creating a trust is a smart step toward protecting your assets and making sure they are distributed according to your wishes. But setting up a trust is only half the job – funding it properly is what makes it work. Unfortunately, many people overlook this step, leaving their assets exposed to probate or other unintended consequences. Below are five crucial things you should know about funding your trust to ensure it does exactly what you want it to do.

1. If assets aren’t funded, then they won’t avoid probate. One of the biggest misunderstandings about trusts is the belief that simply signing the documents means your estate will avoid probate. Not so. If you don’t retitle your assets into your trust or name your trust as the beneficiary where appropriate, any assets held in your sole name stay outside the trust and will pass through your Will instead.

In that case, the assets will still make it to your trust – but first they have to go through the probate process. Probate can be time-consuming, expensive, and public – exactly what most people create a trust to avoid. Funding your trust correctly ensures that your wishes are carried out privately and efficiently, just as you intended.

2. Different types of accounts are funded differently! Funding your trust isn’t a one-size-fits-all process. Each type of asset has its own best method for being incorporated into your trust – and what works for one may not work for another.

Non-retirement accounts like checking, savings, or brokerage accounts are generally retitled into the name of your trust.  In some cases, these types of assets may remain titled in the individual’s name and their trust is designated as the beneficiary. Life insurance policies can also name your trust as the beneficiary, which can be especially useful if you don’t want the proceeds going directly to young children or minors.

When it comes to retirement accounts like IRAs or 401(k)s, however, the trust is never the owner – only the beneficiary. And even then, naming the trust as the beneficiary must be done carefully. If you’re married, it’s usually recommended that your spouse be named the primary beneficiary to preserve certain tax advantages, with the trust listed as the contingent beneficiary. In some cases, it may even be beneficial to name individuals as beneficiaries instead of your trust, depending on your goals and the terms of your trust. 

Every family situation is unique, so it’s essential to get specific advice from an experienced estate planning attorney to ensure your designations are right for you and won’t cause unintended tax consequences.

3. You May Need to Provide a Certification of Trust. When you transfer accounts into your trust, banks or financial institutions will want proof that the trust exists and that you have the authority to act for it. The law says that financial institutions can rely on a document called a Certification of Trust, which summarizes the key provisions without revealing all the private details like beneficiaries. However, some banks have stricter internal policies and may demand to see the entire trust agreement.  In some cases, banks and financial institutions may ask to see the original documents, not copies. As such, when you’re funding your trust, be prepared to provide this documentation and always keep your original documents safe.  If the bank employee insists on seeing your original trust, don’t leave the bank until you get your original trust back.

4. Remember Future Assets! Funding your trust isn’t a one-time project. Life changes and so will your asset portfolio. People often acquire new bank accounts, investment accounts, or real estate after their initial trust funding, but forget to transfer these new assets into the trust. One of the reasons to have regular check in meetings with your estate planning attorney – every two to five years – is to review your trust funding. These check-ins help you catch any gaps before they create big headaches later.

5.Get Confirmation and Keep Records. Sometimes, even when you’ve done everything right on your end, banks or insurance companies drop the ball. It’s not uncommon for a bank to say they’ve changed the title or beneficiary designation but then fail to follow through. Or they might update one account but not another held with the same institution.

Always get written confirmation that your accounts have been retitled correctly or that beneficiary designations have been updated. Keep copies of this paperwork with your trust documents. This simple step can save your family from confusion and delay down the road.

Every situation is different, and your trust should reflect your unique life, family, and objectives. A well-drafted trust is a powerful tool, but it’s only effective if it’s properly funded and maintained over time. A good estate planning attorney will give you written instructions on how to properly fund your trust based on your assets and your specific goals. By understanding how each of your assets should be titled or designated, keeping clear records, and checking in regularly with your estate planning attorney, you ensure your plan stays current with your life’s changes. With your trust fully funded, you can rest easier knowing you’ve done everything you can to protect your legacy and provide for the people and causes that matter most to you.

Attorney Leah A. Kofos is an associate 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.

© August 2025 Samuel, Sayward & Baler LLC

Protect Your Summer Sanctuary: Put That Beach House in a Trust

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Protect Your Summer Sanctuary: Put That Beach House in a Trust

Summer is in full swing – the beach towels are out, the sunscreen is packed, and your family is headed to your beloved vacation home for another season of treasured memories. Maybe it’s the Cape Cod beach house, a lakeside cabin in New Hampshire, or that cozy coastal cottage in Maine that’s been in your family for decades. It’s the place where your kids learned to swim, where you host lobster boils, and where you slow down enough to hear the waves and feel the breeze. It’s more than just a house – it’s a backdrop for some of your family’s happiest moments.

And because your vacation home holds so many cherished memories, it deserves just as much care and planning as your primary residence – maybe even more.

Here’s where many people get tripped up. Lots of homeowners are diligent about putting their primary home into a trust. They know it helps their family avoid the hassle and expense of probate when they pass away. But too often, they forget to include their second home. And this oversight can cause real headaches down the line. 

When you pass away, any real estate you own in your individual name has to go through probate. If you pass away and your vacation home isn’t in trust, it will go through probate. That means your vacation home becomes part of the public probate process, subjecting your family to delay, expense and aggravation just to transfer ownership of a place that should simply stay in the family. That’s extra paperwork, extra time, extra costs, and extra headaches for your loved ones at a time when they least want to deal with any of that.  Probate eats up time and money, often taking months or even years to finalize. And during that time, the house may sit in limbo — maintenance, taxes, and utilities still need to be paid, but your family can’t easily sell it, rent it, or even make certain repairs without the court’s permission. 

And here’s the kicker: if your vacation home is in another state – which is pretty common in New England – your heirs could be looking at two probates. For example, if you live in Massachusetts but own a cottage on Lake Winnipesaukee in New Hampshire, your family may have to file a probate in Massachusetts for your main estate and in New Hampshire for the cottage. This is called “ancillary probate.” Two sets of attorneys, two court processes, double the paperwork, double the fees – and double the stress for your loved ones at a time when they’d much rather be remembering you over a clam bake than sitting in a lawyer’s office.

Transferring your vacation home to trust will allow your to family avoid that hassle. With a properly funded trust, your property passes directly to your chosen beneficiaries without probate. No court dates, no drawn-out legal process, and no unnecessary expenses eating away at your estate. Instead, your family gets to focus on what matters most – keeping the traditions alive and the memories growing. A trust makes it clear who inherits the home, how it’s managed, and even how expenses like taxes and maintenance are handled. It also keeps the property out of the public eye – unlike probate.

Of course, every family and every vacation home is unique. Maybe yours is rented out during the off-season. Maybe it’s owned jointly with other relatives already. Maybe you’re thinking about passing it down to multiple kids who all live in different states. An experienced estate planning attorney will help you determine the best way to handle these details.

So while you’re enjoying long sunny days, sticky s’mores, and salty swims, take a moment to check your estate plan. Is that vacation home in a trust? If not, talk to an estate planning attorney. Updating your plan now means your family can keep the good times rolling – without any unexpected legal storms on the horizon.

Your summer sanctuary deserves protection – and your family deserves peace of mind. With a little planning today, you can make sure your beach house stays the joyful escape it’s meant to be – not a surprise headache for your heirs. Here’s to sunsets, sandcastles, and a future that’s just as relaxing as your favorite summer day.

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

5 Ways Having Children Changes Your Estate Plan (and Your Life)

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After four months of precious bonding time with my new baby, I’m back at the firm and have returned to my fulfilling career as an estate planning and probate attorney. Having a second child changed my life just as much as having my first child changed my life. Before having each child, as an estate planning attorney I thought I had everything figured out: who the guardians of my children would be, how I wanted my assets distributed to my children should I no longer be around… but, of course, plans change when you have children, and it is important to recognize how such plans—including an estate plan—can change after having children. 

If you recently had a child or you already have children, it is important to include them in your estate plan. Estate planning plays a pivotal role in ensuring that your children are provided for in the event of unexpected circumstances. 

If you have already included your children in your estate plan, it is just as important to review and update your estate plan as your children get older because the plan you made five or ten years ago may not reflect your wishes now. This is especially true if your child is now an adult or if your child has developed a disability and is receiving needs-based government benefits.

 

Here are five ways having children affects your estate plan:

1.Naming a Guardian for Your Child

It is imperative that you name a guardian for your child in the event that you and the other parent die or become incapacitated. A guardian is someone who will take legal responsibility for your child’s physical well-being. A guardian has the authority to make all decisions regarding the care of your minor or incapacitated child, including healthcare decisions, residence, education, and religious upbringing.

You typically name a guardian in your Last Will and Testament to have custody of your minor or incapacitated child. Upon your death and the death of the other parent, the guardian you named will need to go through the court process to confirm their guardianship. The court will evaluate whether the proposed guardian is suitable and whether it is in the child’s best interest to be in the guardian’s care.

Once you name a guardian for your child, you should review your estate plan periodically to determine whether the guardian you picked is still a good fit. Who you thought you wanted to be the guardian of your child may change as your child gets older. Have you moved a significant distance away from the guardian you named? Has the guardian spent time with your child and developed a good, stable relationship with them? The answers to these questions may prompt you to change the guardian you chose.

2. Creating a Parental Appointment of Temporary Agent

Now that you have named a guardian, you should create another estate planning document called a Parental Appointment of Temporary Agent, or PATA for short. 

I’ve mentioned that a guardian named in your Will must go through a court process to be appointed, and that this court process can take a long period of time. What happens during this time that your guardian is waiting to be appointed by a court? Or what happens if you are in the hospital or otherwise incapacitated? Who takes care of your child and makes decisions for them? 

Massachusetts law allows parents of a minor or incapacitated child to designate through a PATA a temporary agent to take care of the child for up to 60 days. This temporary agent has the power that the parent had regarding care, custody, or property of the minor or incapacitated child until a permanent guardian or conservator is appointed by the court. 

Keep in mind that you and the other parent must appoint a temporary agent together unless the other parent consents to the appointment in writing or the other parent’s parental rights have been terminated. Also, keep in mind that like the guardian you named in your Will, you should review your estate plan as circumstances change and your children get older to determine whether the temporary agent is still a good fit.

3. Providing for Your Child in Your Estate Plan

Having a comprehensive Will is the cornerstone of any estate plan, especially for young parents and families. As I mentioned earlier, you can designate a guardian for your minor or incapacitated child in your Will. Your Will also specifies how your assets will be distributed to your child; however, it is important to note that your Personal Representative cannot distribute funds over $5,000 directly to a minor child.

In Massachusetts and many other states, minors under the age of 18 cannot assume control of property given directly to them through an inheritance. If you leave money or assets to your minor child through your Will and you do not specify how those assets are handled, then a conservator will need to be appointed by a court to manage the funds.

This can be avoided by establishing a trust for your minor or incapacitated child. A trust can manage and protect your child’s inheritance and be tailored to your preferences, specifying when and how your child will receive assets. You can also name a Trustee to manage the trust assets on behalf of your child. The Trustee may be a family member or friend, professional fiduciary (attorney or accountant), or corporate fiduciary (such as a bank).

Trusts aren’t only for minor or incapacitated children. You can create a trust for an adult child at your death to manage the child’s inheritance for a period of time, such as until the child turns 30 years of age, or for a child’s lifetime through a so-called “lifetime trust share.” A lifetime trust share helps protect a child’s inheritance from their creditors, such as a divorcing spouse or someone who initiates a lawsuit against your child. Although the protection offered by a lifetime trust share is impacted by the identity of the Trustee, the way the Trust is administered, and the state in which the beneficiary resides, these shares are a great tool to increase the protection of inherited assets in the event of divorce or from potential creditors.

4. Needing a Supplemental Needs Trust for a Disabled Child

While on the topic of trusts, if your child becomes diagnosed with a significant health issue or disability, you should consider whether you need to have a special type of trust called a Supplemental Needs Trust as part of your estate plan. A Supplemental Needs Trust (“SNT”) provides long-term management of the inheritance you leave to a disabled child while allowing the child to qualify for needs-based government benefits should such benefits become necessary for them in the future. SNTs can pay for and supplement medical and travel expenses, entertainment, pet care, and other expenses that can enhance an incapacitated person’s quality of life, especially when parents or grandparents are no longer around. 

5. Considerations As Your Child Becomes an Adult

Soon enough, and all too quickly, your child will grow up and become an adult. When that happens, there are different considerations for your estate plan than when your child was a minor. You may consider naming your child in a fiduciary role, such as your attorney-in-fact under your Durable Power of Attorney, your healthcare agent under your Health Care Proxy, or even the Trustee of your trust or a trust you create for your child after your death. Although a child who is a beneficiary of a SNT cannot be their own Trustee, your adult child can be the Trustee or Co-Trustee of their own separate trust share if you believe your child is mature enough to do so.

On the other hand, what if your child is not mature enough to handle their own Trust? Is your child on the brink of a messy divorce, or does your child spend every dollar they make the minute they receive it? You can name someone else to handle the inheritance you leave to your child or otherwise specify exactly how you want your child’s inheritance handled after your death.

There are numerous other considerations as well, such as whether you would like to provide for a grandchild in your Will or Trust or whether your child has moved far from home and retaining the house after your death is no longer be feasible. 

These are tough decisions that require thoughtful consideration and planning. As you have children and your family grows, the last thing you want to think about is what happens to your child if you are no longer around. Unfortunately, life is unpredictable, and taking proactive steps now will provide peace of mind knowing that you have taken care of your child’s well-being, no matter what the future holds. Estate planning is crucial in securing your child’s future and addressing the unique needs of your family, particularly as those needs change over the course of you and your child’s lifetimes.

Attorney Brittany Hinojosa Citron is a senior associate attorney with the law 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. 

July 2025

© 2025 Samuel, Sayward & Baler LLC

Attorney Suzanne Sayward’s Smart Counsel interview with Steve Pepe from Longbridge Financial, LLC.

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This week we feature Attorney Suzanne Sayward’s Smart Counsel interview with Steve Pepe from Longbridge Financial, LLC. Sue and Steve discuss Reverse Mortgages and how you might use one to help you in your planning. We appreciate Steve taking the time to share his experience and knowledge with us.

Longbridge Financial, LLC is a leading lender devoted to responsibly advising retired homeowners in reshaping their retirement plans by educating them on Home Equity Conversion Mortgages (HECM) — and assisting them in unlocking the strength of their home.

Learn more: https://agents.longbridge-financial.com/steve-pepe/

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

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