When you’re doing your estate planning, one important item to think about is at what age your children should receive the money and property you’ve left to them. Once a child becomes a legal adult at the age of 18, you could give them all of their inheritance, no strings attached. But most parents want…
Continue reading…What is an AB Trust?
A trust is a legal document that can take legal title to your assets, like investments, bank accounts, real estate, vehicles, and valuable personal property. An AB trust, also called a credit shelter trust, is designed to minimize estate taxes for married couples by splitting into two trusts upon the first spouse’s death. The Massachusetts…
Continue reading…What is Probate Litigation and How to Avoid It?
When a loved one passes away and has left a will, their estate must go through a court-managed proceeding called probate where the will is verified, a personal representative is appointed, and the assets are recorded and then distributed according to the will. If someone legally contests the will (raises a formal objection), it’s referred…
Continue reading…Protecting Your Home When It’s in a Trust
Sometimes people put their homes into a trust as part of their overall estate plan, which can be a great tactic for many reasons. However, you have to keep in mind that this can cause some issues in regard to insuring your home. Most insurance companies will still insure your home completely, but you have…
Continue reading…Why You Should Plan Ahead for MassHealth Eligibility
It’s estimated that 70% of people over the age of 65 will require some type of long-term care services during their lifetime. That could mean needing assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and possibly even a higher level of care. In the Boston area…
Continue reading…Using a Trust to Limit Massachusetts Estate Taxes for Couples
The Massachusetts estate tax exemption is $1M. When you die, if your estate is valued at $1M or under, you pay no estate tax. If it is valued at one dollar over $1M your estate is taxed on the ENTIRE amount, not just the amount that is over. Your “estate” includes all the property you…
Continue reading…Avoid Estate Tax and Preserve Your Family Legacy Through Gifts
There’s a great feeling of satisfaction that comes with giving. Being able to help your loved ones through major life events and financial transitions can be a very rewarding experience. Did you know that gifting not only helps your family while you are still alive but also helps shield you from estate tax? With…
Continue reading…Will a simple Will do what you need it to do?
Estate planning attorneys often receive calls from potential clients requesting how much a simple Will costs. What they do not know is that a simple Will – also known as a “Last Will and Testament” – in many cases, does not provide the type of protection they need. A simple Will often cannot accomplish the…
Continue reading…Our September Back-to-School Offer for You
If you have minor children and own your home, then this will be the most important Back-to-School preparation you do all year. Did you know that if you’re in an accident, your kids could be taken into protective custody until the police can figure out who has legal authority to take them, even if you’ve…
Continue reading…Estate Planning for Minors: Retirement Plans
This week’s post on Retirement Plans is the fourth and final part in our back-to-school series, focusing on estate planning for minor children. To read week one’s post on Guardianship, please click here. For week two’s post on Asset Management, please click here. For week three’s post on Life Insurance, please click here Retirement accounts…
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