Massachusetts imposes an estate tax on all estates with assets of more than $1 million. The Massachusetts Department of Revenue says that you have to file an estate tax return and pay estate tax if the gross estate exceeds $1 million, including adjusted taxable gifts. If you want to get around paying estate tax to…
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The Importance of Having an Up-to-Date Estate Plan
The current COVID-19 pandemic reminds us that we’re never quite sure what will happen right around the corner. It has shown us that something unexpected can occur that affects our ability to take care of ourselves and, in certain cases, can take away our lives. So, how can we prepare to protect ourselves and our…
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Estate Planning for Single People
If you’re single, you might think that estate planning is only for married couples or people with children. But the truth is that estate planning is just as important for you as a single person. You might think that if you don’t do a will that your family or friends can just divide up your assets the…
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How to Stop Procrastinating and Get Your Estate Plan Done
Let’s be honest, no one likes thinking or talking about death. It’s just uncomfortable. So, it’s understandable that your mind is telling you that you’re too busy with other things to do your estate planning. Plus, you’ll have to figure out your total assets and how you want to distribute your estate. You figure that…
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An Example of What Happens When You Don’t Have an Estate Plan
Eugene Brown passed away in his home in mid-August 2015 at the age of 93. The neighborhood mail carrier noticed that Eugene hadn’t been on his front porch to greet her as usual for the last five days, so she called the local police who found Mr. Brown. It appeared that Mr. Brown lived a…
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What Exactly is an “Estate” and What is Yours Worth?
Your Massachusetts estate is basically everything you own, including money that would be generated upon your death (like life insurance). Some people think that their estate is too small to need an estate plan. However, it’s likely that your estate is even bigger than you think, and if you want to leave certain items to…
Continue reading…The Pros and Cons of a Life Estate Deed
A life estate deed in Massachusetts is a deed in which two or more people each have ownership of real property, but they have it for different periods of time. An example: Mary is 82 years old and lives in her home by herself. Mary signs the deed to her home over to her adult…
Continue reading…How to Plan for Incapacity
Planning for your incapacity is an essential part of Massachusetts estate planning. Being “incapacitated” means that you no longer have the ability to understand and appreciate the consequences of your actions to make rational decisions. You can become incapacitated due to a mental health issue or a physical problem. Incapacity can be short term (e.g.,…
Continue reading…Beneficiary Designations: The Difference Between “Per Stirpes” and “Per Capita”
Whether you choose to do a Massachusetts revocable living trust or a will, you’ll be naming at least one or more beneficiaries — people entitled to receive assets from your estate. The terms “per stirpes” and “per capita” are important when there are multiple beneficiaries at the same level like children, grandchildren, siblings, etc. Per…
Continue reading…Ever Think of Leaving Unequal Inheritances to Your Adult Kids?
Of course, the easiest plan is to leave your adult kids equal amounts of inheritance. That way, there are no misunderstandings or bad feelings. But is that what you really want to do? According to a recent study by Merrill Lynch and Age of Wave of older adults age 55 and up, parents leaving an…
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