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…

Asset Protection for Small Business Owners

Many people think of estate planning as a luxury for wealthy business owners, executives and CEOs – multi-millionaires who have a variety of homes and bank accounts overflowing with money. However, this notion could not be further from the truth. Estate planning is a tool to be utilized by everyone, regardless of the size of…

Continue reading…

Debunking Gift Taxes Myths

Many people are confused about the subject of gift taxes. While only two states — Connecticut and Minnesota — have a state gift tax, there is a federal gift tax you may need to be concerned about. Here are some common myths and the actual truths about gift taxes: Myth: The recipient must pay taxes…

Continue reading…

Estate Planning for Business Owners: Tax Benefits of Charitable Remainder Trusts

Most successful business owners have spent years building their business into a profitable enterprise. However, as retirement approaches they are often discouraged to find that selling their business will have serious tax consequences, hindering their ability to achieve their economic and family goals with so few after-tax dollars. One way to reduce the “diminishing effect”…

Continue reading…

Life Insurance Trusts and Estate Taxes

Life insurance is an important financial tool for many Massachusetts families, however, many don’t realize that the proceeds from life insurance policies owned at death will be included the owner’s estate for estate tax purposes. That’s right: even though you will never get to see or enjoy the payoff from your life insurance policy, you…

Continue reading…

Sopranos Star Loses Millions to Estate Taxes

Chances are good that Mob boss Tony Soprano never paid his fair share of taxes. Unfortunately, actor James Gandolfini, who portrayed the crime kingpin on “The Sopranos,” will more than make up for it thanks to some costly estate planning blunders. Once again the celebrity tabloids offer a great example of what not to do—this…

Continue reading…

Should I Put my IRA in a Trust?

Putting assets into a trust can assist in long-term care planning, protect them from creditors after you die, reduce estate taxes and allow for greater flexibility in how assets are managed for minors compared to a simple will. However, putting certain assets into trust may create unintended consequences. An IRA is one such asset because…

Continue reading…