charitable giving

Gifting and Charitable Giving

There are many ways to incorporate gifting and charitable giving into your estate plan. People often make gifts and charitable giving through their estate plan to reduce tax liability for themselves, their estate, and the heirs. This type of planning can also set up a legacy of charitable gifting for future generations. A Massachusetts estate…

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Will vs. Trust: What’s the Difference?

Wills and trusts are both important documents for doing your Massachusetts estate plan. They serve different purposes but they can work together to create a comprehensive estate plan. These are the main differences between a Massachusetts living trust and a last will and testament: Whether probate is involved What assets and legal affairs are affected…

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What Happens if You Die Without a Will?

What happens if you die without having any estate planning in place? That’s called dying intestate and your property will go through probate and be distributed according to the Massachusetts intestacy law. Why You Don’t Want Massachusetts Intestacy Law to Distribute Your Estate. It means you won’t have any control over who gets what. So,…

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How to Make Your Executor’s Life Easier

An executor (known as a “personal representative” in Massachusetts) is named in the Last Will and Testament, and that person is responsible for managing the estate after the testator (person who writes and signs the will) passes away. The personal representative can be a very time-consuming position which includes gathering and securing the deceased’s assets…

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What is an Ethical Will?

An ethical will, also known as a legacy letter, is a way to share your values and wisdom with your family and friends. It’s not a legal document written by a lawyer. It’s a heartfelt document created by you to be shared after your death. It can contain life lessons; family history, stories, and traditions;…

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What is a Pour-Over Will?

A pour-over will works in conjunction with a trust. A trust, whether revocable or irrevocable, is a legal document that holds your assets, like investments, bank accounts, real estate, vehicles, and valuable personal property, for your benefit during your lifetime and afterward for the benefit of another person, called a “beneficiary.” A big benefit of…

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What Not to Put in a Will

A Last Will and Testament is an estate planning document that lets you coordinate the distribution of your assets after your death. But there are actually some things that shouldn’t be included in your will. Accounts that have designated beneficiaries With items like life insurance, annuity policies, joint bank accounts, pay-on-death bank accounts, or proceeds…

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