I recently read an article about a man in Washington who donated more than $11 million to several charities after his death via his Will. It got me thinking about charitable giving and legacy planning, and when it’s a good idea to consider naming one or more charities as the recipients (beneficiaries) of your estate […]
Five Top Estate Planning Resolutions for the New Year
January is a time to make resolutions to do things better in the new year. Here are five resolutions to make to ensure your estate plan is where it should be in 2019. Resolve to Have an Estate Plan Most of the clients I meet who do not have a Will, Power of Attorney or […]
Let Your Loved Ones Thank You for Giving Them the Gift of Your Estate Plan
The holiday season is here and with it comes an excellent chance to talk with your loved ones about your estate plan – really! The holidays are often the time when family members scattered all over the country for most of the year come together in one place. In addition to catching up on the […]
Five Reasons Not to use “Pay-on-Death” Accounts or Joint Ownership to Avoid Probate
As an estate planning attorney, I advise clients about the ways they can pass their assets to their beneficiaries and avoid probate. This is a desirable goal for most people since probate can be expensive, time consuming, and aggravating for those you leave behind. There are multiple ways to avoid probate including: 1) owning assets […]
Probate Administration: It’s a Marathon, Not a Sprint
“We will be done with all of this soon, right?” That’s the question I often hear when working with a client who has been appointed as the Personal Representative (PR) of the estate of a loved one who has recently passed away. My answer is to view the administration of an estate as a marathon, […]
Five Answers to Your Questions about Using Trusts to Save Estate Taxes
Although all citizens or residents of the United States are subject to the federal estate tax at death, the current federal estate tax exemption of $11.2 million per person means that most of us will not pay a federal estate tax at death. However, Massachusetts has the distinction of being one of only 18 states to […]
Get An Estate Plan Now. If You Have One Already, Review It.
Make things easier for the people you love. In 2008, the U.S. House of Representatives passed a resolution to congratulate the Celtics as NBA World Champions. That same day, the House passed a bill declaring that the third week of October would be National Estate Planning Awareness Week, recognizing that half of the country does […]
Five Things to Know about the Estate Tax
(Saving Your Heirs Money with Proper Estate Planning) As Estate Planning Attorneys we often get questions about Estate Taxes. The Estate Tax, often called ‘the Death Tax’, is a tax on the value of assets owned at the time of death. The Estate Tax is completely separate from the income tax and it is little […]
Show Your Estate Plan a Little R-E-S-P-E-C-T
Aretha Franklin, the “Queen of Soul” died on August 16, 2018. It has been reported that she died without a Will or Trust. Aretha is in good company, as she has joined the surprisingly long list of celebrities who die without a Will, the most recent of which was Prince. As an estate planning attorney, […]
Five Answers to Your Questions about the Massachusetts Estate Tax (from An Estate Planning Attorney)
The Massachusetts estate tax is a little-understood tax that impacts middle-class families in our fair state every year. If you live (and die) in Massachusetts and own a home, a retirement account, and a life insurance policy, there is a good chance that your “estate” is large enough to be subject to estate tax. Here […]