Estate Planning

What Happens If I Don’t Have An Estate Plan?

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What happens if you do not have an estate plan in place? In this Smart Counsel for Lunch, Attorney Sean Downing of Samuel, Sayward & Baler LLC discusses why estate planning matters, what can happen when important documents are missing, and how having a plan can help protect you and your loved ones. For those who want to learn more about how estate planning applies to today’s families, Sean is also hosting an upcoming program, Estate Planning for Nontraditional Families. Learn more and register here: https://ssbllc.com/event/estate-planning-for-nontraditional-families/

5 Things Parents with Young Children Need to Know about Estate Planning

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It being May, Mother’s Day is on our minds so what better time to think about what moms (and dads!) of young children need to know about estate planning.  

For most parents, children take up a lot of ‘headspace’, especially when their children are young and dependent on them.  The well-being, safety and happiness of their children is of paramount importance to parents and estate planning is an essential component of making sure that all steps needed to protect their children have been taken.  

Read on for 5 things parents with young children need to know about estate planning. 

1. Naming a Guardian is Non-negotiable    

One of the most critical decisions parents with minor children need to make is naming a guardian who will raise their children if something happens to them before their children are grown. The nomination of a permanent guardian is made in a Will.   It is important to note that naming a guardian in a Will does not grant the named person status as the legal guardian at the death of the parents.  The appointment of a permanent legal guardian must be done by the court which takes time which means there is a gap between the need for a legal guardian and the appointment of a legal guardian.  This gap can be several months.   As such, it is important that parents also complete a Parental Appointment of Temporary Agent.  This is the statutory document in Massachusetts that allows parents to name someone who will have immediate legal authority to take custody of and make decisions for minor children should the parents be unable to care for the child.  For more about appointing temporary and permanent guardians for minor children check out Attorney Leah Kofos’ video and accompanying article.

2. Creating a Will Alone is Not Sufficient  

While a Will is essential for parents of minor children, a Will does not avoid court involvement when minors inherit assets.  In most cases, a court-supervised conservatorship will be required until the child turns 18, at which point they will receive their inheritance outright. Anyone who has ever been 18 years old will most likely be horrified at the idea of someone that age receiving a significant amount of money or assets.  Read on for a better way to leave an inheritance to children.

3. A Trust is (Usually) a Must for Parents of Young Children

Creating and funding a revocable living Trust is a common way to avoid probate thereby allowing surviving family members fast and easy access to funds when the trust makers pass away.  For parents of minor children, a living Trust has the added benefit of ensuring that the inheritance they leave their children is administered for those children by the people they name to do so and outside of probate.  Leaving assets to minor children via a Will, means the probate court will have ongoing oversight of the inheritance so long as the children are under age 18.  The court will require that annual accountings be filed with the court and will appoint a third party to review those accountings.  This means added cost, delays and a public proceeding.   

4. Don’t Forget About Your Beneficiary Designations  

Certain assets—such as life insurance and retirement accounts—pass directly to named beneficiaries, regardless of what your Will or Trust provides.  Naming a minor child as a beneficiary is unadvisable as it will require that a court appointed conservator be appointed for the child in order to receive the asset.  The probate court will maintain ongoing jurisdiction over the asset until the child turns 18 years old at which point the account will be distributed to the child.  For parents who create a Trust, designating the Trust as the beneficiary of these assets is usually the best course of action.  If qualified retirement accounts (IRAs, 401Ks) are going to be distributed in trust it is critical that the Trust be properly drafted to administer these assets to ensure that the best tax outcome is available. 

5. The Planning Doesn’t Stop When Children Reach the Age of Majority. 

Your Estate Plan is always a work in progress, and as your children grow up and change, so too should your Estate Plan. When your children are very young, the named guardians in your Will and Parental Appointment of Temporary Agent are extremely important. These people will shape your children’s lives should something happen to you. As your children grow up and you get to know their personalities, you will get a better understanding of what age, if ever, your children should have access to their inheritance. When your children become adults and become more responsible, you may want to name them as Fiduciaries or Agents in your estate plan to take care of you and your assets in case of incapacity or death.

Estate planning for parents is ultimately about creating a framework of care, protection, and financial security. With the right plan in place, you can feel confident that your children will be supported by the people you trust and in the manner you intend.

If you would like to review your estate plan or create a plan, please don’t hesitate to contact our office and make an appointment with one of our attorneys. 

Attorney Sean M. Downing is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of Trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461-1020.

May, 2026

© 2026 Samuel, Sayward & Baler LLC

One Mom’s Guide to Estate Planning: What Every Parent Should Know – Upcoming Seminar May 12th at 6PM

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Join Attorney Brittany Hinojosa Citron for an important conversation on estate planning for parents. This seminar covers what every parent should know about guardianship, protecting a child’s inheritance, and planning for the unexpected at every stage of family life.

 

This free event will take place on Tuesday, May 12, 2026, from 6:00 PM to 7:00 PM at Samuel, Sayward & Baler LLC, 858 Washington Street, Suite 202, Dedham, MA 02026.

Sign up required below:

May 2026 seminar flyer mom guide to estate planning

Five Things an Estate Planning Attorney Thinks About While Stuck at Home During a Blizzard

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During this interminable winter of 2026, when our minds and bodies are numb from the cold and starved for Vitamin D from the lack of sunshine, an estate planning attorney’s thoughts turn to things that are always on our mind: death and taxes—the two certainties of life—and how to minimize the impact of both on our clients.  Here are five things for you to think about in planning for your death, minimizing taxes, and making things easier for your family while stuck at home waiting for the snow to melt:

1. Taxes can be avoided if you’re willing to move.

The estate tax is a one-time tax paid at the time of death on the value of the assets owned by the deceased at the time of death.  Estate tax is most often paid when a single person dies, as assets that are left to a spouse pass estate tax free.  There is a federal estate tax that applies to every citizen or resident of the United States; however, because the federal estate tax exemption (the amount below which no tax is due) is so high—currently $15 million per person—most people do not need to worry about planning to avoid the federal estate tax.

Massachusetts is one of a handful of states that imposes a separate state estate tax on its residents, and the exemption amount is not as generous as the federal exemption amount. The Massachusetts estate tax exemption amount is $2 million, which means that if a Massachusetts resident dies with over $2 million in assets at the time of death, then their estate will be subject to Massachusetts estate tax liability.

This fact often prompts clients to ask if they can avoid the estate tax by moving out of Massachusetts.  The answer is yes, but the reality is not quite that simple.  An estate tax is imposed on a person who is domiciled in Massachusetts at the time of death.  Domicile is determined by intent. Do you intend for Massachusetts to be your home?  And the Department of Revenue has a whole lot of factors it considers in making this determination if you have moved out of Massachusetts and then die claiming you owe no estate tax to Massachusetts.  For example, where are you registered to vote? Where are your cars registered? Where are your doctors located?  Where do you file your income tax returns? Where do you receive your mail?  Where were your estate plan documents created?  Do you belong to clubs or religious organizations in your new state?  And how do all these factors add up (or not) to show that you intended to make that new state your domicile, and that you were no longer domiciled in Massachusetts.  This is harder than it seems when people have doctors or grandchildren or friends that still live here in Massachusetts.  Despite the snow, there are reasons we all chose to live here, and many people find it hard to cut all those ties and move to a state that does not impose a state estate tax.  However, if you are willing to do so, and would enjoy living in Florida, New Hampshire (the only New England state without a state estate tax), or any of the many other states that fall into this category, get some good advice from your estate planning attorney and your tax accountant, and godspeed!

Keep in mind that if you move out of Massachusetts to avoid the Massachusetts estate tax but you continue to own that house on the Cape (or any other real estate in Massachusetts), your estate will be taxed on the value of the Massachusetts real estate at your death without proper planning.  

2. Taxes can be reduced by proper planning (without having to move).

It has been said that death is better than taxes because it only impacts you once, while taxes impact us year after year, and don’t end with our death (assuming you have an estate large enough to pay an estate tax). Although death is inescapable (at least at the time of this writing), taxes can be minimized with proper planning. This is especially important if you like where you live and are not inclined to move out of Massachusetts any time soon.

Gifting can reduce the value of your estate that is subject to estate tax at your death.  If you are not inclined to give assets away, certain types of trusts can be used to shelter assets in trust at the death of the first spouse in a married couple for the benefit of the surviving spouse in such a way that those sheltered assets avoid estate tax at the surviving spouse’s death.  Life insurance (which is taxable for estate tax purposes if you own a policy on your own life) can be owned by an irrevocable trust which can avoid estate tax on the death benefit of the policy.  If you are interested in staying in Massachusetts but minimizing the estate tax your family will pay at your death, get advice from an experienced estate planning attorney who can walk you through the tax minimization options that will work for you.

3. Death is difficult, but there are things you can do to make things easier on your family.

We help families settle estates and administer trusts as part of our daily work.  There are a few things that make a big difference in the amount of time, energy and money your family will spend settling your estate after your death.  

First, work with your estate planning attorney to consider how you can avoid a probate proceeding at the time of your death.  Probate is necessary for assets owned by the deceased in the deceased’s individual name at the time of death that do not have a designated beneficiary.  You can avoid a probate proceeding at your death if you own assets jointly with someone else, such as your spouse, if your assets like retirement accounts and life insurance have a designated beneficiary, or if your assets are owned by a trust.

Before you jump to owning assets jointly with someone else or designating beneficiaries on your accounts, you should consult with an estate planning attorney to make sure you understand the legal implications of doing so. For example, if you designate a minor child or disabled person as a beneficiary of your retirement account, after your death, the financial institution may require a conservator be appointed to handle the retirement funds that passed to the child or disabled person. Consulting with an estate planning attorney will help ensure that your beneficiary designations or jointly owned assets don’t lead to unintended, costly consequences.

For many assets, owning them in a revocable trust is the best way to avoid probate and make sure those assets will be distributed to your intended beneficiaries at your death, while making sure that if a beneficiary predeceases you, or if minor or disabled individuals are involved, assets will pass to them in ways that will protect the inherited assets for their benefit.  

4. Make Some Lists and Check Them Twice

If you do one thing to make things easier on your family (OK, maybe two things) do these:

First, make a comprehensive list of your assets. When we work with clients on settling an estate or trust, one of the most frustrating aspects of the process is their inability to locate information about a deceased’s current assets, debts, or benefits. To make this process easier for your family, create a comprehensive list of your assets, including real estate, bank accounts, IRAs, 401(k)s, brokerage accounts, life insurance, annuities and any other assets you have or that your family or estate would be entitled to receive at your death. If you have valuable personal property – like artwork, or sports collectibles – provide as much information as you can about the provenance of those items, the purchase price (if applicable), and any trusted source for appraisal or sale of the items after death if that is anticipated. If you have cash or gold stored at home or offsite, provide information about where to find those assets.

As to any bills you pay on a regular basis – monthly, quarterly, annually – describe from what account each bill is paid if paid automatically. Provide the names of the financial institutions and account numbers for mortgages and car loans.

Include the name and contact information of your attorney, your accountant or tax preparer, your insurance agent and your financial advisor, if any.

In addition to asset information, think about other information that would be useful for your family to have if you were suddenly unavailable, such as a list of employers from whom you receive, or from whom your beneficiaries may be entitled to receive, pension or other group benefits; access information for safe deposit boxes or storage facilities; and a list of your online accounts, usernames and passwords (more on this below). 

Make sure a trusted person knows where to locate the list after it is created. And finally, review this list every six months or so and keep it updated.

Second, if you have any online accounts or websites where you store important information (think photos, recipes, documents, cryptocurrency, email, etc.), keep a current list of your usernames and passwords in an online password manager or recorded in another way where a trusted person can access this information if needed, and let that person know where this information is located. Be sure to update this information on a regular basis as passwords change and new accounts are created.  If an online entity offers a way for you to give permission or access to your digital assets to specified individuals after your death, use their directions to set up online access to those accounts for those individuals.  For example, Facebook allows you to designate a “Legacy Contact”, who can either manage your account or delete the account once you pass away. Google allows you to control what happens to your account through their “Inactive Account Manager” option. If you have cryptocurrency, provide detailed information about how to access those assets.

5. Consider and Express Your Wishes about End-of-Life Care and Post-Death Instructions. 

Many of our clients feel strongly about the type of care they want (or do not want) to receive at the end of their life.  Although Massachusetts routinely considers right to die legislation, we do not yet have that type of control over the timing of our own death.  It is therefore important to create a Health Care Proxy that names the person who will make health care decisions and end-of-life decisions for you if you are unable to do so for yourself.  It is equally important to inform that person of your wishes or at least have a conversation about what quality of life means to you, and whether you want to be kept alive by artificial means if that quality of life is no longer available.  There are many tools available to help with these conversations and to express your wishes in this regard, including https://theconversationproject.org/ and the MOLST/POLST form that you complete with your physician (https://www.mass.gov/info-details/molst-transition-to-polst).

Our clients also have a good idea about what they would like to have happen following their death in terms of funeral and burial or cremation instructions. They may have shared those wishes verbally with family but not put them down in writing.  Now is the time to memorialize your burial or cremation wishes and funeral wishes in writing.  A Directive as to Remains accomplishes this goal and can be created by your estate planning attorney.  This type of document can be important if you anticipate any disagreement among family members and are concerned that your wishes will not be carried out.  Otherwise, it may be sufficient for you to write a letter to your family detailing your instructions, and give that letter to a trusted person or tell them where it is located so that they will be able to access and follow those wishes promptly following your death.

Death and taxes are a complicated business and doing what you can to help your family navigate these certainties of life when you are no longer there requires thoughtful and careful planning at a time when you are able to do so.  An experienced estate planning attorney can help you clarify your goals and put a proper plan in place to make sure those goals are attained.

Attorney Brittany Hinojosa Citron is a senior associate attorney at Samuel, Sayward & Baler LLC which focuses on advising its clients in the areas of estate planning, estate settlement and trust administration. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information or to schedule a consultation with one of our attorneys, please call 781-461-1020. 

 

March 2026

 

© 2026 Samuel, Sayward & Baler LLC

To Gift or Not to Gift: Understanding Basis

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As the holidays race toward us, our thoughts turn to the perfect gift for everyone on our list. It is also the time of year when many of our clients think about making larger gifts to family members and want a refresher on the gifting rules.

Although understanding the gift tax rules is important, there are other factors beyond those rules that should be considered if you are considering making a large gift, whether during the holidays or at any time of year. One of the least understood but more important factors is basis, which is impacted by whether an asset is gifted or inherited.

Basis is generally the tax cost of an asset, which is used to compute capital gain or loss when that asset is sold. Gifts of cash have no capital gain tax implications, but gifts of assets like stock or real estate that have a tax cost and have appreciated in value since the asset was purchased carry with them significant capital gain tax implications if and when that asset is sold. Federal income tax rules treat the tax “basis” of property differently depending on whether it is received by gift during life or inherited at death, and these differences impact the amount of future capital gains tax that will be paid upon a sale. Understanding these differences will help you evaluate whether to give a certain gift during your lifetime or wait to give that gift after your death.

The general rule is that when an asset is transferred by gift, the gift recipient (the donee) takes the gift giver’s (the donor’s) tax basis in that asset, often referred to as “carryover basis.” If, as is often the case, the donor’s tax basis is lower than the current value of the asset at the time of the gift (i.e. the asset has appreciated), the unrealized gain “carries over” to the donee. A later sale of the asset by the donee will result in the donee having to “recognize” this built-in gain and pay capital gain tax on the difference between the tax basis and the sale price. If you are giving a gift of an asset that has appreciated in value, you should give the recipient any records you may have that document the asset’s purchase price and anything else that may be relevant to your tax basis in that asset.

For example, if you purchased Microsoft stock for $100,000 many years ago, it is now worth $300,000, and you give your Microsoft stock to your son as a gift for the holidays, your son’s tax basis in the Microsoft stock is $100,000, and he still has your $200,000 unrealized gain. If your son later sells the stock for $320,000, his long-term capital gain is $220,000, and his combined state and federal capital gain tax will be anywhere from 5% ($11,000) to 25% ($55,000).

The general rule for an asset that is inherited from a deceased person is very different – and generally more favorable to the recipient. An asset acquired from a deceased person has a basis equal to the asset’s “fair market value” on the date of the deceased person’s death. This is commonly called a “step-up” in basis when the asset appreciated during the decedent’s lifetime, but it can also be a “step-down” if the asset declined in value. The step-up in basis essentially wipes out all pre-death unrealized capital gains, which can result in significant capital gain tax savings if the recipient intends to sell the asset.

For example, if you hold your Microsoft stock in which you have a tax basis of $100,000 until you die and leave it to your son in your Will or Trust, and if the Microsoft stock is worth $300,000 at your death, your son’s tax basis in the Microsoft stock is “stepped up” to $300,000. If he sells the stock shortly after your death for $320,000, his gain is only $20,000, and his combined state and federal capital gain tax will be anywhere from 5% ($1,000) to 25% ($5,000). Holding the asset until death has effectively avoided capital gains tax on the $200,000 of pre-death appreciation.

When considering whether to gift appreciated assets prior to death, take the following into account:

  • Gifting allows the donor to shift wealth and may reduce the estate tax payable at the donor’s death, but the carryover basis may result in significant capital gain tax if the gifted assets are sold. Consider gifting assets with little or no built-in capital gain or cash.
  • Retaining assets until death is usually more favorable for low-basis, highly appreciated assets, to take advantage of the step-up in basis on inherited assets, particularly if the donor’s estate is unlikely to incur estate tax.
  • Consider the estate tax rates. For example, if the donor’s estate will not pay federal estate tax (because the donor’s estate is less than $15 million in value) but is likely to pay Massachusetts estate tax (because the donor’s estate is over $2 million in value), the estate tax rates in Massachusetts (which range from 6% to 16%) may be lower than the capital gain tax that would be paid if the same asset was given to the intended recipient prior to death and later sold.
  • The interplay of the federal estate and gift tax exclusions, portability of the federal estate tax exemption, and state estate taxes can influence whether lifetime gifts or inheritance provide a better tax outcome.
  • Different types of assets have different rules about basis. For example, tax-deferred assets such as traditional IRAs, deferred compensation, etc. do not receive a basis step-up at death and remain taxable as ordinary income when collected by beneficiaries.

In short, deciding whether to gift or hold an appreciated asset requires looking beyond gift tax rules to the often-overlooked impact of basis and future capital gains taxes. The most tax-efficient strategy will depend on the type of asset, its built-in gain, your overall estate, and the federal and state tax landscape. Because these rules are complex and highly fact-specific, consulting with an estate planning or tax professional before making significant gifts can help ensure your generosity achieves its intended result. If we can assist you in determining the best approach for your gifting this holiday season, please do not hesitate to reach out to one of our attorneys.

Attorney Leah A. Kofos is an attorney with the Dedham firm of Samuel, Sayward & Baler LLC, which focuses on advising its clients in the areas of trust and estate planning, estate settlement, and elder law matters. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit ssbllc.com or call 781-461- 1020.

© 2025 Samuel, Sayward & Baler LLC

Lawyers Are Expensive – So Why Do I Need One?

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It’s no secret: lawyers can be costly. So it’s understandable that many people wonder if they really need one – especially when it comes to estate planning, probate, or administering a trust after someone dies. But here’s the reality: while lawyers may seem expensive upfront, the right lawyer can save you time, stress, and potentially much more money down the line. 

If you’ve been named as a Personal Representative of a Will or Trustee of a Trust, you’ve been placed in a fiduciary role – which means that you’re legally obligated to act in the best interest of someone else. It’s not just a matter of paying some bills and distributing assets. You have real legal responsibilities and can be personally liable for mistakes.

Common pitfalls include:

  • Misinterpreting the terms of a trust or will
  • Missing important deadlines for tax filings or creditor notifications
  • Failing to properly account for funds
  • Making distributions too early, or in the wrong amounts
  • Mishandling assets or overlooking the need for court filings

Even innocent errors can result in disputes with beneficiaries or, worse, lawsuits. A skilled attorney helps you avoid these risks, providing clear guidance tailored to your specific duties and the laws of your state.

So how do you choose a lawyer?

Not all lawyers are created equal. Many attorneys market themselves as estate planners, focusing on drafting wills, trusts, and other planning documents. That’s an essential skillset — but not the only one you should look for.

If you’re choosing someone to help create your estate plan (or to guide you in a fiduciary role), look for an attorney who also handles estate and trust administration. Why? Because they bring a practical, experience-based perspective to the process.

An attorney who has seen how trusts and estates play out after death will draft better documents during life. They’ll know which provisions cause confusion, which funding methods lead to delays, and how to structure things to make life easier for your future Personal Representative or Trustee. They won’t just give you a binder full of documents — they’ll give you a roadmap to making it all work.

This insight can be the difference between an orderly, efficient estate process and one bogged down in costly delays, court involvement, or family conflict.

Legal documents often look good on paper. But the true test of an estate plan is how it functions in real life. An experienced attorney brings something critical to the table: the ability to distinguish between what’s technically legal and what actually works.

Let’s be honest: experienced lawyers aren’t cheap. But there’s a reason for that. You’re not just paying for documents or court filings – you’re paying for peace of mind.

A well-qualified attorney not only ensures that your documents are legally sound and tailored to your goals, but also that your Trust is properly funded, your fiduciary responsibilities are clearly defined and as easy as possible to carry out, and that potential risks are identified and addressed before they become costly issues. In essence, the right lawyer prevents a situation in which your loved ones are left to “just figure it out” after you’re gone.

If you’re taking on the responsibility of a fiduciary – or planning your own estate – investing in the right legal guidance now can prevent much greater expense (and heartache) later.

Bottom line: You don’t just need a lawyer – you need the right lawyer. One with real-world experience in both planning and administration. One who knows how things go wrong, and how to get them right. One who sees beyond the theory and helps you plan for real life. Yes, it may cost more upfront. But in the long run, it’s one of the best investments you can make – for yourself and for those you care about.

Wills • Trusts • Elder Law • Long-Term Care Planning • Estates

©2026 Samuel, Sayward & Baler LLP. All Rights Reserved. The information presented on this website should not be construed to provide legal advice, nor does it constitute the formation of an attorney/client relationship. Read the disclaimer.