As more seniors are struggling financially, an increasing concern those who are or will be managing their parent’s estate have is “Am I going to be responsible for my parent’s debt?” Credit card debts and medical expenses can often overwhelm a family’s finances. The last thing a parent wants is to pass their debts onto...
A Last Will and Testament (Will) and Revocable Living Trust (Living Trust) are both estate planning documents used to pass assets on to your beneficiaries at your death. Typically, for an estate planning attorney to create a proper Living Trust, the cost is more than to prepare a Will. When debating whether you should utilize...
It is undeniable that we are a digital economy. According to Pew Research Center, approximately 87% of our population uses the internet. This means that an overwhelming majority of Americans are relying on electronic networks for regular methods of communication, organization and life management. We use our on-line life for so many things: family photos...
Last week I had an opportunity to sit with a new client who said it had been several years since he had reviewed his estate plan. During that time he had lost his wife and one of his children had married and had a child. As part of our review process, we look at his...
In today’s (February 7, 2019) Boston Globe, a heartbreaking story made the front page. The story is about a family who has been living in the same home for almost 40 years in Cambridge, Massachusetts, and is now facing the loss of the home due to the death of their patriarch. Several generations of this...
Recently, the Boston Globe reported that the Massachusetts Supreme Judicial Court handed down a major ruling affecting the future inheritance rights of families, and in this case specifically, blended families. In a unanimous decision, the court ruled that spouses are entitled to one-third of their deceased spouses’ estate – effectively cancelling out the late spouse’s...
Going to the hospital for a procedure can be stressful and, at times, confusing. A hospital will usually ask you if you have a Health Care Proxy (HCP) in place. If you do not have an HCP, or are unsure, they will ask you to sign a simple Massachusetts HCP form. As you are probably...
You may be a little bit older and wiser, but marrying again is still full of excitement and anticipation. However, second marriages, particularly if there are children involved from your previous marriage, present their own unique issues when it comes to your estate plan. Even in the best of “step-family” situations, allowing your new spouse...
Whenever we purchase a life insurance policy, open a mutual fund, or enroll in a company retirement plan, we are usually asked to designate a beneficiary. After naming these individuals, we never give it much thought again. Maybe you’ve named your spouse, one of your parents or your children. After your death, these assets are...
We speak with our clients often about the importance of good estate planning – making sure that they have their Last Will and Testament (Will) in place, as well as their other documents such as Durable Power of Attorney, Health Care Proxy, Living Will and HIPAA Authorization and Release Form. However, just as important as...
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