Phil Summers, Author at Generations Law Group

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Phil Summers, Author at Generations Law Group

ARTICLES

Avoid the Common Pitfalls of Account Beneficiary Designations

Clients will often ask us “How can I avoid having my kids in a situation where they need to probate my estate?” Beneficiary designations that directly transfer assets like life insurance, retirement accounts, and bank accounts upon death, is one option that can be used. However, several issues can complicate these seemingly straightforward arrangements. Outdated...

Legacy: The Gift of Purposeful Living

The holiday season, with its gatherings of family and friends, naturally turns our thoughts into deeper matters. As we sit around tables laden with traditional dishes, exchange gifts, and share stories both old and new, we often find ourselves contemplating our place in the family and community history. What legacy are we creating? What impact...

When It is Better Not to Gift: Waiting Could Save Your Family Money

Have you ever heard the saying “it’s better to give than to receive”? When it comes to taxes, that’s not always true. Before you rush to give away your valuable assets to your children or grandchildren, let’s break down why waiting might save your family a bundle in taxes. The Magic of the “Step-Up”: A...

Can We Talk? 10 Tips for Sensitive Conversations

Discussing sensitive topics like driving abilities, firearm safety, or changes in living situations with our aging parents or other loved ones can be challenging. These conversations are crucial for ensuring their safety and well-being, but they require tact and preparation. Here are ten tips to help you navigate these difficult discussions: 1. Choose the right...

Should You Draft Your Own Revocable Trust?

In today’s digital age, online software for creating legal documents, including revocable trusts, has become increasingly popular. While these tools may seem convenient and cost-effective, they often fall short in providing the comprehensive, personalized service that a professional law firm can offer. The attorneys at Generations Law Group believe in the importance of expert guidance...

Maximizing Your Legacy: Estate Planning Can Reduce Estate Tax Exposure

Estate taxes can significantly impact the wealth you’ve worked hard to accumulate over your lifetime, potentially reducing the amount you can pass on to your heirs. However, with careful estate planning, it’s possible to minimize your estate tax exposure and maximize the legacy you leave behind. This blog post explores various strategies that can help...

Long Term Care Bill Signed into Massachusetts Law

On September 6, 2024, Governor Maura Healy signed into law H5033 (An Act to Improve Quality and Oversight of Long-Term Care) known as the Long Term Care bill. The legislation related to the bill has been long advocated by numerous groups, including the Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA). Some...

10 Things to Do Before Flying South for the Winter

The summer temperatures are calming down a bit this week, and we are (reluctantly) starting to think about the fall and winter months. If you are a New Englander who flies south for the winter, there are some estate planning elements that you should review or initiate. These items help you prepare for the “what...

Wills, Trusts, and Estate Planning

Advocating for a Loved One in a Hospital or Nursing Home

In this video webinar, Nurse Attorney Cathleen Summers discusses how to effectively advocate for a loved one who is hospitalized. Cathleen covers the basics from what estate planning documents should be in place and how to know what your loved one’s wishes are, to more in-depth information regarding effective communication with health care providers, and...

Protecting Today What Matters Tomorrow

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