When someone passes away, their family may have to go through a court process called probate. This is when the court helps make sure the deceased person’s debts get paid and their belongings go to the right people. But what happens when the person who died didn’t have enough money or property to pay all...
When someone passes away, their estate often goes through a legal process called probate, which can sometimes be complex and emotionally overwhelming for families. In certain situations, the court may appoint a “guardian ad litem,” a neutral representative who protects the interests of individuals who cannot advocate for themselves. Let’s break down what this means...
Did you know an estate tax lien attaches to your Massachusetts real estate on your death without any requirement of notice to your family? Well, it’s true. In Massachusetts, when a property owner passes away, a ten-year estate tax lien automatically attaches to all real estate that decedent owned in Massachusetts, including jointly held property....
The Concept A testamentary supplemental needs trust (SNT) is a specialized legal arrangement created within a person’s will that takes effect after they pass away. Unlike standard trusts, these are specifically designed for beneficiaries with disabilities or special needs who rely on government assistance programs like Medicaid or Supplemental Security Income (SSI). The fundamental concept...
Did you know that when someone dies owning a home in Massachusetts, the Commonwealth of Massachusetts puts an Estate Tax lien on that home? What is an Estate Tax Lien? A lien is a legal claim that says “you need to pay us before you can sell this house.” The Massachusetts Estate Tax lien arises...
Estate planning is crucial for everyone, but for members of the LGBTQ+ community, it carries additional significance and complexity. Despite important legal victories like marriage equality, many LGBTQ+ individuals and couples still face unique challenges when it comes to protecting their assets, healthcare decisions, and ensuring their wishes are respected. Why Estate Planning Is Particularly...
As you plan for your family’s financial future, trusts can be powerful tools to efficiently protect and transfer wealth. Using a Trust to hold inheritances for children or grandchildren can allow you to leverage annual gifting and potentially reduce estate taxes. 1. Trusts as Inheritance Vehicles Setting up a trust to hold assets for your...
More frequently, we are hearing clients talk about wanting to plan ahead for all aspects of their aging, including planning for their final funeral wishes. While not necessarily a “fun” way to spend one’s time, planning for end of life can have many benefits. One of the strategies often used is to prepay for funeral...
You have probably heard from friends or relatives who’ve gone through it. Probate is a time-consuming, expensive, and very public process. Not to mention it can sometimes be unpleasant. Anyone, especially your children’s ex-spouses and creditors, can see many private things about you, such as personal information, your finances, including your debts, the value of...
A question we receive frequently is “Can I name more than one person to serve as a co-trustee of my trust?” The answer is yes, you can, but it may cause some complications. There are a couple of things for you to consider: Financial institutions. A trustee’s job is to manage and distribute assets based...
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