The estate tax applies to the estates of individuals who passed away with a taxable estate exceeding a certain threshold. In August, Massachusetts increased its estate tax “threshold” to $2,000,000 for the estates of all decedents who died on or after January 1, 2023. This doubles the estate tax exemption (from $1,000,000) that had been...
Clients are often concerned about how family harmony will be maintained after they are gone. They worry that children will argue over their money and their possessions. Avoiding a contest over your Last Will and Testament when you are no longer here involves careful planning and execution. While it’s impossible to guarantee that a Last...
Death is an inevitable part of life, and while we can’t control when it happens, we can certainly take steps to control what happens to our assets after we’re gone. One of the financial considerations is estate taxes. Sometimes known as inheritance taxes or death taxes, estate taxes are levied on the estate of a...
Estate planning when your children are minors (under the age of 18) can be a challenge. Most parents are concerned about their minor child managing an inheritance at such a young age. Wills with testamentary trusts for minors may be a viable option to help solve this issue. Wills and Probate A Will is a...
You have been very fortunate in your life – worked hard, saved your money and own your home. Throughout the years, you have been able to rely on a wonderful loved one. They check in on you often, help with your shopping and doctor’s appointments. In recognition of this important relationship, you decide to leave...
Did you know, if you don’t have a current estate plan in place, the Massachusetts Probate Court will decide who will inherit your possessions, raise your children, manage your assets, and administer your estate? Without proper organization, your assets could go unnoticed or become lost and loved ones may not benefit from your years of...
We all know that a Last Will and Testament (Will) is an important thing to have. We want to make it easier for our families after we have died. But just having a Will often causes more problems than it solves. The problem is that it may not be enough; it could be putting your...
When a client is in the process of creating a trust, one of the first questions that comes up is “How should I choose my successor trustee?”. (Find out our answer in the previous article “How to Choose a Trustee” ). The follow-up question is usually if they should name co-Trustees to manage their revocable...
As we wrap up estate plan document signings, there is often a sigh of relief from clients who say, “I’m so glad that is taken care of!” But before you check off your to-do list, there are a few steps you should take to ensure that your estate plan is ready for future action. 1....
You’ve just found out that you are going to receive an inheritance. A loved one or a friend has left you a bequest as part of their estate…what a wonderful gift. While it seems unlikely, there are situations where it makes sense for a beneficiary to not receive their inheritance. Why would someone do this...
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