A durable power of attorney (DPOA) that takes effect immediately is a vital estate planning tool that grants someone legal authority to act on your behalf while you’re still alive. Unlike a springing power of attorney that only activates upon incapacity, an immediate DPOA becomes effective as soon as you sign it. Key Features An...
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 Outdated...
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...
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...
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...
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...
As our children embark on their next chapter in life, whether it’s heading off to college, taking a gap year, or entering the workforce, we parents face a bittersweet milestone. Our kids, now 18, are legally considered adults. While we’ve done our best to prepare them for what lies ahead, we may still need to...
We are often asked by clients who have a revocable trust, whether they can put their property into that trust, and the answer is usually yes. What if there is a mortgage? Even if that property has a loan against it, you can transfer ownership of the property into a revocable trust of which you...
A healthcare proxy document is a document that you sign appointing someone else to step into your shoes should you need healthcare decisions made when you’re incompetent or incapacitated. Clients will often ask: What happens when I go into my doctor’s office or go in for to the hospital for a procedure and they want...
Health care planning, such as the creation of a health care proxy here in Massachusetts, is critical for anyone over the age of 18, not just older adults. Here are some reasons why health care planning is important at every stage of life: 1. Preventative Care Health care planning allows individuals to prioritize preventative care...
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