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...
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...
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...
Maintaining harmony during the holiday times can be a wonderful goal, as this period often involves increased social interactions, family gatherings, and various activities. Here are some tips to help you foster a harmonious atmosphere: Communication: Clearly communicate plans and expectations in advance. This helps avoid misunderstandings and ensures everyone is on the same page....
As technology advances, so do the methods scammers use to prey on all of us, and often we become more vulnerable as we age. Scams targeting seniors are on the rise, often resulting in significant financial losses and emotional distress. In this blog post, we’ll discuss the common scams that target seniors and provide valuable...
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...
Although it may sound like something you use when texting your friends, an ILIT is actually an irrevocable life insurance trust. An ILIT is a type of trust that is funded during your lifetime by a term or permanent life insurance policy and pays out proceeds of the policy upon the insured’s death. Since it’s irrevocable, the...
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