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...
Protecting assets from long term care facilities, like nursing homes, is often a top priority for most people when sitting down to meet with their estate planning or elder law attorney. When a married couple comes in looking to protect assets when one spouse is applying for MassHealth benefits, a Will with testamentary Supplemental Needs...
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...
For many people, a trust is an integral part of a thorough and effective estate plan. Whether it is designed to avoid probate, reduce estate taxes, or protect assets, it is important that a trust is administered as instructed in the trust document to ensure that it serves its purpose. Therefore, one of the most...
Scheduling a vacation requires a lot of thought and planning. It may involve booking a flight and hotel room, arranging for a rental car, and finding someone to look out for your home and pets while you are away. You plan to ensure that you and your family’s needs are met and to travel with...
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...
When working with your estate planning attorney, you want to make sure you’re putting the right people in the right positions. Therefore, it’s important to understand the common terms for the players in your estate plan. Who does what in Estate Planning? Fiduciary: All persons or financial institutions (i.e. a bank or company) who act...
Valentine’s Day bring roses, chocolates, and romance. But for Estate Planning Attorneys, it also brings “I love you” Wills. This simple Last Will and Testament is primarily used by married couples where each spouse leaves all their assets to the survivor of them. Upon the surviving spouse passing, then their remaining assets are left to...
We sometimes view estate planning as a one and done proposition. Keep in mind, our lives change and so must our plans. If it has been several years or more since you have signed your estate planning documents, then it is possible that the plan won’t achieve your goals. Periodically reviewing your plan with an...
In most families, parents choose to leave their estate equally to their children. But sometimes, parents intentionally choose to disinherit a child and cut them out of their estate completely. You may have, what you believe to be legitimate reason to do this: one child is more financially successful than the others; not wanting a...
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