While many people point to trusts as a way to shelter your assets from both taxes and creditors, the real truth is that overall estate planning and comprehensive financial strategy are the best way to reduce your tax burden. Estate planning goes hand-in-hand with financial planning, retirement saving and wealth building, making it a good idea to consult the right professionals on all these matters at an early age. No matter where you are in life, though, our firm can help you plan your estate to support the best financial benefits for yourself and your heirs.
Do you know your rights and responsibilities when it comes to planning for property taxes after death? Estate tax planning is not a minor issue. The fact is that too many Massachusetts residents' families suffer financial losses because benefactors do not properly prepare their estate before their departure. Knowing how much property you can exclude from the estate tax burden and figuring out how to maximize the amount your family is allowed to keep are key in promoting their financial success after your death.
Those in the estate-planning industry remain in the dark about President Trump's intentions regarding tax reform. It's likely that his policies will benefit the wealthiest citizens, as he repeatedly stated while campaigning for president that he planned to get rid of the "death tax."
The 2017 Congressional session could bring big changes to the federal estate tax laws on the books.
Wouldn't it be nice to be able to bypass the government and leave all of your estate to your heirs? Depending upon the size of your holdings, estate taxes can take a big bite out of the total.
While most people associate October with everything from Breast Cancer Awareness Month and Healthy Lung Month to Columbus Day and, of course, Halloween, it's important not to overlook other important and valuable events taking place during the course of these 31 days.
Last week, our blog began discussing how the process surrounding Massachusetts's estate tax, which is levied on a deceased person's assets and collected prior to distribution of these assets, is rather time-sensitive. Specifically, we explored how the personal representative of an estate must file the Massachusetts Estate Tax Return, otherwise known as Form M-706, within nine months of the passing of the deceased.
While the rather cynical quote attributed to Founding Father Benjamin Franklin regarding the certainty of death and taxes is incredibly popular -- it can be found emblazoned on everything from coffee cups to t-shirts -- it's also incredibly accurate nearly 200 years later.
For the vast majority of people, the principal motivation for putting in long hours, fighting for promotions and keeping an eye out for new employment opportunities is providing for their family. Indeed, many of these hard-working individuals are savvy enough to recognize that they can continue to do this long after they've passed via estate planning.
In this blog, we often discuss the importance of establishing a comprehensive estate plan to provide for one's own future financial needs as well as those of heirs. Unfortunately, at times, unexpected life events can result in an individual facing uncertain circumstances and force one to adjust his or her long-term financial goals and strategies for achieving those goals.