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.

While this recognition of the value of estate planning is to be commended, it’s important to understand that the failure to execute the right type of estate plan can result in hard-earned assets being needlessly forfeited to both state and federal estate taxes.

Indeed, the total value of assets — from bank accounts and retirement accounts to real estate and life insurance proceeds — can quickly push your estate over the applicable state and/or federal exemption thresholds, such that your ability to provide for your heirs may be far more limited than you might care to believe and that simple will might not prove to be as effective as you originally envisioned.

As disconcerting as this is, it’s is frequently possible to greatly minimize state or federal estate tax liability through various trusts and other complex estate planning mechanisms, meaning far less of your hard-earned assets will end up in government coffers.

At Cushing & Dolan, P.C., we have been providing comprehensive legal solutions in the area of estate planning since 1984. Indeed, we take great pride in helping our clients not only realize their estate planning objectives, but also anticipate and minimize tax implications.  

Our office is available to assist families, individuals and business throughout Massachusetts, as well as Florida, Arizona, New York, Pennsylvania and New Hampshire.

To learn more about our estate planning services, please visit our website.