Trusts are legal tools that can offer many benefits, including protection from creditors and reduced tax obligations. When used wisely, these tools can help preserve family wealth and reduce the risk of surprise bills when transferring assets. One piece of property...
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Estate Planning
What estate planning tools can help to minimize taxes?
On Behalf of Cushing & Dolan, P.C. | Mar 14, 2025 | Estate Planning
Estate planning can be an important part of a broader strategy to manage financial legacies and minimizing tax burdens. By utilizing specific estate planning tools, individuals can protect their assets and help better ensure more of their estate passes to their...
How estate planning can make hard times easier
On Behalf of Cushing & Dolan, P.C. | Mar 6, 2025 | Estate Planning
As we grow older, many of us start thinking about estate planning, and for good reason. There are plenty of tax and financial benefits to getting our affairs in order, but it can be just as much about preserving our loved one's well-being and shielding them from...
What if you can’t make decisions for yourself? Your estate plan can help.
On Behalf of Cushing & Dolan, P.C. | Feb 27, 2025 | Estate Planning
Thinking about being too sick or hurt to take care of your own things can be worrying. Will your kids fight about what kind of care you will receive? Will someone make choices for you that you would not have made for yourself? What will happen to your finances without...
Taxes and estate planning: Are some taxes unavoidable?
On Behalf of Cushing & Dolan, P.C. | Oct 10, 2024 | Estate Planning, Estate Taxes, Tax Planning
Estate planning is a vital way to financially prepare for the future, and the structuring of an estate plan can minimize the tax burden on an estate and its heirs. However, it is crucial to recognize that estate planning may not allow you to avoid these taxes...
Trends show people feel less urgent about estate planning
On Behalf of Cushing & Dolan, P.C. | Apr 15, 2024 | Estate Planning
A few years ago, the COVID pandemic made many people feel more urgently that they needed to have an estate plan in place. However, a recent news article suggests a decline in the percentage of Americans who have an estate plan. Troubling statistics According to a...
How does a no-contest clause work in a will or trust?
On Behalf of Cushing & Dolan, P.C. | Feb 14, 2024 | Estate Planning, Trusts, Wills
A no-contest clause, also known as an "in terrorem" clause, is a provision that a testator or a grantor can include in their wills or trusts to prevent their beneficiaries from challenging the document's validity in court. How does it work? A no-contest clause...
Difference between a last will and testament and a living will
On Behalf of Cushing & Dolan, P.C. | Dec 15, 2023 | Estate Planning
A last will and testament and a living will are two different legal documents that serve different purposes. Both are essential to estate planning, outlining what must happen to aspects surrounding your property and health care should unforeseen circumstances arise....
How can I protect my estate if I need to go into a nursing home?
On Behalf of Cushing & Dolan, P.C. | Dec 4, 2023 | Elder Law, Estate Planning
Estate planning involves the strategic allocation of your assets to ensure their proper distribution upon your passing. However, estate planning can benefit you even while you are still living. You can use it to ensure your personal care, healthcare needs and...
Securing a multi-generational IRA plan for your loved ones
On Behalf of Cushing & Dolan, P.C. | Oct 20, 2023 | Estate Planning
In Massachusetts, just like in many other states, the tax implications of inheriting an IRA can be significant. Without proper planning, your beneficiaries may face a hefty tax bill when they inherit your IRA. This could erode a large portion of your hard-earned...
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