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...
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...
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...
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....
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...
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...
If you have amassed a great deal of wealth and assets over your lifetime, you may worry how your heirs will use it. You may also worry about how your heirs will waste it. This may lead you to wonder whether you can use a trust to control how your heirs can spend your...
Things in our lives change, and when they do, we have to adjust accordingly to ensure that while we let life take its natural course, we still manage aspects that we can control. This concept suitably applies to estate planning. Even the smallest changes in...
No matter how much you try to guide your child, they cannot seem to pull it together when it comes to money. Nevertheless, you may want to include them in your will to make sure they are taken care of when the time comes. If you are concerned about your child...
As a pet owner, you share a profound bond with your furry companions. They are not just pets; they are cherished members of your family. Yet, have you ever wondered what would happen to them if something were to happen to you? It is a tough thought that responsible...
