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...
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Estate Planning
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...
Can I use a trust to control how my heirs spend my money?
On Behalf of Cushing & Dolan, P.C. | Sep 18, 2023 | Estate Planning
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...
Why and when should you update your estate plan?
On Behalf of Cushing & Dolan, P.C. | Aug 31, 2023 | Estate Planning
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...
Guide to leaving money to a financially irresponsible heir
On Behalf of Cushing & Dolan, P.C. | Jun 22, 2023 | Estate Planning
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...
How to secure your pets’ future?
On Behalf of Cushing & Dolan, P.C. | Jun 5, 2023 | Estate Planning
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...
Why you shouldn’t name only one beneficiary in estate planning
On Behalf of Cushing & Dolan, P.C. | May 15, 2023 | Estate Planning
Television shows and movies depict the executions of last wills and testaments as tense struggles between rival siblings over the estate of their deceased relative. Often, the will would name a single beneficiary to inherit all the decedent’s assets at the climax of...
4 executor red flags to watch out for
On Behalf of Cushing & Dolan, P.C. | Apr 12, 2023 | Estate Planning
Most people who make a will have named an executor, also known as a personal representative, to take care of their assets after death. Beneficiaries expect the chosen executor to fulfill their fiduciary duties appropriately with respect to the deceased person and...
How are stock options handled in estate planning?
On Behalf of Cushing & Dolan, P.C. | Mar 10, 2023 | Estate Planning
As stock options become more popular as part of employee compensation packages, people who aren’t traditionally wealthy must contend with how to deal with them. Stock options require extra care in estate planning. Some can be transferred to heirs; others will need...
Do you need a will as a young adult?
On Behalf of Cushing & Dolan, P.C. | Feb 13, 2023 | Estate Planning
You’re young and still feel like you have the rest of your life ahead of you. The reality is that you probably do. So, why would you need to think about an estate plan? The truth is that all adults should consider estate planning as soon as they can. As a young...
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