It can be in your best interest to reduce the amount of taxes incurred by your estate. After all, who wouldn't want to pass as much of their estate along to their loved ones as possible?
The unfortunate reality is that excuses abound when it comes to executing an estate plan. Indeed, statistics show that over 50 percent of the population here in the U.S. has not taken a single step in this regard, with people frequently citing the same excuses such as their age, their lack of assets, or their lack of time.
Trusts are an important facet in the estate plans of many Massachusetts residents. Trusts can be created to meet a variety of unique needs such as tax minimization, probate avoidance or creditor protection.
Many Massachusetts homes have been in families for generations. Although one might think it would be as simple as handing over the front door key to a son or daughter, passing down a valuable asset like a home is much more complex.
Many Massachusetts residents mistakenly believe that all they need is a will in order to protect their assets and property when they die. However, even with a valid will, the probate administration process still must take place, which is a long, expensive and public court proceeding.
We now live in a world where many of our most prized possessions are housed on computers, websites and cloud-based storage. Additionally, we now access many of our valuable financial accounts online, often opting to receive paperless statements and communications.
Last week, we discussed how Massachusetts residents who care deeply about their pets can create trusts that provide for their furry friends in case they are no longer able to do so themselves.
The youngest members of the baby boomer generation are entering their 50s this year, which means a large percentage of the population in Massachusetts and the rest of the United States is nearing or has reached retirement age.
In the state of Massachusetts, trust planning can provide an individual with the freedom to allot their resources to reflect specific interests and objectives. Some individuals choose to establish a charitable trust because of a desire to financially contribute to a cause or organization that is particularly meaningful to them.
Massachusetts residents may be interested in an article discussing some of the basics of estate planning and why a person would need to implement such a plan. Relatives of a person who dies without an estate plan in place could be at a disadvantage.