Massachusetts readers, along with the rest of the country, may be following the news of the recent death of star Philip Seymour Hoffman. It turns out that the Oscar-winning actor left his estate paperwork in miserable shape. Experts guess that between almost $12- $15 million of his estimated $35 million estate could end up going to pay taxes.
For many Massachusetts residents, designing an estate plan is a difficult but necessary action that must be taken. In most cases, this plan will help their loved ones be able to carry out the person's wishes. However, there are mistakes that are often made in the preparation of wills that could result in emotional and expensive arguments that ultimately have results that differ from what the person desired.
This blog is by no means aimed only at people whose estate planning decisions take place on an endless gravy train of high-asset accumulation. To be sure, we often write about wealth transfer in ways that make sure to include the upper end of the income spectrum.
When someone leaves behind two wills, it is obviously a recipe for confusion. And it is scarcely a surprise when an extended and hard-fought legal fight ensues in such circumstances -- especially when large amounts of money are involved.
Sociologists have spilled considerable ink in recent years attempting to explain the prolonged transition to adulthood in American life in the second decade of the 21st century.
When family members begin to get older, it might be time to consider having a discussion about what they want to happen should they encounter health problems in the future. This allows the person to express their wishes about the care that they should receive, which can make things much easier for their families.
Estate planning is the process of legally designating who will receive your money and property when you die. Traditionally, women may not have been as actively involved in estate planning, but in current times every woman should meet with an experienced estate planning attorney to discuss her situation.