An estate plan is something that everyone needs, but most people don’t want to talk about. That’s because it deals with an uncomfortable subject: death. For that reason, it can be especially hard to suggest that someone else such as a parent or a spouse needs an estate plan.
All lawyers in Massachusetts must follow the Massachusetts Rules of Professional Conduct, which provide the standards for legal ethics and professional responsibility.
In the past, most people didn’t earn a significant income until well into their 40s or 50s. However, today we have plenty of young entrepreneurs who have made millions before becoming middle-aged, thanks to the tech industry.
In a previous blog post, we discussed the virtues of having an estate plan in place. Without a will or plan created before the time of death, a person’s assets and real property will be distributed according to state law -- rather than his or her wishes. After all, those intentions cannot be verified without a clear written record.
Massachusetts residents may learn from the recent death of New York fashion designer L'Wren Scott. Scott was found dead from an apparent suicide in her Manhattan apartment in March. Although no note was found, foul play was not suspected. L'Wren Scott was the longtime girlfriend of Mick Jagger, lead singer and frontman for the Rolling Stones.
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.