Estate Planning
Federal Estate and Gift Tax Changes
The tax legislation enacted in late 2010 has five significant components: 1) The federal estate tax exemption for individuals dying in 2011 and 2012, is $5 million with a federal estate tax rate of 35%. Beneficiaries who receive assets from individuals dying in 2011 and 2012 will receive a ‘step up” in bases to the…
Read MoreStandby Guardianship of Minor Children
Every parent, for their own peace of mind, should have a standby guardianship in place ready to be used if the situation occurs where neither parent is available to care for the minor children.
Read MoreThings You Need to Know about Making a Will
For most people creating a will doesn’t need to be a complicated process. Here are a few basics steps that must be taken when you’re creating a will with your estate planning lawyer. The first thing to think about is in relation to possessions. People typically remember to include large possessions like homes and bank accounts during…
Read MoreAre My Life Insurance Proceeds Taxable?
In most instances, life insurance proceeds are income tax free to the beneficiary but are taxable to your estate if you owned the policy on your life or retained any “incidents of ownership” such as the right to change the beneficiaries or borrow against the policy. If this is the case, the life insurance proceeds…
Read MoreThe Will of a Professional: Have an Estate Planning Attorney Draw up Your Will
Estate planning is one of the things that everyone knows they should do, but many people continue to put off until it is too late. Without a will, you forfeit the right to specify how your assets are passed down. In such cases, the state decides how your property will be distributed. Many individuals think…
Read More"Decoupling": Not the Divorce Kind, the Estate Tax Kind
During estate planning in Massachusetts there is a risk of additional taxes because of their decision to “decouple” their estate tax exemptions from the federal rules.
Read MoreCan Estate Planning Prevent Divorce?
The number of Americans over 65 who are divorced has radically increased in the last 15 years and elder law attorneys believe that asset preservation is the main cause.
Read MoreSpecial Needs Trust: How To Create One
Creating a special needs trust (SNT), to ensure a disabled or mentally ill person’s assets are protected, can become complicated.
Read MoreSpecial Needs Trusts: The Basics
The basic definition of a special needs trust or supplemental benefits trust is any trust intended to provide benefits without causing the beneficiary to lose public benefits that they may be able to receive. Most commonly special needs trusts are intended to protect the public benefits of Supplemental Security Income and Medicaid. However, these trust…
Read MoreSame Sex Couple’s Guide to Estate Planning
Even in states like Massachusetts, where same gender marriage and divorce is legal, working closely with an estate planning lawyer can ease some of the natural intricacies involved in marrying or dividing two lives.
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