Posts Tagged ‘Estate Planning’
Another Estate Tax Deadline Looming
By November 15, 2011, an important estate planning decision must be reached: either opt to have the imposed federal estate tax rate reached last year by President Obama and Congressional Republicans, or opt out. If you opt-in, then assets on your estate are subject to a 35% tax rate after the first 5 million dollars;…
Read MoreThe importance of being earnest (when designating beneficiaries)
No one likes to make a will and people constantly put it off, but one thing that should never be put off is designating beneficiaries. Not only should beneficiaries be named carefully, they should also periodically be reviewed, verified and possibly updated. Many financial institutions require that you name a beneficiary, so the institution you…
Read MoreShould my elderly parent, in a nursing home, sell her house?
One of the most common questions surrounding estate planning for the elderly is what to do with their home and other assets after one or both have entered a nursing home. The children of elderly parents are constantly asking estate planning attorneys in Massachusetts if their parent’s home and assets are protected when the parent…
Read MoreElder Care and Consideration
The process of watching elderly parents age before your eyes is an emotional and challenging experience and for members of the “sandwich” generation, a duty to balance the care for their children and their parents can be a difficult job. This responsibility can be escalated if there are serious health or financial issues involved. The…
Read MoreMassachusetts Business Succession Planning
What to do when the family has not talked about the future of the family business? Many closely held family businesses have begun to use mediators when planning how the business will be passed down to future generations. This is a process that can help to resolve issues that arise when passing on a business. …
Read MoreFederal 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…
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