How an ILIT can help offset estate taxes
With the Federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal estate tax, as well...
Estate Planning Myths
Myth or Fact? It is acceptable to leave an inheritance directly to minors in your Last Will and Testament.
This is a MYTH!
In Massachusetts, a minor is defined as anyone who has not yet reached the age of majority, which is eighteen (18) years old....
Prevent Estate Planning Blunders
The two most important blunders in estate planning are [1] not making an estate plan at all and [2] not using an experienced, knowledgeable estate planning lawyer to accomplish your goals.
The downside of not planning at all is ignoring the reality that protecting your family for unforeseen circumstances...
Reasons to Contest a Last Will and Testament
Even if your loved one left a last will and testament behind, there may be instances in which it can be challenged. For instance, if your father had dementia and added his second wife’s name to a bank account intended for the family, or your mother changed her last will and testament...
How To Handle Firearms in Estate Planning
If you’re a hunter, you enjoy recreational shooting, or have family heirloom guns in your collection, you should consider whether your estate plan includes adequate measures for passing on your guns. Without proper planning, your executor [aka Personal Representative] or beneficiaries could unintentionally break the law.
The first thing...
Are Handwritten Notes on a Last Will and Testament Enforceable?
This is a common situation: Family members have a copy of a loved one’s Last Will and Testament that’s been edited with handwritten scratch outs and addendums. Is it legal? Will a probate court enforce it? The answer is that it depends on several factors.
It is important to...
Creating Death Bed Final Estate Planning Documents
When a client contacts my office and tells me they only have a short time to live, the planning options are limited. In some tragic cases, I am called to the client’s bedside because the ill person is simply too weak or injured to travel to my office.
No...
First Steps to Take When Handling the Estate of a Loved One
A loved one’s death, even if expected, can be overwhelming, logistically as well as emotionally, especially if you are the designated personal representative, also known as the executor. Now is the right time to consult with a well-respected probate attorney who will guide you through the process of handling the estate of...
MassHealth and Probate Estate Recovery
The Federal government mandates that if you receive Medicaid benefits after age 55, or if Medicaid pays for nursing home care for you at any time during your life, Medicaid/MassHealth must attempt to recover the cost of benefits paid on your behalf from your estate at your death. In Massachusetts, MassHealth can...
Summer Sun & Solar Panels
Solar panels come to mind as we ease into summer when it is still a little light out at 9 PM. Many older homeowners take advantage of leased solar panels and the energy bill savings they provide. But those solar panels can present challenges when those homeowners want to apply for a...