How Will My Estate Be Affected if One of My Heirs Files for Bankruptcy?
When an heir files for bankruptcy, it can affect how and when they receive their inheritance. Because bankruptcy involves liquidating or restructuring a person’s assets to pay off creditors, any inheritance they’re entitled to may become part of their bankruptcy estate. Timing, estate structure, and asset protection measures all determine what happens...
What Is a Testamentary Trust?
A testamentary trust is a type of trust created through a person’s Last Will & Testament that only takes effect after their death. It allows you to control how and when your assets are distributed to your beneficiaries, often providing structure and protection for loved ones who may not be ready to...
First Steps in Creating an Estate Plan
Starting an estate plan may seem like a daunting task, but it begins with a few straightforward steps. The goal is to organize your affairs, protect loved ones, and ensure your wishes are carried out if something happens to you.
This guide outlines the initial steps Massachusetts residents should...
How Often Should I Review & Update My Estate Plan?
Estate planning is one of the most thoughtful steps you can take for your future and your loved ones. But creating a last will and testament, trust, or other planning documents isn’t a one-time event. Life has a way of changing—sometimes quickly—and if your plan doesn’t keep up, it may not reflect...
How Does Massachusetts Law Affect Your Estate Planning Strategy?
When it comes to estate planning, one size does not fit all. Every state has its own rules about probate, taxes, and family protections, and Massachusetts is no exception. If you live here, understanding how these laws shape your plan is just as important as deciding who inherits your home or how...
Retirement Planning and Its Impact on Estate Planning
When you think about planning for retirement, your first thought might be making sure you have enough income to support yourself after you stop working. But retirement planning does more than provide financial stability in your later years. It also shapes how your assets are managed, protected, and passed on to your...
Pros & Cons of a Life Estate Deed
Estate planning involves making key decisions to protect your assets and ensure a smooth transition of property to your loved ones. One common tool used in Massachusetts is the life estate deed, which allows a person to transfer ownership of real estate while retaining the right to live on the property for...
How Much Does Estate Planning Cost in Massachusetts?
Topics like death, inheritance, and who makes decisions for you if you are incapacitated are challenging to discuss. However, you’ve spent your entire life working hard to accumulate the assets and property you own. Protect it with a comprehensive estate plan. Additionally, with the right estate plan in place, you can...
Revocable vs. Irrevocable Trusts: Which Is Right for You?
A trust is a legal arrangement that allows you to manage and distribute your assets. You place property into the trust, and a trustee oversees it based on the instructions you provide. Trusts help you control how and when your assets pass to your loved ones or other beneficiaries. They also...
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...