A special needs trust is an estate planning tool geared toward a person with special needs. It may be used protect and manage an inheritance for a child with special needs. It may be used when a person needs assets managed on their behalf in such a way that it does not compromise their accessRead more
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Also known as a revocable trust, a living trust is a highly beneficial estate planning tool and useful in a wide variety of situations – but trusts do not come without drawbacks. While the pros typically outweigh the cons, it is important for you to consider circumstances in which some of those drawbacks do notRead more
The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law by President Trump and went into effect on January 1, 2020. The legislation included some significant changes including distribution rules for inherited retirements plans. Inherited Retirement Accounts Maximum Ten Year Withdrawal An important item to note is that the SECURE ActRead more
Wills and trusts are two types of estate planning tools that are used to transfer assets to heirs upon the death of the creator. How the asset transfer occurs, and the level of protections available to those assets, are different between wills and a trust. Here is a quick overview of some of the mostRead more
The COVID-19 pandemic has presented a few good reasons for many people to review their estate plans, or to begin the process of planning their estate for the first time. Living trusts are always a useful estate planning tool, but especially so in the midst of a global pandemic. What is a Living Trust? ARead more
The COVID-19 pandemic understandably has people reviewing their estate plans – or in some cases, finally getting down to starting the estate planning process. It has become even more important for people planning their estate to do so in a way that will avoid probate. Now is the time to make sure you are takingRead more
Protect assets from bankruptcy, lawsuits or divorce. Estate planning is a way to protect your assets and preserve as much as possible for your end of life care and your beneficiaries. Estate planning can help to avoid paying a hefty estate tax if possible, provide for the care and custody of any minor child youRead more
As you may know, estates in Massachusetts may be subject to an estate tax. The tax rate varies, starting at 0.8% and topping out at 16% for estates worth more than $1 million—even if the value is just a dollar or so over $1 million. In contrast, the federal government only taxes the amount overRead more
Trusts aren’t just for the wealthy The majority of the population may never have considered it, but a trust is a great option for a lot more people than the top 1%. You might be able to get by with a simple will but having a smaller estate shouldn’t rule trusts out completely. Here areRead more