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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

In 2017, the Tax Cuts and Jobs Act doubled the exemption limit for the federal estate or gift tax to $11.4 million per person. That exemption limit is slated to increase with inflation every year until 2026, when it will revert back to the previous levels. However, that law did not affect state-level estate taxes.Read more

The spread of the COVID-19 pandemic has resulted in many people giving greater thought to estate planning. But even when we are not living in a global pandemic situation, it is important to have your affairs in order, no matter how old or healthy you are. If you have a home or other assets youRead 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

Designating one or more beneficiaries for your retirement and investment accounts, insurance policies, and bank accounts is an important part of your estate plan. Beneficiary designations are not done with your attorney. It is your responsibility to specify the beneficiaries when you create an account or new policy, and you have the option to changeRead 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

Estate planning is not just about protecting your financial assets and leaving behind your possessions to your heirs. It is also about making important healthcare decisions that may protect you as you age or become ill. For many people, the prospect of discussing their end-of-life care preferences is not particularly enticing. It is unpleasant toRead more

If you are preparing to create an estate plan for the first time, it’s important to include all of the most essential estate planning documents and directives in your plan. Your attorney will guide you carefully through the process to ensure you address all of your wishes. But you may want to  learn about theRead more

Conservatorship is a legal process where the Probate and Family Court grants authority to an individual to oversee the financial affairs of another. For example, this could benefit an elderly parent suffering from dementia, a minor, or a person who is mentally incompetent or disabled. The COVID-19 pandemic has caused courts throughout the nation toRead more

Many people have heard that they should avoid probate at all costs but have misconceptions about what that means. It’s true that going to probate court is not a fulfilling experience for most, and that estate taxes can be inevitable, but it is all a part of distributing property after a person dies. Having aRead more

Estate planning is a way to save taxes, prevent family disputes, take care of your dependents, and ensure that you will be cared for if you become incapacitated. Even if you don’t think of yourself as someone wealthy enough to qualify as having an estate, any property you have when you die will be subjectRead 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

It can be tough when you face the moment where you become responsible for your parents—but it may  happen. It’s smart to plan for that before illness renders your parents incapable of handling their own finances. Aging parents may find it hard to believe they are no longer fully capable of running their own lives,Read more

The best New Year’s resolution for 2020 may be to protect your family and loved ones by reviewing your estate plan. Being prepared for the unexpected can help everyone during a time of stress and emotion. The below checklist can get you started. Baker Law Group can help ensure your plan meets your wishes —Read more

Longer lives don’t always mean healthy lives; according to the Alzheimer’s Association, about half of people who live past age 85 will suffer from some form of dementia. Watching a loved one lose their language, reasoning abilities and memories is tragic, which makes it important for them to have an estate plan. When you’re caringRead more

No one wants to think about the end of life, but everyone should put their end-of-life wishes into writing. Making an estate plan isn’t just for the wealthy and it is not limited to a last will and testament. It can prevent unpleasant family disputes, take care of your dependents, and can ensure that you’llRead more

Without a will, state law will determine what happens to your property that goes through the probate courts. This process is referred to as “intestate succession.” Your property will NOT pass to the state; instead, the law directs it to pass to your next of kin as illustrated in the chart below. In Massachusetts, consultRead more

As you go through the process of planning your estate, you will need to designate beneficiaries for certain types of assets, including some insurance policies and accounts. For example, certain retirement plans (IRAs, 401(k)s, etc.), life insurance policies and payable on death accounts will all ask you to name a beneficiary. Beneficiary designations are independentRead more

Writing a will is one of the most critical ways you can protect your loved ones and your assets after you pass away. Sure, there aren’t many people who enjoy spending time thinking about their eventual death and how it will affect those closest to them, but these difficult conversations and brainstorming sessions are necessaryRead more

Whether you consider your estate basic, simple, complex, small or large, an estate planning attorney is someone who is dedicated to mentoring clients on how they can properly organize their estate and affairs to prepare for the eventuality of their death or potential disability. No matter the size or complexity, the tasks associated with estateRead more

While organizing your own funeral might not exactly be a task you take on with great enthusiasm, it is something you can do to help remove some of the burden from your loved ones in the immediate aftermath of your eventual passing. Your loved ones will already have plenty of other decisions to make andRead more

An Advance Directive allows you to dictate the kinds of treatments you do and do not want at the end of your life. It comprises documents such as a health care proxy (or health care power of attorney) and living will. As you prepare your estate plan, you might wonder exactly what you should includeRead more