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Blog

Stuck Inside Due to Winter or the Virus? Now is a Good Time to Review Your Estate Plan

By Michael Baker | Estate Planning | February 2, 2021 | 0

We are now in the depth of winter, all while a global pandemic continues to affect everyday life here in the United States. As such, people are spending a significant amount of time at home. Now is a perfect time for you to review your estate plan if you have not taken a look atRead more

Grandfather on couch playing with his laughing grandchild

Best 2021 New Year’s Resolution for Your Family

By Michael Baker | Estate Planning | January 6, 2021 | 0

The best New Year’s resolution for 2021 is one that will benefit and protect your family and loved ones. If you have not done it yet, make 2021 the year that you review your estate plan. Being prepared for the unexpected can help everyone during a time of stress and emotion. The below checklist canRead more

Young couple in the kitchen playing with a baby

Why You Need More than a Will for Estate Planning

By Michael Baker | Estate Planning | December 15, 2020 | 0

A will is a highly beneficial estate planning tool—the vast majority of estate plans will include a will. However, a will alone is not enough for you to take care of all of your affairs and guarantee all of your wishes are followed. Here are a few reasons why you’ll need more than a willRead more

On a sunny day, grandfather and young grandson are fishing on a river

The Impact of the SECURE Act on Retirement Plans

By Michael Baker | Beneficiary Designations, Estate Planning, Trusts | October 9, 2020 | 0

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

Grandfather with grandson enjoying time together by the lake. Boy trowing rock in water.

Estate Tax and Gifting Considerations in Massachusetts

By Michael Baker | Estate Gifting, Estate Planning | August 27, 2020 | 0

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

Grandparents sitting on the grass in the park with their grandchildren laughing

Are Your Affairs in Order?

By Michael Baker | Estate Planning | August 12, 2020 | 0

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

The back view of grandfather with hat and grandchild walking on a nature path

What is the Difference Between a Will and a Trust?

By Michael Baker | Estate Planning, Living Trust, Trusts, Writing a Will | August 5, 2020 | 0

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

beneficiary designations. Photo of happy young couple and infant child

Beneficiary Designations Should Be Treated as Part of Your Estate Plan

By Michael Baker | Beneficiary Designations, Estate Planning | July 28, 2020 | 0

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

Create a Trust - this photo is of a Multi-Generation Family Group With Dog On Beach

4 Reasons to Create a Trust During the Coronavirus Pandemic

By Michael Baker | Estate Planning, Living Trust, Trusts | July 21, 2020 | 0

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

Man and woman having coffee to discuss medical preferences. Photo is close up of their hands holding the coffee cups

Conversations about Medical Preferences are Difficult but Necessary for Well-Planned Estates

By Michael Baker | Healthcare Proxy, Living Will | July 14, 2020 | 0

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

Grandfather Giving Granddaughter Ride On Shoulders As They Walk Through Sand Dunes With Grandmother

The 5 Most Important Estate Planning Documents

By Michael Baker | Estate Planning | July 8, 2020 | 0

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

Senior man and woman in their home reviewing estate planning documents at a table

Use a Revocable Trust to Avoid Court-Appointed Conservatorship

By Michael Baker | Estate Planning, Living Trust | June 25, 2020 | 0

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

Estate law book and last will and testament in a court

Does a Will Help to Avoid Probate?

By Michael Baker | Beneficiary Designations, Estate Planning, Probate Administration | April 28, 2020 | 0

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

Multi Generation Family On Autumn Walk

9 Important Steps in Estate Planning

By Michael Baker | Estate Planning | March 9, 2020 | 0

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

Senior Father With Adult Daughter Enjoying Autumn Walk

Avoiding Massachusetts Estate Tax if You’re Close to the Threshold

By Michael Baker | Asset Protection, Estate Gifting, Estate Planning, Trusts | March 3, 2020 | 0

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

Multi Generation Family Sit On Steps Leading Up To House Porch

Do You Need a Trust? Reasons Everyone Should Consider

By Michael Baker | Estate Planning, Trusts | January 27, 2020 | 0

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

Smiling Father With Adult Son Relaxing On Sofa At Home

Prepare to Manage Your Parents’ Finances

By Michael Baker | Elder Care, Estate Planning, Financial Management | January 21, 2020 | 0

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

Couple fin lounge chairs facing the ocean and the sunset, with hands behind their head relaxing and having a glass of champagne

Best New Year’s Resolution for your Family

By Michael Baker | Asset Protection, Estate Planning, Retirement Planning | December 27, 2019 | 0

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

Mature man sitting at kitchen table with spouse standing next to him, smiling and hugging him

What to Know About Estate Planning for People With Dementia

By Michael Baker | Elder Care, Estate Planning | November 18, 2019 | 1

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

A man is playing with his grandchildren outside. The toddler girl and boy hold his hand as they all walk down a beautiful path together.

Why It’s So Crucial to Make an Estate Plan

By Michael Baker | Estate Planning | November 13, 2019 | 0

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

What Happens to My Probate Property if I Die Without a Will?

By mbaker | Estate Planning, Writing a Will | September 16, 2019 | 0

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

man in blue shirt sitting on a park bench helping his toddler son who is sitting in his lap

Beneficiary Designations: An Important Part of Estate Planning and Avoiding Probate

By mbaker | Asset Protection, Beneficiary Designations, Estate Planning | July 24, 2019 | 0

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

What Do I Need to Know About Writing a Will?

By mbaker | Asset Protection, Estate Planning, Financial Management, Writing a Will | July 15, 2019 | 0

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

What to Look For in an Estate Planning Attorney

By mbaker | Asset Protection, Estate Planning | June 25, 2019 | 0

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

estate planning

What to Consider When Including Funeral Wishes in an Estate Plan

By mbaker | Asset Protection, Estate Planning, Financial Management | June 13, 2019 | 0

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

Grandparents standing on a dock with water behind them, holding 2 grandchildren

What to Include in Your Advance Directives

By mbaker | Healthcare Proxy, Living Trust, MassHealth | July 18, 2018 | 0

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

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  • Stuck Inside Due to Winter or the Virus? Now is a Good Time to Review Your Estate Plan

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  • Home
  • Practice Areas
    • Estate Planning
      • Overview
      • Estate Planning Attorneys
      • High Net Worth Estates
      • Asset Protection
      • Durable Powers of Attorney
      • Homestead Declaration
      • Trust Types Explained
      • Retirement Accounts
      • Healthcare Proxy / Medical Directive
      • Living Wills
    • Elder Law
      • Overview
      • Asset Protection and Elder Law
      • Life Estate Deed
      • Masshealth / Medicaid
      • Long-Term Care / Nursing Home
      • VA Benefits
      • FAQS for Elder Law (MA)
      • Elder Law Attorneys
    • Trust, Will & Estate Administration
      • Overview
      • Estate Administration Wrongful Death
      • Federal Estate Tax
      • Probate Attorneys FAQ
    • Guardianship and Conservator
      • Guardianship Attorney
    • Premarital Agreements
    • Business Planning
      • Selecting a Business Structure
      • Business Asset Protection
      • Limited Liability Company (LLC)
    • Massachusetts Lottery Trusts
  • Baker Law Group
    • About Us
    • Attorney Profiles
  • Client Reviews
  • Blog
  • Media
  • Contact Us
  • 781-996-5656
Baker Law Group P.C. – Estate Planning