by Michael Baker | Nov 27, 2020 | Trusts
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...
by Michael Baker | Nov 17, 2020 | Living Trust, Trusts
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...
by Michael Baker | Oct 9, 2020 | Beneficiary Designations, Estate Planning, Trusts
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....
by Michael Baker | Aug 5, 2020 | Estate Planning, Living Trust, Trusts, Writing a Will
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...
by Michael Baker | Mar 3, 2020 | Asset Protection, Estate Gifting, Estate Planning, Trusts
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...
