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Helping People Age with Dignity

estate tax Archives

Estate taxes and planning ahead

Whether you have a will or are thinking about setting up a trust, you may have many different types of estate-related considerations. However, you should definitely look into estate taxes if you have a high net worth, or think your financial situation may result in estate taxes. At Curley Law Firm, we know how stressful these issues can be for people who live in Middlesex, and across the whole state of Massachusetts. However, planning ahead with regard to estate taxes can be very beneficial.

What is the role of capacity in estate planning?

When you are planning your estate in Massachusetts, you may have to undergo a capacity test of some kind to ensure you have the mental capacity to legally create your estate documents. Most often the idea of capacity is used when it comes to the creation of your will, according to the American Psychological Association.

Income taxes becoming a bigger area of focus in estate planning

Some might think that estate taxes are the only tax issue where estate planning and taxes really intersect. However, there are other types of tax issues estate planning can be directed towards. This includes income tax issues, like issues regarding the capital gains tax and stepped-up basis. These issues can impact how much in the way of income tax liability a given gift could expose a person’s beneficiaries to.

Promotions and estate planning

One of the more exciting bits of news a person can get at work is that they got a promotion. This can be a big thing for a person, financially and professionally. It is important though for individuals to not let the excitement of getting promoted cause them to miss the fact that there could be some important legal issues to address in connection to their promotion. For example, a promotion could end up necessitating an update of one's estate plan, as there are a variety of estate planning concerns a promotion could trigger.