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December 2019 Archives

Estate planning can be the best gift

Another year is coming to an end in Massachusetts. The year end brings with it a time of reflection in reviewing the past year and anticipation of what the new year may hold. Families gather and reflect and look forward together. Aging relatives may be concerned about their legacy but hesitant to raise the subject of estate planning and end-of-life planning. The truth is that family gatherings can be an excellent time to review these issues.

Don't believe what movies say about trusts

Movies and TV shows like to vilify characters with trust funds, portraying them as spoiled, entitled and averse to any kind of hard work. This repeated characterization has helped shape society's view of trusts. Most people think that trusts are only useful to the very wealthy, or that creating a trust will make their heirs lazy. Neither of these are true. In fact, most people in Massachusetts could probably benefit from these powerful estate planning tools.

Estate planning and gift giving

The end of another year is approaching in Massachusetts. Thoughts may inadvertently turn to tax time but it can also be an excellent time for some proactive estate planning. The tax law affords one the opportunity to share a portion of one's estate during a person's lifetime without incurring a gift tax. It provides the opportunity for some generous gifting.

Estate planning can be a popular year end task

The end of another year is approaching, and people often take time to contemplate the year that has passed and look forward and plan for the year to come. As the population of Massachusetts and the rest of the country continues to age, thoughts naturally turn to leaving a legacy and estate planning that can make that legacy a reality. Contemplating and planning for the end of one's life can be difficult, but it can be a priceless gift to family and loved ones.

Estate planning and tax preparation go together

It is often said that the only certainties in life are death and taxes. Sadly, death does not preclude the need to pay taxes. In addition to the distribution of an estate according to the deceased's will or trust, taxes must be paid by the estate. If the deceased did not engage in estate planning, then the estate is settled through the courts in accordance with Massachusetts intestate law.