Parents who have multiple children will vow that they love all of their children equally. While one may love children equally, it does not necessarily mean that they have to be provided for equally in one's estate plan in Massachusetts. Just as children have different passions, likes and dislikes, they may also have different needs. Trusts are often established for children as part of a parent's estate plan.
Equal love need not equal identical trusts
Getting older should be a prompt to begin estate planning
Getting older is a natural part of life and the number of older Americans will grow exponentially in the next few years as the majority of baby boomers in Massachusetts and around the country reach retirement age. Contemplating one's mortality is not easy but procrastination where estate planning is concerned is not the way to approach it. Failure to plan for the future could result in unintended consequences including the bulk of one's estate being gobbled up by nursing homes.
When to consider a living trust
As you age, it may become increasingly important for you to have a solid estate plan in place to benefit your loved ones. You have numerous options available to you in terms of how to create that estate plan, and each method of protecting your assets comes with its own benefits and drawbacks.
Communicating about family wills can be a gift
The term "estate planning" can conjure up morose and morbid thoughts and the mere idea of that can be enough to prevent discussions from taking place. The fact remains that no one gets out of this life alive and that if the issue is not addressed, what happens after a person passes away could be left to the courts. While wills are important, there are other issues that may need to be addressed in a comprehensive Massachusetts estate plan. One of the most important things is to start the conversation.
Estate planning can be a priceless gift
Another New Year has arrived and one's thoughts may turn to the future and possibly to the legacy that one might eventually want to leave for loved ones. Confronting mortality may not seem to be an appealing task, but it is inevitable as no one gets out of here alive. In considering estate planning in Massachusetts there are many questions one may wish to consider.
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