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February 2020 Archives

Estate planning can be a stress reducer

The baby boomer generation is aging, nearing retirement or already there. While many may have already done estate planning, many in Massachusetts have not. Many of their children are stuck in what has been referred to as the "sandwich generation," having young children and aging parents at the same time. Discussing death with one's parents is not easy but doing so can provide peace of mind to all concerned knowing that the parent's final wishes have been noted and are properly documented.

Less-common benefits of a special needs trust

As a parent, you want to provide for your children. Of course, if your child has special needs, you likely face some challenges that other parents easily avoid. To be certain that your child has the financial support he or she needs to have a happy and healthy life, you may want to consider setting up a special needs trust. This is true whether your child is eligible for government assistance or not. 

Many options exist to reach estate planning goals

Retirement planning and estate planning have both gone through changes in recent years in how people plan for them in Massachusetts. The two often go hand in hand when integrating retirement planning into estate planning where financial issues are concerned. One wants to enjoy retirement but may also wish to leave a certain amount for children or grandchildren. One vehicle that has been used to accomplish this is the IRA account.

Minmizing the federal estate tax in estate planning

There are likely a number of things a person should do before they pass from the life. Estate planning is one of those things, and Massachusetts residents who have a number of assets might find planning easier if they know a few things about the federal estate tax or death tax as it is known. This federal estate tax is currently imposed upon estates worth $11.4 million or more, but when planning, a wealthy testator should know that amount -- as of now -- goes down to $5 million on Jan. 1, 2026. If there is tax owing, it must be paid within nine months of the testator's death.

Estate planning is for all phases of life

Some people hear the term estate planning and think it's something their parents may need to consider or maybe something to think about as one gets older. The reality of it all is that people can benefit from having a plan at any age in Massachusetts. The focus of the plan may be different for someone on their 20s versus someone in their 50s or 60s but estate planning is for any adult.