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Posts tagged "Estate Planning"

Millennials: estate planning is for you

If you are like many people under the age of 40 in Massachusetts, you might think that a will or a trust is not something you need to think about at this point in your life. This belief is not actually wise or accurate for a couple of reasons. First, people can and do die at ages younger than what most consider to be a normal lifespan. A premature death can be caused by either an accident or an illness. Additionally, estate planning can help you take care of yourself, your estate and your family if you are still alive but become unable to manage your affairs on your own.

Discussing estate taxes with family members

Estate planning brings up diverse issues for people to consider whether they set up a trust or a will. Naming beneficiaries, the likelihood of a probate dispute and even figuring out which estate plan makes the most sense are all challenges that some people have faced. However, you may also want to talk to your loved ones about various tax issues related to your estate plan. This is a critical aspect of estate planning that should not be overlooked since the tax implications of an estate plan can be significant.

Discrepancies on tax filings may apply longer than realized

Estate planning is a complex process and can take time for families in Massachusetts to narrow down their desires and figure out how to articulate them in a well-written document. However, with vigilance and commitment, families that prioritize their planning efforts and involve the people they love can prepare for their future and eliminate some of the debilitating stresses that others may face in critical moments due to lack of planning. 

Tax-related profits are only part of the reward of an estate plan

Planning an estate may seem unimportant to people who are young, have a stable income, are healthy and do not have any significant obligations to dependents. However, waiting too long to plan for the future can be more damaging than many people realize and create stress, contention, and disappointment in a person's later years. The more proactive people are about planning their estate in Massachusetts, they may be able to set the foundation for a lifetime of preparation that will ultimately make the end of their life more enjoyable and more rewarding. 

Reasons to name a power of attorney

We have gone over many different decisions that people make with regard to their estate and in this post, we will take a closer look at naming a power of attorney. There are a variety of reasons why you may come to the conclusion that this is the right option for you. For example, you could be struggling with a health issue that will leave you unable to handle important affairs. Our law office knows how essential it is for people in Wakefield and across the rest of Massachusetts to ensure that their affairs are properly managed in the event that an unexpected crisis arises or a health problem renders someone incapable of these duties.

Cryptocurrency investments and estate plans

When people decide to set up an estate plan, there are many different assets they may have to review. In the digital age, this may include cryptocurrency investments, for some people. As with any other type of investment, it is essential to make sure that these assets are handled appropriately in the event that you pass away. Moreover, special considerations may be necessary due to the unique nature of cryptocurrency investments. The Curley Law Firm knows how important it is for investors across the state of Massachusetts to protect their assets and ensure the proper distribution of these funds among loved ones.

Understanding the process of estate planning can prevent mistakes

One of the last things that many Massachusetts families consider doing is planning their estate. For many folks, they do not see the value in spending time and resources to plan their future when their immediate situation is satisfactory, comfortable and successful. However, people who fail to plan ahead and take initiative when it comes to preparing their estate, may be in for a rude awakening when their assets are not distributed the way they would have envisioned. Their procrastination can also create major stress and contention for surviving family members. 

Different ways divorce may affect your estate plan

There are a wide variety of issues that couples often have to work through when they end their marriage and in the wake of their divorce. From financial matters such as property distribution, child support payments and alimony to custody disputes and parental relocation, divorce can be a tricky time for many people. Moreover, there are other issues that may need to be closely examined when a marriage is terminated. For example, someone who has an estate plan may need to make revisions once their marriage has been brought to an end.

Workplace accidents and estate planning

Each day, people across the U.S. are injured on the job. Whether they are hurt while working in a field that is often recognized as dangerous, such as the construction industry, or sustain a work-related injury while working in an office, the consequences of work accident can be devastating. Moreover, these accidents can have an impact on workers in many other ways. For example, it may affect their estate plan.

Child support and your estate plan

We understand that parents who are struggling with child support may be facing numerous challenges in their daily lives, from a financial and even an emotional point of view. While it can be difficult to work through these matters, especially for someone who already feels too stressed out with daily life, it is crucial to prevent additional complications from arising. For example, someone may need to take a second look at their estate plan as a result of child support issues.